Chinese businesspeople plan to buy up peanut production from Guinea Bissau

30 January 2013

A group of Chinese businesspeople is partnering a Guinean company to buy up all peanut production in Guinea Bissau, the managing director of Cuba Limitada, Botche Candé said Tuesday in Bissau.

Botché Candé, the Trade Minister of the Guinean government that was deposed last April, told Portuguese news agency Lusa that his company intended to re-launch peanut exports, which came to a halt 36 years ago.

The former minister’s company plans to buy 4,000 tons of peanuts from individual producers and sell them on to Chinese businesspeople that are already in Guinea Bissau. Candé noted that this target would be difficult to achieve.

Guinea Bissau used to be a large exporter of peanuts and in 1980, for example, the country exported 25,000 tons but, as production focused on cashews, Guinea stopped producing other crops.

From the 1990s onwards cashews became Guinea Bissau’s main export product and in 2010 the country exported around 180,000 tons of cashews, which earned the state US$156 million according to official figures.

The last cashew harvest was substantially lower and there were difficulties exporting the product due to a coup d’etat in the country and a drop in price on the international market. (macauhub)