Guinea-Bissau raises cashew farmgate price by 37% for 2024 season
GUINEA-BISSAU – Guinea-Bissau has increased the farmgate price of cashew nuts by 37% for the 2024 commercial season, setting the price at 410 CFA francs (US$0.6799) per kilogram.
The announcement was made by Prime Minister Rui Duarte Barros on Saturday, marking a major boost for local farmers as the country prepares for its peak agricultural export season from April to September.
Cashews are the backbone of Guinea-Bissau’s economy, serving as the country’s primary export crop. The West African nation produces approximately 200,000 metric tons of raw cashew nuts annually, with the majority exported to India and Vietnam, two of the world’s largest cashew processors.
In 2023, Guinea-Bissau exported 163,000 metric tons of cashews, reinforcing its critical role in global supply chains.
The sharp price increase for the 2024 season is expected to enhance farmer earnings and could potentially boost production. The higher farmgate price may also attract more buyers and exporters, intensifying competition among international cashew traders.
The 2024 marketing campaign, which runs from March 15, 2024, to February 5, 2025, involves 49 companies and over 1,700 intermediaries who purchase directly from farmers.
In the past five years, 2024 has been the most successful cashew marketing drive, with producers receiving nearly double the minimum fixed rate of 300 CFA francs (US$0.48) per kilogram.
The government has also benefited from increased export contracts, with nearly 92% of the 178,000 tons harvested in the campaign exported to Asia, Europe, and the Middle East.
However, despite the sector’s growth, financial support remains a major challenge, according to Saliu Bá, interim secretary-general of the Chamber of Commerce, Industry, Agriculture, and Services (CCIAS).
With the price increase, Guinea-Bissau aims to further strengthen its position as a leading cashew supplier while ensuring better returns for its farmers.
