Ministry of Commerce and Industry - Bissau - Guinea-Bissau

Ministry of Commerce and Industry. Guinea-Bissau, a small country on the west coast of Africa, boasts an economy that, while facing various challenges, exhibits industry and trade sectors with significant growth and development potential. In this post, we’ll explore the key aspects of industry and commerce in Guinea-Bissau, highlighting both the opportunities and challenges this country faces.

Industry

Industry in Guinea-Bissau is primarily focused on agriculture and agro-industry, with cashews being the main export product. This crop not only plays a crucial role in the economy due to its international demand but is also a source of income for most of the country’s farmers. However, the local processing capacity for cashews is limited, meaning much of the added value is lost by exporting raw cashews. There is significant potential for the development of local processing industries, which could increase revenues and create jobs.

Beyond cashews, the fishing industry is another area of importance due to the country’s extensive coastline. Fishing and aquaculture offer opportunities for export and local consumption. However, the sector faces challenges such as overfishing and a lack of adequate infrastructure and technology to maximize its potential.

Trade

Trade in Guinea-Bissau heavily depends on the export of cashews, which constitute the majority of its exports. The EU and India are the main destinations for these cashews. In addition, Guinea-Bissau imports a variety of goods, including food, machinery, and fuel, mainly from Senegal, Portugal, and China.

The country is a member of the West African Economic and Monetary Union (WAEMU) and the Economic Community of West African States (ECOWAS), facilitating freer trade with countries in the region. However, both domestic and international trade are hindered by inadequate infrastructure, such as poor road conditions and port limitations, as well as a challenging business environment.