Market Research in Guinea-Bissau
Guinea-Bissau is a low-lying country in Western Africa. It is one of the smallest African nations but is home to many animals and wildlife. Its geographical composition consists of wetlands, tropical forests, and savannahs.
Guinea-Bissau shares borders with Senegal, Guinea, and the Atlantic Ocean. Senegal is to the north, and Guinea is to the southeast. The Atlantic Ocean is at the west.
Key Industries in Guinea-Bissau
Guinea-Bissau is agriculture-based. Agriculture comprises more than half of the country’s Gross Domestic Product. It is a source of income for more than three-quarters of the population. Cashew is the chief crop used for commercial export, and ground provision, peanuts, and palm oil are other essential products. So are rubber, copra, and hardwood. The manufacturing industry contributes a significant portion to the country’s Gross Domestic Product.
Fishing is another significant industry. Most of Guinea-Bissau’s exports go to Asian countries, which contributes to foreign exchange.
Guinea-Bissau has potential in forestry development since forests cover about three-fifths of the land space. The locals use much of this wood for local fuel. The country also exports small amounts of sawn timber.
Neighborhoods in Guinea-Bissau
The capital city of Guinea-Bissau is Bissau. Bissau, which means “brave as the jaguar,” is on the far west bank of the Geba River. It borders the Atlantic Ocean.
Bissau, the most populous city in the country, has the Osvaldo Vieira International Airport and the Bissau New Stadium. The city houses the chief port, Port Pidjiguiti. A monument designed like a giant black fist stands on the pier. The fist commemorates a massacre that took place in 1959.
Bissau has many attractions. These include the primary market, Mercado de Bandim, and the National Ethnographic Museum. Fine restaurants and inviting beaches enhance the city. A mirror of the civil war is the Presidential Palace. Visitors are welcome to walk through the grounds.
Bafatá is another city located in central Guinea-Bissau. This city is the seat of the Roman Catholic Diocese of Bafatá. An airstrip, the Bafatá Airport, serves the town. Bafatá is famous for its brickmaking industry and trade center.
Guinea-Bissau’s unemployment rate continues to escalate. There is also a rise in COVID-19 cases. As a result, the government is trying to administer vaccines. Things are looking up, as the Africa Centers for Disease Control confirmed that treatment trials are happening.
Guinea-Bissau has a fast-growing food processing industry. Firstly, investors established a rice and groundnut processing plant. Then, other investors also set up a sugar refinery, which helps with the effective production of food. It also helps with keeping the country’s economy afloat.
Benefits and Strengths in the Market
Guinea-Bissau has excellent agricultural potential since the country has fertile soil and high rainfall. The exotic cash crop, cashew, continues to dominate. It is gaining widespread acceptance in Guinea-Bissau’s economy.
Consumer Base in Guinea-Bissau
Guinea-Bissau is one of the poorest and most fragile countries in the world. It is an agrarian economy, and many locals work in that sector. The fishing industry is also vital to the national economy. Still, things are looking up. The economy is growing due to increased cashew production, which means more disposable income for everyone.
Reasons to Grow Your Business with Market Research in Guinea-Bissau
Since cashew is the main cash crop, there are concerns relating to biodiversity. Economists have also questioned the sustainability and food security of the country. So, the potential exists in the growing of other food crops.
Mineral production is another growing industry in Guinea-Bissau. The mining of sand and gravel is small scale. But, the country wants to develop the mining industry through foreign investments. Recently, deposits of bauxite have been discovered. The Bauxite Angola company committed to investing hundreds of millions of dollars in the exploration. Other investors are welcome in the industry.
About Market Research in Guinea-Bissau
Investors must understand the market of Guinea-Bissau. A strength is that the country is rich with resources. In contrast, a weakness is that the country’s economy is still vulnerable. Much of that vulnerability is due to political instability. Thus, focus groups play a crucial role in conducting surveys on the country to understand the market. They can also carry out interviews. Qualitative and Quantitative Research further protects investors. Strategy Research enables the investor to know the country’s economy. This type of research is a tremendous help in business planning.