Cabo Verde, also called Cape Verde, country comprising a group of islands that lie 385 miles (620 km) off the west coast of Africa. Praia, on Santiago, is the capital.
Cabo Verde is named for the westernmost cape of Africa, Cape Verde (French: Cap Vert), which is located in nearby Senegal and is the nearest point on the continent. The largest port in the islands is located at Mindelo, on São Vicente. Its deepwater harbour accommodates sizable vessels and has been used as a fueling station since the 19th century.
After independence, the government played a central role in Cabo Verde’s economy and created several state-owned businesses, which ultimately was a limiting factor in the country’s economic growth. Dramatic changes to the Cabo Verdean economic structure, especially from the mid-1990s, have since guided the country toward a market economy. As a result of these reforms, the number of state-owned businesses declined significantly; numerous interests such as utilities companies, banks, tourism-sector entities, and other enterprises had been privatized by the early 2000s.
Cabo Verde’s service-oriented economy is centred on commerce, trade, transport, and public services. The revenue from the country’s international airports, emigrants’ remittances, and, increasingly, tourism are all important and have enabled the balance of payments to stay generally positive despite imports’ far exceeding exports.
Agriculture in Cabo Verde is limited by the severe and recurrent droughts that affect the islands. The harsh conditions have long posed serious challenges to agricultural pursuits, resulting in irregular crop output and periodic bouts of large-scale famine. Poor grazing practices for sheep and goats and little effort toward reforestation and water conservation under the centuries of Portuguese colonialism only aggravated this poor ecological condition. The postcolonial governments have made a major effort to plant drought-resistant acacia trees and build dikes, retaining dams, and terracing in order to curb intense water erosion, improve water retention in the subsoil, and improve and expand the limited areas available for subsistence and small-scale commercial farming.
Crops grown for local consumption include corn (maize), sugarcane, castor beans, broad beans, potatoes, and peanuts (groundnuts). There is a heavy reliance on imported foodstuffs, however, and the importation of food has long been an absolute necessity. Although Cabo Verde’s fishing capabilities are not fully exploited, fish is important for both domestic consumption and export, and both tuna and lobster are caught.
Use of firewood as a source of fuel has placed a strain on Cabo Verde’s woodland resources. While the use of wood fuel continued to increase in the late 20th century, the level of forested area on the islands was simultaneously on the increase because of governmental reforestation efforts. At the beginning of the 21st century, about one-fifth of Cabo Verde was forested.
Cabo Verde has few natural resources. Supplies of sand, limestone, puzzolane (a cement or plaster additive), and salt are of some commercial and utilitarian value. The very limited water supply is a grave liability, and there are no domestic sources of energy except firewood, wind, and sunlight. The country on the whole relies on imported petroleum fuel; on the local level, most domestic energy needs are met by the use of firewood, although the resulting demand placed upon these resources poses an environmental threat. Experimental approaches toward energy supply are under investigation, and the potential of Cabo Verde’s renewable energy resources has been recognized.
Only a few small-scale industries exist in Cabo Verde. These include sewing, textiles, ceramics, mining, timber, beverages, and pharmaceuticals. Tuna fish canning takes place in some areas, and the processing of frozen seafood such as lobster has been profitable.
Banco de Cabo Verde is the central bank and issues the Cabo Verdean currency, the escudo. There are several foreign banks and a stock exchange. The privatization in the late 1990s of a number of financial enterprises, such as banking and insurance institutions, accompanied a broader initiative to privatize state holdings in other economic sectors that was already under way.
Fish, salt, puzzolane, rum, animal hides, bananas, and coffee are exported, but none in very large quantities. As Cabo Verde is heavily dependent on imported food, its principal imports include cereals, fruits and vegetables, beverages, and other foodstuffs. Fuel and building materials are also important. Portugal and Spain are the country’s most important trade partners, although it also maintains significant trade linkages with other countries, such as the Netherlands and the United States.
Services account for a substantial proportion of the gross domestic product. The draw of nautical sports such as sailing and fishing and the attraction of the islands’ biodiversity have contributed to an increase in tourism to the islands, particularly by European visitors.
Industrial activity, including construction, employs a significant proportion of the labour force. In spite of the fact that Cabo Verde is not self-sufficient in food production, more than one-fifth of the labour force is devoted to agricultural pursuits. High unemployment is one of the major factors driving the country’s emigration pattern.
The constitution guarantees workers the right of association, and the country’s unions are grouped under two umbrella organizations, the Council of Free Labor Unions and the National Union of Cabo Verde Workers. Although labourers are also nominally guaranteed the right to strike, government interference has been noted. Unions are also permitted to forge international connections, and some are affiliated with organizations abroad.
Tax revenues account for a significant proportion of the Cabo Verdean budget. Of these, consumption taxes and taxes on income and profits provide the most sizable contributions.
The majority of roads in Cabo Verde are paved, and there are no railways. All the inhabited islands have airports. There is international air service to destinations such as Lisbon, Boston, Rome, Paris, Brazil, and points in western Africa. Within the islands, regular ferries and planes provide local service. There is a small national shipping line and a national airline, Transportes Aéreos de Cabo Verde. Porto Grande, the country’s primary port, is located at Mindelo, on São Vicente; other ports include those located at Praia, on Santiago, and Palmeira, on Sal.
Telephone service in Cabo Verde is generally good, and cellular telephone use is expanding. Compared with the regional average, the proportion of available personal computers relative to the population is quite high, and cybercafes can be found in larger towns and cities.
Finally, I will leave a link which includes all companies and enterprises in Cape Verde, for those who want to research and discover more about this country. Thanks for reading.
All businesses address in Cape Verde: https://findsun.net/Dh
