{"id":14854,"date":"2012-09-21T16:44:10","date_gmt":"2012-09-21T14:44:10","guid":{"rendered":"http:\/\/www.myza.co.za\/09\/rpt-africa-money-mozambiques-cashews-get-dose-of-dutch-disease\/"},"modified":"2012-09-21T16:44:10","modified_gmt":"2012-09-21T14:44:10","slug":"rpt-africa-money-mozambiques-cashews-get-dose-of-dutch-disease","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/rpt-africa-money-mozambiques-cashews-get-dose-of-dutch-disease\/","title":{"rendered":"RPT-AFRICA MONEY-Mozambique’s cashews get dose of Dutch disease"},"content":{"rendered":"

\t\t<\/span><\/p>\n

(Repeats to fix formatting)<\/span><\/p>\n

<\/span><\/p>\n

By Marina Lopes<\/p>\n

<\/span><\/p>\n

MAPUTO, Sept 21<\/span> (Reuters) – Mozambique’s cashew industry is
\nailing, and the symptoms point to a bad bout of “Dutch disease.”<\/p>\n

<\/span><\/p>\n

In a nutshell, this illness strikes an economy when the
\ndiscovery of a resource such as oil draws in a flood of dollars,
\nboosting the local currency but making all other exports
\nuncompetitive.<\/p>\n

<\/span><\/p>\n

The term was coined to explain the decline of manufacturing
\nin the Netherlands after the discovery of North Sea oil and gas
\nin the late 1950s.<\/p>\n

<\/span><\/p>\n

In Mozambique’s case, an investment boom in the nascent coal
\nand gas sectors hoisted the metical by a whopping 33
\npercent against the dollar from September 2010 to the end of
\n2011. It has since held on to the bulk of those gains.<\/p>\n

<\/span><\/p>\n

Foreign direct investment soared to $2.1 billion last year –
\nwhen the metical was the top-performing currency against
\nthe dollar – compared with just $7.8 million in 2010, central
\nbank data showed.<\/p>\n

<\/span><\/p>\n

While the government will welcome the money, it has crushed
\nany cashew comeback and put the livelihood of tens of thousands
\nof peasant farmers at risk in a country where agriculture still
\naccounts for a third of gross domestic product.<\/p>\n

<\/span><\/p>\n

The tropical southeast African nation and former Portuguese
\ncolony was once the world’s top producer of the coveted nuts,
\nbut – as with most of its economy – the industry was gutted when
\ncivil war erupted after independence in 1975.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

(Repeats to fix formatting) By Marina Lopes MAPUTO, Sept 21 (Reuters) – Mozambique’s cashew industry is ailing, and the symptoms point to a bad bout of “Dutch disease.” In a nutshell, this illness strikes an economy when the discovery of a resource such as oil draws in a flood of dollars, boosting the local currency […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-14854","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14854","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=14854"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14854\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=14854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=14854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=14854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}