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West African Bankers Association

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Information on Cape Verde Information on the Economy of Cape Verde
List of Banks in Cape Verde How to create a company
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Cape Verde?

Located in Western Africa, Cape Verde is an island nation. It has a 965.00 km coastline.

The capital of Cape Verde is Praia. This city is located at the top of a chain of plateaus along the southern coastline of the Santiago Island. Praia was officially established as the capital of Cape Verde in 1770, after pirate invasions forced the population out of the previous capital. Today, this city is an important port for this country as well. It has a population of around 154,900, which is significant growth over the 94,1161 individuals reported for the year 2000. These inhabitants can be found throughout a number of neighborhoods, the smallest of which is Quebra Canela. Praia is not the most popular tourist destination in Cape Verde, although it does have a few sites that visitors enjoy. Praia is located in a mild desert climate, which means that very little precipitation falls on an annual basis. In fact, this city only receives an annual average of 8.25 inches of rain each year. Because of its position along the coast, however, the temperatures here remain mild most of the time.

 

Read more on Cape Verde's Capital

 

Cape Verde is an African country covering 4,033.00 km2. This makes it the 30th smallest country in the world and slightly larger than Rhode Island. Its geographic coordinates are 16 00 N, 24 00 W and Praia is the capital city.

The name comes from the Cap-Vert on the Senegalese coast, the westernmost point of Africa.

 

Its ISO code is CV.

Geography

Cape Verde has a mean elevation of 0 m above sea level.

It has a temperate climate with warm, dry summers filled with sporadic precipitation. Its terrain is steep, rugged, rocky, and volcanic.

Population

Cape Verde has a population of 553,432 making it the 172nd largest in the world. The country's population is not distributed evenly throughout its islands; the southerly islands are the most heavily populated.

 

Portuguese is the official language. The major ethnic groups reported are Creole and African. The population is mostly Roman Catholic with a Protestant minority.

 

The official language of Cape Verde is Portuguese, which is considered a Romance language of the Indo-European language family. Although it is written with the same 26-letter Latin alphabet as English, Portuguese does use some special accent marks to indicate vowel stress, enunciation, and pronunciation. Today, this language is used primarily by government officials and as the language of instruction in public educational institutions. Additionally, it tends to only be spoken at a native level by Portuguese and Brazilian immigrants and residents of this country. The most widely spoken native language in Cape Verde is Kabuverdianu, which is also known as Cape Verdean Creole. This language is considered a language of national identity, although it does not hold official status in the country. The many dialects that make up this language are not considered mutually intelligible. Learning a few Cape Verdean Creole phrases before traveling to Cape Verde is generally considered a good idea. The only minority languages spoken in this country are the dialects of Kabuverdianu, which are dispersed among the various islands making up Cape Verde. One of the least commonly spoken Cape Verdean Creole dialects is Barlavento, which is divided into several variants: Sal, São Nicolau, Boa Vista, Santo Antão, and São Vicente.

 

Read more on Cape Verde's Languages

 

The dialing code for the country is 238.

Government

Cape Verde is an independent country. It gained independence from Portugal in 1975. Its constitution was last ratified in 1992.

 

The government of Cape Verde is carried out under a representative democratic republic, which means the citizens of this country elect officials to represent their interests in government. It is headed by both a President, who acts as the Head of State, and by a Prime Minister, who acts as the Head of Government. Legislative actions are carried out by the National Assembly, which is a unicameral body with 72 members. The judicial branch is administered independently. Citizens of Cape Verde elect the President to serve a 5-year term. The President may serve 2 consecutive terms and a third time, after sitting out 1 term. The Prime Minister is not limited to any number of terms and may serve continuously. Members of the National Assembly are also elected for 5-year terms on the basis of proportional representation. The members of the National Assembly meet in the National Assembly Building, which is located in the capital city Praia. In addition, the President resides at the Presidential Palace in the same city. The majority of the National Assembly members belong to one of two political parties: African Party for the Independence of Cape Verde (52.68%) and Movement for Democracy (42.27%).

 

Read more on Cape Verde's Government

Economy

Factoring in Purchasing Power Parity, Cape Verde's GDP is $3,583,000,000.00 (USD) with $6,700.00 (USD) per capita. This makes it the 179th largest economy and its citizens the 152nd richest in the world. The currency of Cape Verde is the Escudo (CVE).

Its major export partner is Australia. Its main exports are fuel, shoes, garments, fish, and hides. Its major import partners are Portugal, Australia, and the Netherlands. Its major imports include foodstuffs, industrial products, and transport equipment.

Flag

The current flag of Cape Verde was made official in September of 1992. This version of the flag is made up of 5 horizontal stripes: blue, white, red, white, and blue (in that order). Additionally, this flag has a circle of 10, yellow 5-pointed stars. Each of the colors and images on the flag of Cape Verde has a specific meaning. Each of the 10 yellow stars, for example, represent the main islands that comprise this country. The blue represents the sky and the ocean, the red represents the effort of the people of Cape Verde, and the white represents its state of peace. This flag design was developed by the Movement for Democracy in 1991, when Cape Verde became independent of Guinea-Bissau and removed itself from the pan-African political movement. Prior to achieving independence from Portugal, this country utilized the flag of Portugal at official events. After its independence in 1975, Cape Verde adopted a different flag design that utilized the pan-African colors of yellow, red, and green.

 

Read more on Cape Verde's Flag

 

 

ANNUAL MEETINGS

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Capital

Praia

Languages

Portuguese (official), Crioulo (a blend of Portuguese and West African words)

Ethnic Groups

Creole (mulatto) 71%, African 28%, European 1%

Religion

Roman Catholic 77.3%, Protestant 4.6% (includes Church of the Nazarene 1.7%, Adventist 1.5%, Assembly of God 0.9%, Universal Kingdom of God 0.4%, and God and Love 0.1%), other Christian 3.4% (includes Christian Rationalism 1.9%, Jehovah's Witness 1%, and New Apostolic 0.5%), Muslim 1.8%, other 1.3%, none 10.8%, unspecified 0.7% (2010 est.)

Government

Parliamentary republic

Independance

5 July 1975 (from Portugal)

Area

4,033.00 km2

Land Area

4,033.00 km2

Population

  • 553,432.00
  • Among the nine inhabited islands, population distribution is variable. Islands in the east are very dry and are only sparsely settled to exploit their extensive salt deposits. The more southerly islands receive more precipitation and support larger populations, but agriculture and livestock grazing have damaged the soil fertility and vegetation.

Location

Western Africa, group of islands in the North Atlantic Ocean, west of Senegal

GDP(PPP)

$3,583,000,000.00 (USD)

GDP (Per Capita)

$6,700.00 (USD)

Export Partners

Its major export partner is Australia.

Export Commodities

Its main exports are fuel, shoes, garments, fish, and hides.

Import Partners

Its major import partners are Portugal, Australia, and the Netherlands.

Import Commodities

Its major imports include foodstuffs, industrial products, and transport equipment.

Climate

Temperate; warm, dry summer; precipitation meager and erratic

Terrain

Steep, rugged, rocky, volcanic

Learn More

Cape Verde

 

About WABA


     
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Our Mission and Objectives

 

What We Do at WABA
Our Leadership and Governance

 

     

The West African Bankers Association's mission is "to develop, promote, generate, coordinate and drive cross border banking and financial transactions that will enhance regional trade, economic and financial integration and development." ...read more

WABA creates avenues for the revision and exchange of information on banking practices in the sub-region in particular and in Africa in general, and a forum for the discussion of common problems. The enhancement of the promotion and strengthening of ...read more

WABA comprises 3 organs namely; The Secretariat, The Executive Council and the General Assembly, including the Executive Management, and the Board of Directors. The Secretariat is run by the Secretary General who is the Chief Executive Officer. ...read more

 
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