Editing Economy of Guinea-Bissau (section)

===After independence===
As his brother [[Amílcar Cabral]] had been assassinated in 1973, [[Luís Cabral]] became the first president of independent Guinea-Bissau in the time after independence was granted on September 10, 1974. Already as the President of Guinea-Bissau, Luís Cabral tried to impose a [[planned economy]] in the country, and supported a [[socialist]] model that left the economy of Guinea-Bissau itself ruined. Similarly, the repression imposed on the population by his authoritarian single-party regime,<ref>[http://www.ipri.pt/artigos/artigo.php?ida=104 Widening trajectories: Guinea Bissau and Cape Verde since independence, Norrie MacQueen] {{webarchive |url=https://web.archive.org/web/20150423212017/http://www.ipri.pt/artigos/artigo.php?ida=104 |date=April 23, 2015 }}</ref> and severe food shortages, also left marks. 

Luís Cabral served from 1974 to 1980, when a military ''[[coup d'état]]'' led by [[João Bernardo "Nino" Vieira]] deposed him. Despite having always denied it, Luís Cabral was accused of being responsible for the death of a large number of black Guinea-Bissauan soldiers who had fought along with the [[Portuguese Army]] against the PAIGC guerrillas during the [[Portuguese Colonial War]].<ref>[https://books.google.com/books?id=O313hgXUedsC&pg=PA237&dq=lu%C3%ADs+cabral+guinea A history of postcolonial Lusophone Africa], A history of postcolonial Lusophone Africa, [[Patrick Chabal]], Edition: C. Hurst & Co. Publishers, 2002, {{ISBN|1-85065-594-4}}, {{ISBN|978-1-85065-594-7}}</ref> After the military coup, in 1980 PAIGC admitted in its official newspaper "Nó Pintcha" (dated November 29, 1980) that many were executed and buried in unmarked collective graves in the woods of Cumerá, Portogole and Mansabá. All these events did not help the new country to reach the level of prosperity, economic growth and development the new rulers had promised to its population.

In 1985 the first Chinese oversees fishing fleet to go abroad was sent to Guinea-Bissau, 13 trawlers from the [[China National Fisheries Corporation]].<ref>{{cite magazine |last1=Urbina |first1=Ian |title=THE CRIMES BEHIND THE SEAFOOD YOU EAT |url=https://www.newyorker.com/magazine/2023/10/16/the-crimes-behind-the-seafood-you-eat |magazine=The New Yorker |publisher=newyorker.com |access-date=18 November 2023}}</ref>

In May 1997 Guinea-Bissau joined the francophone West African Monetary Union. Consequently, [[National Bank of Guinea-Bissau]] was converted as a national branch of [[Central Bank of West African States]], and the national currency [[Guinea Bissau peso]] was replaced by [[West African CFA franc]].<ref name="histdict">{{cite book |last1=Mendy |first1=Peter Michael Karibe |last2=Lobban |first2=Richard |title=Historical dictionary of the Republic of Guinea-Bissau |date=2013 |publisher=Scarecrow Press |location=Lanham (Md.) |isbn=978-0-8108-8027-6 |edition=4th}}</ref>