In a food processor, chop onion, garlic, and ginger. (Or finely chop the three ingredients by hand.)
In a 2-quart saucepan, cook onion mixture in hot oil until onion is tender.
Add the peanuts, curry powder, and chili powder to saucepan. Cook and stir for 2 minutes.
Add the remaining ingredients. Bring to boil; reduce heat. Simmer, uncovered, for 45 minutes or until desired consistency, stirring occasionally.
Transfer to a covered container. Store in the refrigerator. Serve warm as a condiment with grilled meats. Makes 2-1/4 cups (10 servings).