Drain oil from anchovies into Dutch oven; add peanut oil. Heat until hot. Cook chicken over medium heat until brown on all sides, about 15 minutes.
Remove chicken. Drain fat from Dutch oven.
Heat anchovies, water, tomato paste, tomatoes, onion, garlic, dried chiles, ginger, chili powder and salt to boiling in Dutch oven; reduce heat. Cover and simmer 10 minutes.
Add chicken; cover and simmer 45 minutes.
Stir some of the hot liquid into peanut butter; stir back into chicken mixture. Turn chicken to coat with sauce. Cover and cook until chicken is done — 10 to 15 minutes.
Garnish with whole chiles.