agribusiness investment opportunities in...

AGRIBUSINESS INVESTMENT OPPORTUNITIESIN NORTHERN GHANA

This document was produced by USAID-Financing Ghanaian Agriculture Project (USAID-FinGAP), which is implemented by CARANA Corporation

This publication was produced by CARANA Corporation for the U.S. Agency for International Development and does not necessarily represent the views of the U. S. Government.

IntroductIon

The USAID-Financing Ghanaian Agriculture Project (USAID-FinGAP) is a five-year project with the goal of increasing access to finance and investment in the rice, maize and soy sectors in the North of Ghana, and improving ancillary services so that agribusinesses can operate at full capacity and expand levels of food security in the country.

Rapid urbanization and rising per-capita income in Ghana are driving significant increases in domestic demand for and consumption of staple crops and poultry products. Continued increases in consumption, as well as shifts in consumer preferences toward rice and higher-value processed foods, has opened a large gap between demand and current supply in the rice, maize and soy value chains.

There is an opportunity to meet this growing demand through scaling up domestic production and competing with imports. Existing productivity is low, suggesting the potential for large returns if yields can be increased. Moreover, while food prices have fallen from their recent peaks, they are nevertheless expected to remain above historic levels in the medium term.

The market opportunities in rice, maize and soy are substantial:

Rice: Domestic consumption of rice is expected to grow significantly in 2015 and beyond, as consumer preference for rice over other grains increases. While Ghana currently produces nearly 400,000 MT of rice per year, the demand for rice necessitates the import of another 500,000 to 600,000 MT, a quantity that will likely increase as consumption further outpaces production. In addition, production of straight-milled, aromatic rice will also need to increase in order to meet the preferences of more sophisticated consumers. As such, there is strong potential for investment in the rice value chain as a means to stimulate local production.

Maize is Ghana’s most widely consumed staple crop, and its production is a key component of Ghana’s food security agenda. While middle-class consumer preferences are shifting toward rice, continued population growth is also expected to strengthen the already high local demand for maize, which grew 8% per year from 2005 to 2009. In addition, while white maize remains more widely produced and thus more available in the market, yellow maize is a preferred key input into Ghana’s growing poultry sector, which serves as an additional market for local production. Yellow maize contributes to a more pronounced yolk color which is preferred by consumers. Poultry consumes about 400,000 MT of maize annually (approximately 40 percent of the maize marketed).The volume of high-quality yellow maize going into commercial poultry feed is about 200,000 MT. Roughly 150,000 MT of this is produced in Ghana, primarily in the Northern Region. Imports represent the balance of about 50,000 MT. The remaining 175,000 to 200,000 MT of maize required for feed is locally produced white maize. There is therefore an opportunity for import substitution of yellow maize for commercial poultry feed. If this were achieved, the poultry sector in Ghana could compete with the over 100,000 MT of imported, ready-to-cook chicken. If local broiler production were substituted for these imports, an additional 175,000 MT of yellow maize for poultry feed would be required. This result would present a greater opportunity for increasing Ghana’s maize market.

Soy: Local consumption of soy has grown rapidly, increasing 26% annually from over the last decade. This demand is being driven in large part by the use of soya meal as an input into poultry feed. Of the 150,000 MT of soy demanded annually in Ghana, approximately 75% goes into poultry feed. Soy oil is also in high demand by the paint industry, and there is limited demand for edible refined soy vegetable oil. Globally, soy demand has increased for both biodiesel production and as an input into livestock and poultry feed. Opportunities exist in Ghana to serve the growing local poultry industry (particularly if the broiler industry develops) through the production and processing of soy. The fish feed market represents a smaller, but higher margin investment opportunity than poultry

This booklet includes a set of 14 agribusiness investment opportunities in Ghana’s north which have the potential to transform the competitiveness of the rice, maize and soy value chains and benefit thousands of smallholder farmers.

Also included are brief profiles of qualified Business Advisory Service (BAS) providers who can be engaged to provide high-quality financial and investment services to agribusinesses looking for funding.

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Map data ©2015 Google

INVESTMENT REQUIRED In order to expand product lines, Aninkorah is seeking US$500,000 in debt, which will be used to purchase soy and maize feed inputs for additional layers and guinea fowl.

BAS NEEDEDNext steps include engaging a business advisory services (BAS) firm to develop a full business plan and proposal for this investment opportunity, support supplier linkages, and facilitate the investment transaction.

ENVIRONMENTAL CONSIDERATIONSA USAID FinGAP Environmental Risk Review (ERR) has been completed for Aninkorah Farms Limited.

SUppORTINg INITIATIVESThere are a number of donor-supported initiatives to increase agricultural production in Northern Ghana that can be leveraged to support small farmers in expanding production and increasing yields, thereby ensuring a reliable supply chain for Aninkorah’s feed inputs, such as:• USAID Financing Ghanaian Agriculture Project (FinGAP) to support the company with linkages to BAS providers and 14 Partner Financial

Institutions• USAID-supported Agricultural Development and Value Chain Enhancement (ADVANCE) Project• Savannah Agricultural Development Authority. In terms of the public sector:• The Ministry of Food and Agriculture and the Ghana National Association of Poultry Farmers have launched a 10-year Ghana Broiler Revitalization

Project to boost local capacity in the production, processing, and marketing of broiler chicken. Selected farmers can receive day-old broiler chicks and feed to raise them for 8 weeks. The matured broilers will be bought by a nucleus farmer for processing, thereby providing a ready market for them.

CONTACT INfOEdward Maxwell Aninkorah, Managing Director, Aninkorah Farms Limited, +233 (0) 24 377 9686; +233 (0) 20 811 2918

INVESTMENT VALUE

MARkET OppORTUNITyUrbanization, rising per-capita income, and increased consumption are driving significant increases in demand for poultry and eggs. Demand is outpacing domestic supply, creating opportunities for investment in local poultry producers and processors to expand production. According to the USAID Enabling Agricultural Trade (EAT) Ghana Assessment (the market for maize, rice, soy, and warehousing in Northern Ghana), the poultry sector in Ghana could compete with the over 100,000 metric tons (MT) of imported, ready-to-cook, broiler meat chicken. The guinea fowl value chain also presents strong opportunities in the poultry market: The Ministry of Food and Agriculture (MoFA) estimates that the current level of guinea fowl production is only 60% of the market demand.

INVESTMENT OppORTUNITyAninkorah is a large-scale poultry farm outside of Kumasi that seeks to expand its already successful business. Having been in business since 1980,

Aninkorah is well established. The company has 100,000 birds, including layers and infant layers, and guinea fowl for meat, and sells 45,000 eggs per day. Aninkorah has a number of fixed assets with capacity to expand. Its assets include three 2 MT per hour feed mills (with a total installed capacity of six MT per hour) and maize drying equipment, which are only being used to meet the company’s own feed needs (24–30 tons per day). Aninkorah also has ample storage space, with an underutilized warehouse that has capacity for 18,000 tons of cereal. It utilizes maximum 35% of storage capacity during the peak season of maize production or at harvest when prices are low. Otherwise, capacity utilization is just 10%–15%. The company’s growth is only limited by a lack of capital to purchase feed input supply (soy and maize) for more than 3 months stock. An injection of working capital would allow the company to capitalize on existing fixed assets and tap into growing demand for poultry and high-value guinea fowl meat.

1. AnInkorAh FArmsAn established poultry and egg farm seeks US$500,000 in working capital to purchase inputs to expand feed and poultry production.

VALUE CHAIN: Poultry (Maize, and Soy)

$500,000

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INVESTMENT REQUIRED Arima Farms requires US$25 million for a mix of short-term and longer-term working capital and capital expenditure financing (debt and equity mix) to finance land and infrastructure development (a 20,000 MT storage facility and a center-pivot irrigation system), technology and machinery (harvesters, tractors, and accessories), and inputs (seeds and fertilizers).

BAS NEEDEDBAS were effectively used by Arima Farms in 2014–2015 to obtain the US$2.3 million in credit about to be closed from two financial institutions from India. Follow-on BAS are needed to facilitate the remaining US$25 million in required finance.

ENVIRONMENTAL CONSIDERATIONSA USAID FinGAP ERR has been completed for Arima Farms.

SUppORTINg INITIATIVESThere are a number of donor-supported initiatives to increase agricultural production in Northern Ghana which can be leveraged to support production advances of small farmers, such as:• African Development Bank’s Northern Rural Growth Project• Savannah Agricultural Development Authority.The University of Development Studies will partner in the provision of training and agricultural extension services to outgrowers, and an Israeli firm has been identified to provide land development and irrigation infrastructure consulting services.In terms of the public sector: • Delivering sufficient and consistent electric power to major production hubs is a critical role for the public sector. • To support rapid expansion of agricultural production of staple foods, the government can intensify its efforts to facilitate land acquisition and land

use, prioritizing small farmers connected to nucleus farms and processing facilities. Arima farms has signed a memorandum of understanding (MOU) with John Deere for the latter to provide tractor and equipment servicing to the company, and to train Arima’s staff on how to do this after the tenure of the agreement.

CONTACT INfORtn KC Echilarasan, Chairman, +233 (0) 261 029114; Ms. Saalai Manikam, Managing Director, +233 (0) 261 029115

INVESTMENT VALUE

MARkET OppORTUNITyMaize, rice, and soy are in high demand, thanks to the fast-growing and urbanizing population of Ghana. Demand significantly exceeds current production capacity, in part due to low agricultural yields caused by rain-fed production on small plots of land. Meeting the country’s future staple food production requirements necessitates use of new irrigation systems, but these are expensive and challenging for small farmers to finance. In addition, small-scale farmers lack equipment to prepare land to cultivate staple food crops, and they lack the ability to access quality inputs (mainly seeds and fertilizer) required to meet the production and quality targets required by buyers offering the highest premiums. There is a compelling business case for investment in firms that can expand yields by both introducing new technologies and supporting local partners to meet production requirements.

INVESTMENT OppORTUNITyArima Farms is a commercial farm operation ready to initiate a 7,000 hectare (ha) irrigation project in the Northern Region for rice, maize and soy production. The company has cultivated 500 ha of its 7,000 ha (contiguous) land in Yapei in the Northern Region, and is looking to eventually put the rest of its uncultivated land under production. Arima Farms is on the verge of closing a US$2.3 million credit facility

from two financial institutions in India, which will enable the scaling of the operations from the current 500 ha to 2,000 ha. This will include investment in center-pivot irrigation systems, land preparation, harvesting and postharvest mechanization systems, and construction of warehouses. The company has off-take agreements with processors including AVNASH for rice and Vester Oil Mills Limited for soy.

Arima Farms is interested in pursuing a nucleus farm model, in which it would expand existing production services and new technologies to outgrower farmers and farmer associations in the three value chains and provide input financing, land preparation, irrigation, a secure market, storage, and processing. The proposed outgrowers’ site is adjacent to Arima Farms’ 7,000 ha.

Arima Farms envisages that 50% of the farmland will be given to outgrowers. These farmers are people from the surrounding communities, some of whom have already been engaged on the initial farmland under cultivation. Approximately 40% are women. As part of its social responsibility, it will facilitate establishment of school and health facilities for the surrounding communities to be employed on the nucleus farm or to serve as outgrowers.

2. ArImA FArms GhAnA LImIted (AFGL)Limited irrigation in Northern Ghana presents an opportunity for f inancing and investment in improved technologies for expanded maize, rice, and soy production, as well as the introduction of a nucleus farm scheme.

VALUE CHAIN: Maize, Rice, and Soy

$2,300,000 $25,000,000


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INVESTMENT REQUIRED Boris B is seeking US$16.24 million to develop a state-of-the-art chicken processing plant, as well as US$60 million in debt to finance its medium-to-long term project to establish and operate a feed mill that will produce high-quality, affordable, pelletized feed for the poultry industry. This will support the Ghana Broiler Revitalization Project by alleviating the burden of mixing by the farmers without compromising quality. Boris B also plans to establish and operate a poultry farm as part of the company’s vertical integration drive to further improve quality poultry production in Ghana.

BAS NEEDEDBAS that may be required includes business planning, raising financing for the project, and business and financial management systems installation.

ENVIRONMENTAL CONSIDERATIONSAn ERR has not yet been undertaken. Biogas plants in poultry clusters are planned to turn poultry waste into energy and organic fertilizer.

SUppORTINg INITIATIVESThere are a number of donor-supported initiatives to increase agricultural production in Northern Ghana which can be leveraged to support production advances of small farmers, such as:• USAID FinGAP to support the company with linkages to BAS providers and 14 Partner Financial Institutions.In terms of the public sector: • The Ministry of Food and Agriculture and Ghana National Association of Poultry Farmers’ 10-year Ghana Broiler Revitalization Project will boost

local capacity in the production, processing, and marketing of broiler chicken. • The public sector can provide support with respect to regulations and permits, e.g., the Environmental Protection Agency (EPA) for environmental

impact assessment and permit, Food and Drugs Board (FDA) for certification of products, and Ghana Standards Authority (GSA) for certification of standards.

CONTACT INfOBoris Baidoo, Managing Director, 0244370697, [email protected]

INVESTMENT VALUE

MARkET OppORTUNITyGiven Ghana’s fast and growing demand for chicken and the lack of chicken processing plants operating on a commercial basis, there is a significant market opportunity for investment in agribusinesses that take an integrative approach to chicken production and supply. Consumption of chicken meat in Ghana has experienced continuous growth over the past two decades. While demand for chicken has grown 4% annually since 2000, reaching 250,000 tons per year by 2012, local supply has declined from 90% in the mid-1980s to the present level of below 10%. The current gap of about 90% translates to approximately 225,000 tons per annum, of which almost 70% (157,000 tons) is imported. In value terms, total chicken imports by Ghana cost annually an average of between US$197 million and US$200 million.

INVESTMENT OppORTUNITyBoris B Farms and Veterinary Supplies (Boris B) supplies feed, additives, equipment, and drugs for poultry and pig production and also operates a

poultry farm. Boris B has eight branches in Ghana, two agencies in Togo and Cote d’Ivoire, and a subsidiary in the United States.

Boris B is currently the sole sponsor and financier of the Ghana Broiler Revitalization Project, launched in partnership with the Ministry of Food and Agriculture and Ghana National Association of Poultry Farmers, which is designed to boost local capacity in the production, processing, and marketing of broiler chicken. Boris B has earmarked 1 million broiler birds for the first phase of the initiative. In year one, the project produced 300,000 birds for the local market, falling short of its target of 5 million birds.

The proposed project will generate an estimated 43 direct jobs, with a potential to double that number with increased production in subsequent years, and will lead to jobs for cold stores, chicken traders, and other indirect employment.

3. BorIs B FArms And VeterInAry suppLIes LImItedA major distributor of poultry feed, egg trays, and poultry equipment is seeking US$16.24 million to develop an integrated chicken processing plant, and up to US$60 million for its long-term expansion and diversif ication plan.


$16,240,000 $60,000,000


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INVESTMENT REQUIRED FHCL seeks US$800,000 in debt, equity, or a mix of the two, to procure machinery and expand production, in order to meet market demand for its fertilizer. The financing would be used to procure pellet machines, establish a power plant, and procure inputs needed for the 2015–2016 farming season.

BAS NEEDEDFHCL has contracted Growth Mosaic, a BAS provider, to support the firm in attracting investment. Additional BAS services could be used to support market penetration in northern Ghana.

ENVIRONMENTAL CONSIDERATIONSAn ERR needs to be undertaken, however the company’s operation helps to control waste deposits in the environment by converting agricultural waste products into organic fertilizer.

SUppORTINg INITIATIVESThere are a number of donor-supported initiatives to increase agricultural production in Northern Ghana which can be leveraged to support production advances of small farmers, such as the Northern Rural Growth Project, USAID ADVANCE II, and USAID Agriculture Technology Transfer (ATT) Project.In terms of the public sector: • MoFA and Cocoa Inputs Company can encourage farmers to use organic fertilizer. The role of Ghana Agro Input Dealers Association (GAIIDA)

in facilitating distribution of organic fertilizer is crucial for enhancing adoption by farmers.

CONTACT INfOAkwasi Osei-Bobie Ansah, 024-316-3824, [email protected]

INVESTMENT VALUE

MARkET OppORTUNITyGhana’s growing agricultural sector is underserved with respect to access to inputs, such as fertilizer. While the government-supported fertilizer market is worth over US$15 million annually of the total national fertilizer market of US$160 million, about 40% of farming communities are not able to access the government-subsidized fertilizer program. The cost of these fertilizers is too high for farmers, and many farmers are concerned about the negative effects of the continuous application of the chemicals on their land.

INVESTMENT OppORTUNITyFarmers Hope Company Limited (FHCL) provides a viable alternative for farmers that require fertilizer to expand yields, given FHCL’s very high-quality and affordable products. FHCL has significant room for

expansion, as it can only serve 4.7% of the farmers in Ghana at present. This translates into 500,000 farmers annually with four 50 kg bags of organic fertilizer each.

FHCL estimates that an internal rate of return (IRR) of more than 55% is achievable for any investor over a period of 3 years. In addition, there are high social returns tied to this investment, given its potential to support farms to access critical inputs. It would also generate direct employment, as it would enable the firm to expand its employees from 6 to about 30. FHCL estimates that indirect employment generated could be upwards of 200. In addition, deposits of agricultural waste, such as rice husk, cocoa pods, and poultry manure generated across the country would be converted to organic fertilizer.

4. FArmers hope compAny LImItedAn organic fertilizer supplier is seeking US$800,000 in debt, equity, or a mix of both, in order to expand production and meet untapped market demand for fertilizer.

VALUE CHAIN: Maize, Rice, and Soy

$800,000 $1,000,000


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INVESTMENT REQUIRED Golden Web requires US$1–3 million working capital injection to boost purchase of inputs and enable capacity utilization. Financing could come from a bank loan or an equity stake in the company.

BAS NEEDEDGolden Web requires a BAS to restructure a US$1.25 million non-performing loan the firm has with Ecobank Ghana Ltd, either through refinancing, negotiating with Ecobank, or working out a feasible repayment schedule. The loan was originally for US$700,000, but without the working capital to increase its production and sales it has been unable to service this loan, and the interest (over 30% per year) has built up. Golden Web already has a business plan in place for its production. It has BDS helping to refine this business plan, conduct due diligence and sensitivity analysis on projections, and assist the company to become bankable for potential investment. Other support could include market linkages with suppliers, to ensure reliable increased supply.

ENVIRONMENTAL CONSIDERATIONSAn ERR needs to be completed for this investment.

SUppORTINg INITIATIVESThere are a number of donor-supported initiatives to increase agricultural production in Northern Ghana which can be leveraged to support production advances of small farmers, such as:• USAID-supported ADVANCE Project• Savannah Agricultural Development Authority• Ghana Commercial Agricultural Project, financed by USAID and the World Bank.

CONTACT INfOGolden Web Managing Director: Thomas W. Bello +233 (0) 24 441 0049, +233 (0) 32 203 0923, +233 (0) 54 443 4689, [email protected], [email protected]

INVESTMENT VALUE

MARkET OppORTUNITyUrbanization and income growth are stimulating demand for poultry and eggs, and therefore soy cake, a key input for poultry feed. The current supply of processed soy cake is unable to keep up with market demand. Installed capacity for soy cake production is greatly underutilized, and poultry producers consistently complain of insufficient supply from local processors. The projected growth of the poultry industry, particularly as companies move into broiler production, ensures that demand will persist, creating promising opportunities for investors to capture this expanding market.

INVESTMENT OppORTUNITyGolden Web is a soy processor in Kumasi that has been operational since 1994. It produces soy cake, refined soy vegetable oil for human consumption, and crude oil for the paint industry. Golden Web has two facilities in Kumasi and sources all of its raw soy from suppliers in the North. The firm has installed capacity to process 30 tons per day (using its own extrusion equipment), but is currently running at 15–20% capacity due to insufficient working capital to purchase inputs. Golden Web also has nearly 1,000 tons of unused storage capacity. If Golden Web had sufficient working capital to run closer to full capacity, it would buy up to 6,000 tons of additional soy per year from smallholder soy farmers in the North.

5. GoLden WeBInsuff icient working capital to source inputs, presents an opportunity to capitalize on underutilized existing f ixed assets and create sustainable demand for Northern soy production.

VALUE CHAIN: Soy

$3,000,000$1,000,000


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INVESTMENT REQUIRED GOVPAMA is planning total investments of over US$3m – US$5m made up of assets and working capital. These financing are expected to be obtained through debt and equity financing depending on availability, interest rates and the repayment terms.Out of the total investment cost of US$4,638,362, it is expected that US$3,404,000 will be financed with loan from a financial institution. US$ 1,234,362 is financed from GOVPAMA’s equity and this is in the form of mainly existing investments including farmlands, farming tools and cash of US$ 1,262. The Debt to Equity Ratio is 2.67 of 73.4% debt to 26.6% equity.

BAS NEEDEDGOVPAMA could benefit from Business Advisory Services to help them obtain a loan from a financial institution.

ENVIRONMENTAL CONSIDERATIONSAn environmental assessment has been undertaken by the Environmental Protection Authority (EPA) and USAID-FinGAP, without any negative determinants identified.

SUppORTINg INITIATIVESThere are a number of donor and government initiatives which support the feasibility of this investment, including: Savanna Accelerated Development Authority, Northern Rural Growth Project, USAID-ADVANCE II and USAID-Agriculture Technology Project.

CONTACT INfOGOVPAMA, Nana Yaw Aduebo II, Board Chairman, 024 979 66 01 / 054 939 2090 / 0506 900 2543 [email protected].

INVESTMENT VALUE

MARkET OppORTUNITyDemand for soybean and maize is strong, creating lucrative business opportunities for players along these value chains. Moreover, the Government of Ghana broiler revitalization project has provided market opportunity for farmers to increase production through use of effective and efficient systems. However, the pace and scale of agricultural investment is constrained by limited access to financial and technical resources among supply chain partners, particularly smallholder farmers. In order to take advantage of the market opportunities in maize, soybean, small holder farmers require access to high yielding and quality seed, mechanized land preparation, production and postharvest facilities. The Ghana Organic Vegetable Producer and Marketing Association (GOVPAMA) is playing that role profitably. There is opportunity for GOVPAMA to increase its capacity to reach out to its members to facilitate timely access to these services to take up the growing market opportunity.

INVESTMENT OppORTUNITyGOVPAMA is an umbrella group of approximately 56,000 members, over half of which are women, who are active in the production, storage, processing and marketing of cereals, legumes and vegetables. GOVPAMA supports its members to increase productivity by providing them with production and postharvest mechanization services, and supply of inputs such as organic fertilizers. Collectively, GOVPAMA

members are cultivating a total of 18,000 acres of maize and soybean, and approximately 1,000 MT of rice for the domestic market.

GOVPAMA has a stable market for their goods. There is market for all GOVPAMA’s produce and products on all major marketing centers in the country. It continues to explore new markets, especially medium to large scale soybean and processing companies. It has signed contracts with some of them including 3,000 MT soybeans to Ghana Nuts Limited, 20,000 MT maize and 10,000 MT soybeans to Naaflim Company Limited, a poultry farmer, among others.

Moreover, there have recently been requests from some of the major supermarkets to supply them with some of their produce. The Government of Ghana broiler revitalization project has also provided another market opportunity for GOVPAMA to increase its production to meet the consequential demand for maize and soybeans as feed for the poultry farms.

In order to better serve their members, and tap into new market opportunities, GOVPAMA is seeking funding for investments in irrigation, tractors and accessories, purchase of a harvester, haulage trucks, and warehousing facilities.

6. GoVpAmAA female-dominated value chain oriented umbrella group is seeking for US$4.6m to improve access to mechanization systems for its members to increase productivity

VALUE CHAIN: Soy

$3,500,000 $4,638,262


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INVESTMENT REQUIRED Intercontinental Group Ltd seeks US$2.0 million to US$4.0 million for capital expenditure to construct warehouses and working capital to aggregate rice and maize and sell to institutional buyers. The company is interested in debt, equity, and grant funding.

BAS NEEDEDIntercontinental Group Ltd is working with DAB Consult, a BAS provider, to identify financing best suited to its needs.

ENVIRONMENTAL CONSIDERATIONSAn ERR needs to be completed for this investment.

SUppORTINg INITIATIVESThere are a number of government- and donor-supported initiatives to increase agricultural production in Northern Ghana which can be leveraged to support production advances of small farmers, such as:• USAID-supported ADVANCE Project• Savannah Agricultural Development Authority• Ghana Commercial Agricultural Project financed by USAID and World Bank.

CONTACT INfONash Suleman, CEO, 0208 171665/0244601924, [email protected]

INVESTMENT VALUE

MARkET OppORTUNITyMany small-scale farmers lack access to quality inputs, such as seeds and fertilizer, and are severely underserved in terms of financing for these items. Increased demand for soy and rice provides an opportunity to fill these needs through investment in agribusinesses that can provide farmers affordable access to inputs, storage, and a reliable offtake market.

INVESTMENT OppORTUNITyIntercontinental Group Ltd is an agribusiness in Northern Ghana that imports and supplies inputs to outgrower farmers and exports produce.

It currently works with over 16,000 women who pick shea but also have maize farms. Intercontinental Group Ltd provides these farmers with capacity building and seeds and fertilizers on credit, which the farmers payback in kind when they harvest. The agribusiness is currently a supplier to major international organizations including World Food Program, as well as local firms such as Buffer Stock Company. The firm is looking to expand its storage and processing capacity in order to increase its throughput. Intercontinental Group Ltd estimates that more than 16,000 women would benefit from the investment.

7. IntercontInentAL Group LtdIncreased demand for soy and rice presents an opportunity for investing in staple food aggregation and expanded input provision.

VALUE CHAIN: Maize, and Rice

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INVESTMENT REQUIRED Jokas Farms is looking for US$2.68-6 million in investment to be used for acquisition of breeder farm and a hatchery, construction of modern shelters for the broiler and layer farm, raising of birds (broilers and layers) through the outgrower farms, and animal nutrition through construction of poultry feed mill.US$2.68 million is sought in the short term, 80% of which will be used for fixed capital investment, with the remainder for working capital. An additional US$6 million will be needed in the medium term to finance Jokas Farms’ expansion project.

BAS NEEDEDJokas Farms Ltd has contracted with KPMG to provide business advisory services, including an operational and commercial review of the existing business and a review of the corporate vision for the future.

ENVIRONMENTAL CONSIDERATIONSKey considerations include management and disposal of bird droppings, and control of byproducts emanating from the feed mill into the atmosphere in powder form.

SUppORTINg INITIATIVESThere are a number of initiatives that support the feasibility of this investment, including the Ghana Broiler Revitalization Project.The public sector can play an important role by: • Making sure that importers of poultry products source 40% from the local poultry farmers • Enforcing the company’s environmental management plan to minimize environmental load.

CONTACT INfOKwame Agyeman Tuffour, CEO, 0208120398, [email protected]

INVESTMENT VALUE

MARkET OppORTUNITyIt is projected that the Government of Ghana’s (GoG) support to facilitate development and growth of the poultry industry through the Ghana Broiler Revitalization Project will create a market for local poultry products of about 60 million bird-equivalents. The continuous growth of chicken meat consumption in Ghana over the past two decades has led to the import of approximately 140 million bird-equivalents of poultry products, which has prompted the Government of Ghana to encourage importers to procure 40% of their imports from the local market instead. Thus it is anticipated that a market of approximately US$80 million will be available for poultry industry participants, including Jokas Farms, to tap into.

INVESTMENT OppORTUNITyJokas Farms Ltd has been in the poultry production business since 1962, producing eggs and broiler meat which it supplies to hotels, restaurants, retail shops, and directly to households. Jokas Farms currently has 50,000 layers and produces approximately 40,000 eggs a day and 50,000 broilers per year. It intends to increase the total layer and broiler population to meet the growing demand for table eggs and broiler meat. The company has four sites, one at Abrepo Tekese and three at Esaaso, off Kumasi to Barikese road, Ashanti Region. As a part of its expansion plan, Jokas

Farms plans to fully migrate its operations to a newly acquired site at Esaaso.

The company is planning an integrated approach to farming that will significantly increase its bird population. In order to meet growing demand for table eggs on the local market, Jokas Farms is looking to increase its layer population from 50,000 to 100,000 in the short term, and 200,000 birds in the medium term. Jokas Farms aims to increase its annual broiler production to 100,000 and 240,000 in the short and medium terms, respectively.

Jokas Farms also seeks to invest in a hatchery to produce day-old chicks (DOCs) for its layer and broiler projects and to provide hatchery services to other poultry firms. The company would produce 50,000 DOCs per week in the short term and increase it to 100,000 per week in the medium term. The company will establish new state-of-the-art feed mill to formulate and produce feed for the birds. The proposed investment would increase the current feed production from 50 MT per week to 300 MT per week for its poultry farm and for sale to other poultry farmers. These would consequently increase its demand for maize and soybean and therefore require expansion of its storage facility. Moreover, it would need to expand its network of suppliers of these raw materials who are predominantly women aggregators.

8. JokAs FArms LtdAn established poultry farmer seeks investment to f inance its expansion plans and meet growing demand for table eggs and broiler production.

VALUE CHAIN: Poultry, (Maize, and Soy)

$2,680,000 $6,000,000


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INVESTMENT REQUIRED K. Asante Farms requires about US$3.2 million in financing (combining equity and debt) to procure the processing and packaging facility and cold trucks, and extend the existing farm to be able to increase the bird population.

BAS NEEDEDNext steps for realizing this investment include connecting K. Asante Farms with a BAS provider that can help refine Asante’s business plan, conduct due diligence and sensitivity analysis on projections, and recommend equipment for purchase. A financial facilitator should be engaged to support Asante to access and structure appropriate financing.

ENVIRONMENTAL CONSIDERATIONSKey considerations include management and disposal of bird droppings, and control of byproducts emanating from the feed mill into the atmosphere in powder form.

SUppORTINg INITIATIVESThere are a number of donor-supported initiatives that could be leveraged to support the development of a competitive sector:• Ghana Broiler Revitalization Project• Technical assistance to improve production and value chain efficiencies, and ensure an adequate supply of feed inputs at stable prices• Development of an “eat local” poultry campaign by the Ghana National Poultry Farmers Association in partnership with the GoG. Complementary

investments in cold chain logistics will be needed for distribution.The public sector can play an important role by: • Making sure that importers of poultry products source 40% from the local poultry farmers • Enforcing the company’s environmental management plan to minimize environmental load.

CONTACT INfOMr. Kwadwo Asante, Managing Director, K. Asante Farms Limited, +233 (0) 20 811 9440, (0) 24 328 7972, (0) 50 443 4241, +233 (0) 23 305 3835, [email protected]

INVESTMENT VALUE

MARkET OppORTUNITyGiven changing consumption patterns and increased demand for eggs and poultry, there is ample opportunity to capture high-value processing in Ghana via import substitution. In July 2014, the Government of Ghana, through the Ministry of Food and Agriculture and the Ghana National Poultry Farmers Association, launched the 10-year Ghana Broiler Revitalization Project to boost local poultry production. According to the USAID EAT Ghana Assessment, the poultry sector in Ghana could compete with the more than 100,000 MT of imported, ready-to-cook, broiler chicken meat. Furthermore, it is estimated that the substitution of local broiler production for ready-to-cook chicken imports would require an additional 175,000 MT of yellow maize for poultry feed, and will roughly double the domestic soybean market, creating major opportunities for farmers in these value chains.

INVESTMENT OppORTUNITyK. Asante Farms, a poultry farm based in Kumasi, aims to capitalize on this import-substitution opportunity by expanding its egg production and moving into broiler production and meat processing. K. Asante is a well-established farm that has been in business for 10 years and is managed by the Chairman of the Ghana National Poultry Farmers Association. In 2014, K. Asante was able to increase its bird population from 20,000 to 22,000 including about 12,000 layers for egg production. K. Asante Farms wants to increase bird population to 200,000 over the next one and half years and to 1million in 5 years with 50% of those birds produced through an out-grower scheme. He also intends to establish a poultry processing plant, build a chain of distribution outlets, and increase egg production. This opportunity has high potential for development impact, because Asante purchases feed inputs from local soy processors (such as 3K and A Industries, Vester Oil Mills Limited) and maize from aggregators (Odeasempa Cooperative) who source from northern Ghana.

9. k. AsAnte FArmsA well-established layer farm seeks US$3.2 million to expand its production and develop a broiler plant to compete with imported chicken meat.


$3,200,000 $4,000,000


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ASHANTI


INVESTMENT REQUIRED To meet current supply contract demands, Nana Achiaa seeks between US$50,000 and US$200,000 in debt at an interest rate of no more than Libor+1 exclusive of all hedging costs (if a USD facility), or its corresponding Ghana Cedi equivalent with a reasonable interest rate. It will be used to expand, to supply an additional 300 MT of maize to Boris B Farms, Victor Owusu Farms, and Fosuka Farms in the Ashanti Region. Securing working capital will also potentially create growth in the maize production, haulage, and poultry value chains, allowing Nana Achiaa to expand supplier credit advanced to her outgrowers.

BAS NEEDEDBAS needed include review of the accounting and bookkeeping records of Nana Achiaa, and loan facilitation services.

ENVIRONMENTAL CONSIDERATIONSAn ERR has not yet been conducted for Nana Achiaa Maize Aggregation Enterprise.

SUppORTINg INITIATIVESThe Ghana Broiler Revitalization Project, which seeks to facilitate a 40% quota on local poultry production, creates opportunity for industry participants.Projects supported by GoG and donors are introducing farmers to improved maize production and postharvest technologies.

CONTACT INfONana Achiaa, Proprietor, 024 358 1319

INVESTMENT VALUE

MARkET OppORTUNITyUrbanization, rising income, and changing consumption patterns are driving increased demand for poultry and eggs, and therefore for soy and maize, which are key inputs for the poultry sector. Barring any injunction against the consumption of poultry as a result of poultry disease, the fledgling poultry industry in Ghana is expected to continue booming. This, coupled with favorable government policy initiatives, is causing maize aggregation and supply businesses such as Nana Achiaa Maize Aggregation Enterprise to flourish.

INVESTMENT OppORTUNITyNana Achiaa Maize Aggregation Enterprise, a female-owned and -managed maize aggregation firm that has been in business for more

than 12 years under the leadership of Nana Achiaa, employs over 13 staff members and works with more than 100 maize outgrowers in Ghana. Located at Asawase Market, Kumasi, the enterprise purchases approximately 6,000 MT of maize annually from northern Ghana, as well as from Burkina Faso and other maize-producing areas, and supplies it to poultry farmers. To date, Nana Achiaa has supply contracts with over ten poultry farmers in the Ashanti Region, including such poultry giants as Boris B Farms & Veterinary Services, Aninkorah Farms, and Victor Owusu Farms. Aninkorah Farms, currently producing 100,000 birds including chicken and guinea fowl, has contracted Nana Achiaa for the monthly supply of 100 MT of maize. With the constant demand for maize of the poultry industry that fuels large volumes of trade, Nana Achiaa is a profitable aggregator.

10. nAnA AchIAAA woman-owned and -operated maize aggregation f irm is seeking US$200,000 in working capital to expand and meet market demand for maize production.

VALUE CHAIN: Maize

$50,000 $200,000


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aggr

egat

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13

NORTHERN


INVESTMENT REQUIRED Nuts for Growth is seeking a total of US$50 million in investment over the next 5 years for its three-phase expansion plan. This investment will include both capital expenditure to set up facilities and working capital, and could take the form of a joint venture and/or equity funding venture, strategic investor, or impact investor. In the first phase now underway, the company has issued local currency bonds, expecting to raise about US$6 million to purchase equipment to crush soy beans and shea nuts. The company will use about 30% of its shea cake to generate steam for the crushing process. Part of the cake will be made into briquettes to be supplied to its over 27,000 women who supply soybeans and shea kernel to it, to use in domestic cooking in place of firewood, which has negative deforestation and other environmental consequences. This investment could possibly take the form of a joint venture.In the second phase (beginning 2016 to mid-2017), the company expects to raise a US$22 million loan to procure a refinery for processing soybeans and shea kernel, as well as a poultry feed plant. Also in the second phase, Nuts for Growth projects that it will run two separate processing units for soy and shea. The soy processing plant will supply two principal markets. First, the company will supply soy cake for the existing and growing poultry market in Ghana. Second, Nuts for Growth will develop an outgrower guinea fowl scheme and will provide parent stock, hatchery, vaccines, and feed to these outgrowers. In return, Nuts for Growth will purchase live guinea fowl birds, and will process and market them on the Ghanaian market.Nuts for Growth expects, in phase three (2017–2019), to raise a US$20 million loan to procure equipment to generate electric power from biomass for the plant. As Ghana’s electricity supply has become erratic and unreliable, Nuts for Growth intends to generate enough electricity to keep its operations going. The remaining 70% of the shea cake will be used to generate electricity for the processing plant. The company also intends to produce fertilizer from its byproducts.

BAS NEEDEDThis opportunity will require detailed business planning along with investor matchmaking, structuring of any potential joint venture, and facilitation of finance. Nuts for Growth is working with Joemelu Company Limited, a firm within the USAID FinGAP BAS Providers network, to access finance for its business development enterprises. Joemelu will continue to support the company in developing the strategy and paperwork to obtain short-term financing, and in finding an appropriate equity, joint venture, or impact investor partner.

ENVIRONMENTAL CONSIDERATIONSThe solid waste from the processing plant will be fed into a system to generate electric power for the company’s activities. An ERR will be required to determine the level of environmental risk related to this investment. Construction of infrastructure tends to be moderate to high risk, but risk will be determined during further screening of this investment and ERR preparation.

INVESTMENT VALUE

MARkET OppORTUNITyCurrent and projected growth in the poultry sector has increased demand for maize meal and soy for poultry feed, particularly as companies move into domestic broiler production. This has created a stable market to support investment in animal feed production facilities. Processing investments in the North can take advantage of close proximity to producers in the North, thereby reducing the logistics costs otherwise incurred when transporting raw materials to processing sites in other regions or importing inputs from abroad.

INVESTMENT OppORTUNITyNuts for Growth Limited was established in 2013 and has made a name for itself in the soybean and shea processing sectors. To capitalize on the demand created for feed by the growing poultry industry and for edible oils, its plans include establishing a poultry feed mill in the Tamale area for guinea fowl and chicken, and a crushing plant and oil refinery to process

raw shea nuts and soya beans into oil. Nuts for Growth intends to use the biomass from shea nut processing for biomass production, to generate up to 9.5 megawatts of electricity that can help power the processing facilities. Plans for this brownfield venture are relatively developed, and started with construction of a warehouse of 6,000 square meters in 2014.

Nuts for Growth has a strong social responsibility mission, seeking to improve rural livelihoods, particularly for women, in the North of the country. The firm’s growth plans also include complementary storage infrastructure to take advantage of the close proximity of raw material inputs, reduce transit times, and support a shared value mission with shea collectors and soy producers. This initiative will create a sustainable market for shea nuts, soy, and maize as inputs to the crushing plant, green energy plant, and feed mill, and will provide a significant new employment opportunity for women in the North.

12. nuts For GroWthGrowing demand for poultry feed and edible oils in the midst of Ghana’s energy def icits presents an opportunity for a brownf ield investment in a poultry feed mill, a shea and soy crushing plant, an oil ref inery, and a biomass energy plant.

$45,000,000 $50,000,000


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cess

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VALUE CHAIN: Soy

SUppORTINg INITIATIVESThere are a number of donor-supported initiatives to increase agricultural production in Northern Ghana which can be leveraged to support production advances of small farmers, such as:• USAID-supported ADVANCE Project • Savannah Agricultural Development Authority• Ghana Commercial Agricultural Project, financed by USAID and the World Bank.In terms of the public sector: • Delivering sufficient and consistent power to major production hubs is a critical role for the public sector. • To support rapid expansion of agricultural production of staple foods, the government can intensify its efforts to facilitate land acquisition and land

use, prioritizing small farmers connected to nucleus farms and processing facilities.• Government should enforce the company’s environmental management plan to minimize environmental load.

CONTACT INfOKofi Kwakwa, Director, +233 242 686 837, [email protected]

15

BRONg AHAfO


INVESTMENT REQUIRED Sky-3 Farms is seeking US$1.5 million to US$2.0 million in start-up funding to expand into cornflake production. Financing is needed to conduct a feasibility analysis, for working capital, and for capital expenditure to set up a facility.

BAS NEEDEDSky-3 Farms is currently working with a BAS provider who is helping the firm develop a business plan for maize production, grain drying and storage, preparation of feasibility studies for the production of corn flakes, and to secure a loan facility for the set-up of the production plant.

ENVIRONMENTAL CONSIDERATIONSAn ERR is required to determine the level of environmental risk associated with this investment. Infrastructure construction tends to have moderate to high risk, but risk will be determined during further screening of this investment and preparation of an ERR.

SUppORTINg INITIATIVESThere are a number of government and donor-supported initiatives that could be leveraged to support this investment:• Ghana Export Development Investment Fund, for which Sky-3 Farms is a nucleus farm• USAID-supported ADVANCE Project • Savannah Agricultural Development Authority• Northern Rural Growth Project.

CONTACT INfOKwasi Etu-Bonde, Proprietor, +233-268151375, +233-208151375, [email protected]

INVESTMENT VALUE

MARkET OppORTUNITyUrbanization and changing consumption patterns have created strong and growing markets for processed foods, many of which require maize as an input. The cornflake market in Ghana provides many untapped business opportunities, as most of the cornflakes sold domestically are imported. The price of the imported cornflakes is about US$6 per kg, whereas domestically produced cornflakes would cost approximately US$2 per kg. Low-cost cornflakes fortified with soya have a ready market at schools, where they can serve as a substitute for foods like gari, which have lower nutritional value.

INVESTMENT OppORTUNITySky-3 Farms is an agribusiness located in Kintampo in the Brong Ahafo Region that is looking to take advantage of this import-substitution opportunity by moving into cornflake production. Sky-3 Farms has a 100 acre maize farm at Kintampo with an additional 100 acres for expansion. In operation since 2011, Sky-3 Farms started as an aggregation business, but was later transformed into an agribusiness center following the collapse of the tobacco industry in Kintampo. The farm produces maize and cowpea, and provides storage, drying, cleaning, and marketing services. Through its outgrower scheme, the company provides tractor services to over 295 maize farmers with 1,500 acres, and 115 rice farmers with 500 acres.

13. sky-3 FArmsAn established agribusiness seeks US$1.5–$2 million in investment to expand into cornf lake production.

VALUE CHAIN: Maize

$1,500,000 $2,000,000


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USaiD FinGaP environmental Risk Review required

ASHANTI


INVESTMENT REQUIRED Wumpini Agro Chemical requires US$1.5 million to US$2.6 million for capital expenditure (warehouses) and working capital to procure agro-inputs and equipment. The company is interested in both debt and equity.

BAS NEEDEDWumpini Agro Chemical has hired CSLD, a BAS provider, to support the firm in accessing appropriate financing/investment.

ENVIRONMENTAL CONSIDERATIONSWumpini must implement its environmental management plan and the USAID FinGAP Safe Use Action Plan for the agro-inputs that it distributes to farmers.

SUppORTINg INITIATIVESWumpini’s business prospects will be enhanced by continued support from GoG and donor-funded projects that facilitate increases in productivity through soil health improvement and crop protection measures, as well as the use of improved, high yield seeds.

CONTACT INfOIssahaku Wumpini, Managing Director, 0244290265, 0206418231, [email protected]

INVESTMENT VALUE

MARkET OppORTUNITyThe high cost of inputs for agricultural production, combined with the efforts of GoG and donors to develop major crop value chains, have created enormous opportunities downstream for agricultural inputs. In recent years, demand for chemical fertilizers, herbicides, and insecticides has been growing annually by an estimated 15%, 20%, and 12% respectively.

INVESTMENT OppORTUNITyWumpini Agro Chemical has set out to achieve its vision of capturing the market for agricultural inputs in the Upper East Region. The company was established in 2003 and has over 10 years of experience dealing in agro-inputs. On average, Wumpini Agro Chemical sells over 99,000 MT of various fertilizers, 330,000 liters of herbicides, and 60,000 MT of insecticides annually to over 200,000 smallholders and farmer-based organizations (FBO) involved in agricultural production.

Wumpini Agro Chemical’s suppliers have struggled to meet its demand and deliver products on time. The company now has an opportunity to import inputs directly, and major global manufacturers are looking to partner with Wumpini. The company requires financing to import large quantities of fertilizers, herbicides, and insecticides to be able to offer competitive prices to its clients. It also requires multi-crop shellers, tractors, and accessories to scale up its seed production.

Wumpini continues to build on its longstanding relationship with smallholder farmers and FBOs as well as on its aggressive marketing communications, personal selling, and wide community-based sales networks to remain the market leader. Importing directly from the manufacturers will strategically position the company to capture the many small district-based agro-input dealers by providing them with the most competitive offer available in Northern Ghana.

14. WumpInI AGro chemIcALSignif icant demand for affordable agricultural inputs provides an opportunity for investing in a leading agrochemical dealer with a vision to expand.

VALUE CHAIN: Maize, Rice and Soy


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USAID’s financing ghanaian Agriculture project (USAID-fingAp)The USAID Financing Ghanaian Agriculture Project (USAID-FinGAP), implemented by CARANA Corporation and Connexus Corporation, is a 5-year Feed the Future project with the goal of facilitating finance and investment in the soy, rice and maize supply and value chains in the North of Ghana, and improving ancillary services so that agribusinesses can operate at full capacity and expand levels of food security in the country. USAID-FinGAP provides technical assistance and incentives to unlock significant financing for agribusiness through partnerships with strategic investors and buyers of rice, maize and soy. The project contributes to USAID’s overall goal of fostering broad-based, sustained and inclusive economic growth in Ghana.

Over the life of the project, USAID-FinGAP expects to achieve the following:• $75 million in private capital deployed to targeted value chains by financial institutions;• 25 strategic partnerships supported in target value chains;• 250 transactions developed by team and business advisory service (BAS) providers; and• 90 SMiLEs and farmer organizations linked to over 120,000 smallholder farmers in target value chains gaining access to finance.

The project has built strong working relations with key actors in the rice, maize and soy value chains including agribusinesses-from nucleus farmers to processors and end market users; financial institutions including commercial, rural and community banks and non-bank financial institutions as well as business advisory service providers. Also the project works with Government of Ghana agencies including the Ministry of Food and Agriculture; the Export Trade, Agricultural and Industrial Development Fund (EDAIF); Ghana Investment Promotion Centre; other USAID Feed the Future Projects and donor agencies in Ghana to address the financing needs of agribusiness in the target value chains. The project has developed risk mitigation tools with Eximguaranty Ghana and the Ghana Agricultural Insurance Pool (GAIP) to reduce risk for financial institutions lending to agribusinesses in the target value chain.

The Investment Mapping SystemThe USAID-FinGAP Investment Mapping System (IMS) http://fingap.nautilytics.com/ is a publicly available online interactive map that allows potential investors visualize future agribusiness opportunities the rice, maize and soy value chains in Northern Ghana. The IMS helps agribusiness owners, financial institutions, investors and agribusiness consultants identify the current agribusiness infrastructure in the Northern Ecological Savannah Zone of Ghana, forecast the future production of rice, maize and soy and the corresponding investment opportunities based on the projected production. Go on. Try it.

Rick Dvorin, Chief of PartyUSAID-Financing Ghanaian Agriculture Project (FinGAP)Implemented by CARANA CorporationTel: +233 (0) 302 245 [email protected] 2nd Floor, Anysia Building, No. 17 Ringway Estates, Osu, Accra

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