November 5, 2024
Through an investment in Tropo Farms, West Africa’s leading tilapia farm, Norfund will help create jobs and improve food security in Ghana.
The investment in Tropo Farms is made through the company AgDevCo, which specializes in the development of African agricultural businesses. Norfund became a co-owner of the company in February 2022.
The USD 10 million investment will help expand tilapia production in Ghana
“The investment will help to create new jobs while at the same time strengthening the production of an important protein source in Ghana,” says Ellen Cathrine Rasmussen, EVP Scalable Enterprises, who represents Norfund on the board of AgDevCo.
Tropo Farms is the leading tilapia fish producer in West Africa and among the largest in Sub-Saharan Africa. The company employs 917 people and supplies fish to the local market through about 3,000 market traders, the majority of whom are women.
Ghana has one of the highest fish consumption rates in Africa, consuming over 800,000 tonnes per year. This investment will boost the country’s aquaculture industry to satisfy the growing local demand for high quality, affordable fish as a sustainable alternative to wild catch and imports.
AgDevCo’s investment of $10m will finance the construction of a modern processing facility and other production equipment. This will increase the company’s capacity to 30,000 tonnes within five years, contributing to improved nutrition and food security in Ghana.
“This loan is a major milestone for Tropo Farms. It will expand our logistics and distribution network while bringing more benefits to the communities where we operate. We are pleased to partner with AgDevCo who brings flexible long-term capital to support our growth, as well as agribusiness expertise,” said Francisco Murillo, Tropo Farms CEO.
Tropo sees opportunities for further aquaculture projects in West Africa, which it plans to pursue with AgDevCo and other strategic co-investors.