© Tropo Farms
The funding, which comes from the specialist agriculture investor AgDevCo, will be used to finance the construction of a modern processing facility and other production equipment, with the goal of increasing the company’s production capacity to 30,000 tonnes within five years, contributing to improved nutrition and food security in Ghana.
With a demand for over 800,000 tonnes a year, Ghana has one of the highest fish consumption rates in Africa. With the expansion of its operations, Tropo Farms hopes to contribute to the establishment of a domestic aquaculture industry to meet the high local demand for affordable fish whilst also providing an alternative to wild-caught and imported products.
“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, in a press release.
With this expansion as a starting point, Tropo Farms has expressed interest in developing further aquaculture projects in West Africa.
“This agreement will not only enable us to scale our production volume and market share within Ghana but also represents a critical step toward realising our long-held ambitions of expanding further into the underdeveloped West African aquaculture sector,” concluded Mark Amechi, founder of Tropo Farms.
