- AgDevCo has invested US$10 million investment in Tropo Farms to help expand tilapia production in Ghana
- The investment will help to create new jobs while at the same time strengthening fish production
Ghana—Specialist agriculture investor AgDevCo has signed a long-term investment agreement with Tropo Farms, the leading tilapia fish producer in West Africa and among the largest in sub-Saharan Africa.
The AgDevCo’s US$10 million investment will help expand tilapia production and finance the construction of a modern processing facility and other production equipment.
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This will increase the company’s capacity to 30,000 tonnes within five years, contributing to improved nutrition and food security in Ghana.
Tropo Farms 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.
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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.
Tropo Farms is a pioneer in African aquaculture, established by founder Mark Amechi in 1977.
Francisco Murillo, Tropo Farms CEO said:
“Investing in Tropo Farm supports the production of an important protein source in Ghana, contributes to import substitution, and promotes economic growth. Our investment will enhance operational efficiency and sustainable aquaculture practices. 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, which brings flexible long-term capital to support our growth as well as agribusiness expertise.”
Mark Amechi, the founder of Tropo Farms, added that this agreement will enable the company to scale its production volume and market share within Ghana and support its expansion further into the underdeveloped West African aquaculture sector.
Norfund became a co-owner of the company in February 2022.
Also read: Norfund Invests $18M in Irvine’s Production of Chicken in 4 African Countries
In a similar report, Norfund’s investment in Irvine, a chicken producer, aims to create jobs and contribute to food security on the African continent.
The funds will improve Irvine’s capability to serve more smallholder farmers in East Africa’s fast-growing youth population.
Norfund Invests $18M in Irvine’s Production of Chicken in 4 African Countries
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