Accra, Ghana, July 15th 2015: Injaro Agricultural Capital Holdings Limited (“IACHL”), the impact investment fund managed by Injaro Investments, announces an investment in Ghana’s animal feed sector. IACHL, through its Ghanaian subsidiary Injaro Agricultural Venture Capital Limited (“IAVCL”), has signed an agreement to invest in Agricare Ltd. (“Agricare”), a Ghanaian-owned animal feed producer based in Kumasi.
Originally established as a wholly owned international subsidiary of Pfizer Corporation of New York, USA, Agricare has a 47-year track record in the Ghanaian animal feed sector. Agricare has for many years been the market leader and the quality benchmark for poultry feed in Ghana. With the capital from Injaro, Agricare intends to recapture lost market share by guaranteeing high product availability whilst maintaining the high quality which poultry farmers have come to trust over the decades.
IAVCL is providing the growth capital that Agricare needs to increase plant utilization, develop a cost-effective local supply chain and expand its reach across the West African sub-region. Agricare’s products are currently marketed through distributors across Ghana, Togo and Benin. The investment will also benefit local farmers through increased procurement of inputs such as maize and soy. It is anticipated that over 7,000 local farmers, many of whom are located in northern Ghana, will benefit directly from Agricare’s operations over the next few years.
Managing Director of Agricare, Mr. William Awuku Ahiadormey, said “In Ghana, Agricare has been a trusted partner to smallholder poultry and livestock farmers for decades. Our mash and concentrate feeds have always been known for their high quality in terms of composition and positive impact on the growth of poultry and livestock. Having faced significant working capital challenges in the past two years, Agricare, has finally found a local partner in Injaro and thus is now positioned to regain its former market-leader status. With Injaro, we renew our commitment to sourcing a significant portion of our maize and soy inputs locally through the various farmer cooperatives and aggregators in the space. Further, by providing both equity and debt financing, Injaro provides effective partnership and resources that will help Agricare to become a pivotal player in the animal feed and agriculture value chain in Ghana.”
Mirabelle Moreaux, Investment Officer of Injaro Investments stated, “We are incredibly excited about Agricare’s prospects given the quality of the core management team and the projected growth of demand for white protein in West Africa over the next few years. We look forward to a close and productive collaboration with the Agricare team and other partners to create a Ghanaian success story in the animal feed sector. Through this investment we hope to generate income for thousands of suppliers to Agricare, provide high quality and cost effective feed to the country’s numerous small scale poultry producers.”
Jerry Parkes, CEO of Injaro Investments added “This investment reinforces Injaro’s long term support of Ghana’s agriculture sector and hopes to enhance the economic contributions made by the country’s hardworking smallholder farmers. We believe that Agricare can play a catalytic role in improving the efficiency of key agricultural value chains whilst generating a commensurate return for our investors.”
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