Moringa SCA SICAR, is looking to invest US $5m in B-BOVID Limited’s polyculture project. The investment firm announced its ownership of a stake in the Ghanaian Company earlier on this week. This, according to a statement released by the company, will serve to enhance and strengthen the B-BOVID Limited’s out-grower palm oil polyculture model that is aimed at engaging up to 4,000 farmers within the next few years.
Additionally, the investment would support the modernization of B-BOVID’s manufacturing plant. This is in addition to expanding its production capacity to meet growing local and regional demand as well as improve the livelihood of the out-grower farmers.
Managing Director of B-BOVID, Issa Ouedraogo, said the agreement with Moringa was recognition by the international investor community of B-BOVID’s credibility and viability as a social enterprise. He further added that the partnership will go a long way towards providing sustainable solutions to deforestation, unemployment and poverty in the country.
Mr. Ouedraogo also explained that Moringa was an investment company that provided equity financing for sustainable agroforestry projects in sub-Saharan Africa and Latin America. He added that B-BOVID was committed to transforming agribusiness in Ghana and called for support from the government and the banks to make agriculture attractive to the youth.
B-BOVID Limited, which was established in 2004, produces crude and palm kernel oil from fruits harvested from more than 2,000 farmers and trained several farmers and students on climate smart agriculture.
The Investment Director of Moringa, Adrien Henry noted that the cooperation with B-BOVID was the first investment in Ghana. He also added that it aimed to reinforce its presence in Western Africa as part of the strategy to create strong sustainable practices on the continent. Currently, Moringa is reportedly working to strengthen B-BOVID’s human resource base. This is in addition to and increasing its overall efficiency.