Wangara Green Ventures Invests GHS 1.9 million in Akwaaba Feeds Ltd. to boost poultry and livestock feed production using insect protein.
Accra, Ghana, July 13, 2020 – Wangara Green Ventures, an impact investment fund in Ghana announces a GHS 1.9 million (approx. US$320,000) investment in Akwaaba Feeds Limited, a climate-smart agribusiness, to support the company manufacture high quality and affordable feed for the poultry and livestock industry in Ghana using insect protein.
Akwaaba Feeds is a leading poultry and pig feed manufacturing company in Ghana that produces high-quality poultry and pig feed for sale to poultry and livestock farmers. The feed variety is formulated with the support of Bioproton Pty Ltd, an Australian based developer and manufacturer of a high-quality enzyme, surfactant, and probiotic feed supplements. Akwaaba Feeds also has a strategic partnership with West Africa Feeds, an incubatee of the Ghana Climate Innovation Centre (GCIC), for the production of low cost, high-protein feed base made from insects, which serves as an affordable yet equally nutritious alternative to fish meal used in typical protein base poultry feeds.
Akwaaba Feeds which was founded in 2017, grew from 2 distributors and four workers in 2018 to 4 distribution outlets and 28 staff in 2019 with a revenue growth of 225%. The company currently has distribution outlets in Accra, Cape Coast, Takoradi and Kumasi.
Wangara Green Ventures’ investment in Akwaaba Feeds will support the company double its production capacity, expand its distribution channels to make their quality feed more accessible to small holder farmers as well as scale up the production of insect protein in commercial quantities. The first commercial insect protein feed manufacturer in Ghana, Akwaaba Feeds would be better placed to contribute immensely to local poultry production and SDG goals of Zero Hunger, Good Health and Wellbeing, and No Poverty in a climate-resilient way.
The Ministry of Food and Agriculture in Ghana estimates 180,000MT of poultry meat is imported yearly to augment local poultry supply of 58,000MT, leaving a poultry output gap of 162,000MT annually. With growing uncertainty about food security as well as Government favorable policies in support of local poultry production, Wangara’s investment couldn’t have come at an opportune time.
According to the Chief Executive Officer of Akwaaba Feeds Ltd, Mr. Sylvester Cooper; the investment from Wangara Green Ventures is a game-changer for the company and will help reposition the company to take advantage of the government’s drive to grow the poultry sector by reducing the importation of frozen chicken into the country which has a great potential to create employment and reduce the pressure on foreign currencies. He again indicated that the most exciting aspect of the deal is the technical support Akwaaba Feeds will receive from Wangara to aid its growth strategy.
In addition to the GHS1.9million investment, Akwaaba Feeds is also receiving technical assistance support in the form of other business development services to enable them to realize their growth plans.
Wangara Green Ventures is a climate-focused impact investment company that invests between GHS 250,000 to GHS 2,500,000 in Small and Growing Ghanaian Businesses (SGBs) that are making a social and environmental impact in Ghana. Wangara also supports the growth and sustainability of these SGBs by making available pre-investment and post-investment Technical Assistance Grants. Wangara Green Ventures is sponsored by Innohub Foundation through the $3.2m Ghana Climate Venture Facility (GCVF) from the World Bank.