Green Gold Farms, a leading agribusiness startup in Ghana, and it has completed a US$1.6 million capital raise that included Absa Ghana Bank, Diaspora Capital, Channel Ventures, and EPMT Fund as investors.
The money will allow Green Gold Farms to invest primarily in capital equipment to scale up the production of crops such as corn and soybeans.
This will help to solve the problem of employment for people, launch a farming program for small farmers and contribute to boosting the regional and national economy.
Ghana currently imports more than $2.4 billion worth of food annually. Such high levels of food imports have contributed to the country’s large trade imbalance, which has depleted its foreign exchange reserves.
Furthermore, imported food is often more expensive and of lower quality than domestic food.
There is a lot of rich arable land here, but it cannot be used for production purposes.
So the people here are still subsistence farmers and always stuck in the cycle of poverty.
Despite the abundant land, diverse agro-ecosystems and abundant labor available, the majority of the people living in Northern Ghana remain insecure in terms of food and quality of life.
Through large-scale agricultural production, Green Gold Farms is addressing the problems of poverty, lack of economic opportunity, malnutrition and other diseases in Northern Ghana.
Green Gold Farms is also developing an innovative farming scheme that will enable smallholder farmers to lift themselves out of poverty by training them in best farming practices.
The company is trying to develop and scale a sustainable food production model in partnership with the public and private sectors to help billions of people out of poverty.
Absa Bank Ghana Limited is one of Ghana’s more prominent financial institutions. It offers an integrated suite of products and services across Corporate and Investment Banking; Corporate Bank with solutions for Micro, Small and Medium Enterprises (MSMEs) start-ups; and Retail Banking.
Diaspora Capital is a social impact investment group based in the United States. This company uses “citizen capital” to provide alternative access to capital and technical assistance to small and medium enterprises (SMEs) in Africa.
Channel Ventures is a digital trade finance firm with core operations in Africa. Channel Ventures provides working capital solutions to small and medium enterprises (SMEs) in Africa.
The Earning Trillion Poverty Elimination Fund (EPMT) is an evergreen fund that invests in the lowest income communities with the goal of eradicating poverty.
Culled from https://gritdaily.com/african-agricultural-startup-green-gold-farms-raises-1-6-million/