In an undisclosed deal, impact investor Injaro Investments has signed an agreement to invest in Agricare, a Ghanaian-owned animal feed producer based in Kumasi.
The capital will be used to help Agricare increase plant utilization and develop a local supply network in order to recapture market share and expand West Africa. By guaranteeing increased product availability of high quality product, the firm aims to be the market leader and quality benchmark for poultry feed in the region.
“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,” Mirabelle Moreaux, an Investment Officer of Injaro Investments stated. “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.”
At the moment, Agricare markets its products through distributors based in Ghana, Togo and Benin. Injaro expects its investment to benefit over 7,000 local farmers, many of who are in northern Ghanam as Agricare increases its purchases of the maize and soy required to produce the feed.
“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, ” saird Agricare’s Managing Director, William Awuku Ahiadormey. “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.”
Agricare was originally established as a wholly owned subsidiary of New York-based Pfizer Corporation and has a 47-year track record in Ghana’s animal feed market.