Truecoco Secures $3.3M from BII via Carbon Credits for Circular Agribusiness Expansion with Carbon Capture
The Growth Investment Partners (GIP) is an investment platform established by the British International Investment (BII) to provide long-term capital to #SME in Ghana. GIP is a public company listed on the Ghana’s Security Exchange and is proud to be able to support the expansion of Truecoco with a financing to the tune of USD 3.3 million for its expansion plant.
Truecoco Ghana Limited started as a coconut farming business and gradually diversified into the processing and exporting of other agricultural crops. GIP aims to support #SME such as Truecoco to move to their next level in their growth phase.
“We are very excited about the Truecoco investment and the opportunity to support local agri-processsing companies. Commercially successful businesses such as Truecoco are vital to building local agri-processing capacity, strengthening Ghana’s agricultural value chain and enhancing food safety.”
GIP CEO Jacob Kholi
The investment funds will go towards the expansion of the processing capacity of soybean by Truecoco. Truecoco purchases soybean from a multitude of small-scale farmers.
Additionally, Truecoco will gather coconut husks or cocoa pods and transform them into #BioChar by pyrolysis. The BioChar can then be used to enhance the soil by improving nutrient availability and water retention. Agricultural land receiving biochar tends to achieve better yields and can qualify for an organic label thanks to the absence of chemicals.
The project is aligned with Ghana’s ambitious climate plan and the country ambitions to be a leader in #decarbonization in West Africa. According to the feasibility study report, the project actually contributes to more than six UN Sustainable Development Goals (#SDG).
“I am delighted to complete this transaction with GIP; their innovative funding mechanisms align well with our growth plans. We are eager to use this capital to expand our business and launch our carbon capture project. Ghana has a critical role to play in# ClimateChange mitigation, and we are determined to be a key player.”
Truecoco MD Freddy Lydford
Some of the funding will be budgeted for capacity building and empowerment of SME, mostly run by women, by propagating the know-how around biochar and reducing dependence on chemical inputs.
As an innovative touch, Truecoco will be eligible for funding via #CarbonCredits by virtue of promoting sustainable agriculture and and contributing to reduce greenhouse gases (#GHG). It is estimated that some 4,000 smallholders will benefit from the project.
Truecoco plans to remove more than 250 billion tonnes of carbon dioxide (#tCO2) by 2030. In so doing, it will also eventually improve the livelihoods of 30,000 smallholder farmers as its operations continue expanding.