Tropo Farms, the leading tilapia fish producer in West Africa and Sub-Saharan Africa has secured a $10 million long-term investment from the specialist agriculture investor AgDevCo.
Ghana has one of the highest fish consumption rates in Africa, consuming over 800,000 tonnes per year. This investment will boost the country’s aquaculture industry to satisfy the growing local demand for high quality, affordable fish as a sustainable alternative to wild catch and imports.
AgDevCo’s investment will finance the construction of a modern processing facility and other production equipment. This will increase the company’s capacity to 30,000 tonnes within five years, contributing to improved nutrition and food security in Ghana. Tropo sees opportunities for further aquaculture projects in West Africa, which it plans to pursue with AgDevCo and other strategic co-investors
Established by founder Mark Amechi in 1997, Tropo has developed sophisticated aquaculture practices tailored for local conditions. It employs 917 people and supplies fish to the local market through about 3,000 market traders, the majority of whom are women.
“Investing in Tropo Farms supports production of an important protein source in Ghana, contributes to import substitution and promotes economic growth. Our investment will enhance operational efficiency and sustainable aquaculture practices,” said Kweku Koranteng, AgDevCo’s Investment Director for West Africa.
“This loan is a major milestone for Tropo Farms. It will expand our logistics and distribution network while bringing more benefits to the communities where we operate. We are pleased to partner with AgDevCo who brings flexible long-term capital to support our growth, as well as agribusiness expertise,” said Francisco Murillo, Tropo Farms CEO.
