Ghana’s AgroCenta raises US$ 790k to scale its Agri-tech ecosystem
Ghana’s AgroCenta has raised $790k to enable it develop its smallholder farmer inclusion programmes and procure crops at transparent and fair market prices to service offtake contracts.
This funding was secured from UK charity Shell Foundation, the UK’s Foreign, Commonwealth and Development Office (FCDO), AV Ventures and Rabo Foundation.
“This is a significant milestone for AgroCenta, having the support of leading institutions, particularly with the COVID-19 backdrop, underlining the strength of AgroCenta and the importance of its mission. The demand for agricultural raw materials from offtakers in the brewery, manufacturing and consumer sector is increasing exponentially because of the easing of the COVID-19 restrictions that were put in place by the government of Ghana, hence this capital injection will help to secure purchases at fair and transparent prices from smallholders — a much needed lifeline for many who are at the proverbial bottom of the pyramid”. Francis Obirikorang, AgroCenta’s CEO and Co-Founder Michael Ocansey said while highlighting the importance and criticality of this investment.
Agriculture and farming are a staple activity for more than half of the population in many West-African countries. Whilst smallholder farmers relentlessly work their plots of land, they often face many challenges when they try to bring and sell their harvest to the market. Lack of information on fair market prices for different crops often leaves them at the mercy of selling at low prices to middlemen.
Through AgroCenta’s CropChain platform, smallholder farmers can execute transactions with accurate information. Since the app’s launch, the average CropChain farmer’s income has increased by circa 35%. AgroCenta says it has managed to reduce food waste by 25%.
Agriculture accounts for circa. 17% of Ghana’s GDP. Through its outreach and services, AgroCenta has increased crop yields of farmers by 40% thereby contributing to Ghana’s economy at large.
AgroCenta, via an all-encompassing ecosystem approach, blends cutting edge digital innovation with traditional on the ground operations to transform the lives of smallholder farmers in Ghana, providing support along the value chain. scale its Agri-tech Ecosystem and secure Crop Purchases from smallholder farmers.