Green Gold Farms, a Ghana-based agribusiness startup, has raised $1.6 million from Absa Bank Ghana, Diaspora Capital, Channel Ventures, EPMT Fund, and a number of early-stage seed investors.
Green Gold Farms is also working on an innovative out-grower program that will help smallholder farmers escape poverty by training them in regenerative agricultural best practices, allowing them to produce on larger plots of land, and providing them with all of the required inputs and mechanization.
The company intends to hand over primary production to smallholder farmers and then advance up the value chain into processing and, eventually, manufacturing.
In collaboration with the public and commercial sectors, the company is striving to develop and scale a sustainable food production model.
Green Gold Farms’ CEO, George Boakye Sarpong, says, “It’s a tragedy that we have so much rich, fertile land in this country but are unable to put it to good use.”
“Most farmers lack access to financing or advanced farming equipment that would allow them to scale their operations. As a result, they continue to be subsistence farmers, stuck in a never-ending cycle of poverty.
As a result, we [Ghana] waste precious resources importing food that we could cultivate ourselves.”
Green Gold Farms will use the funds obtained to expand production of organic and non-GMO crops like maize and soybeans, as well as to create a significant number of high-paying, long-term jobs and develop an out-grower program for smallholder farmers.