GIP invests in Truecoco to expand soybean processing
Growth Investment Partners (GIP) Ghana Ltd., an investment platform backed by British International Investment (BII), has announced its investment in Truecoco Ghana Limited, a local agricultural processing and exporting company based in the Western Region of Ghana.
This investment aims to expand Truecoco’s soybean processing capabilities and launch a durable carbon capture biochar project, which will support community development, environmental sustainability, and local economic growth.
GIP, licensed by Ghana’s Securities and Exchange Commission, provides long-term and flexible capital primarily in local currency to small and medium-sized enterprises (SMEs). Its mission is to bridge the financing gap for Ghanaian SMEs, which are crucial for sustainable economic growth.
Founded in 2017, Truecoco Ghana Ltd. is committed to responsible sourcing and sustainable business practices. The company works directly with over 4,000 smallholder farmers in Ghana, ensuring a sustainable and traceable supply chain while empowering local communities.
A statement issued by GIP in Accra yesterday disclosed that the investment would also facilitate the development of an industrial biochar carbon removal project.
Biochar, a carbon-rich material produced from organic waste through pyrolysis in a low-oxygen environment, is utilised to improve soil health, retain moisture, and capture atmospheric carbon, thereby promoting sustainable agriculture and reducing greenhouse gas emissions.
“Truecoco plans to source discarded coconut husks from nearby farms and processing firms for this initiative, which aligns with Ghana’s climate goals and aims to become the leading carbon removal technology project in the country,” the statement said.
The project, according to the statement, was expected to address six United Nations Sustainable Development Goals (SDGs) and provide additional revenue for smallholder farmers while lowering organic input costs.
This investment follows GIP’s previous commitments to a Ghanaian Business Processing Outsourcing company, E-Services Africa Ltd. (eSAL), micro-lending institution, and FIDO Micro Credit Ltd., as part of its strategy to foster growth across Ghana’s SME sector.
Mr Jacob Kholi, Chief Executive and Investment Officer at GIP Ghana, expressed enthusiasm for the investment, stating that, “We are very excited about the Truecoco investment and the opportunity to support local agri-processing companies. Successful businesses like Truecoco are vital for building local processing capacity and strengthening Ghana’s agricultural value chain.”
Mr Freddy Lydford, Managing Director of Truecoco Ghana Limited, said, “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 climate change mitigation, and we are determined to be a key player.”
“Our investments in Ghana reflect our commitment to supporting sustainable economic development and fostering impactful growth. By partnering with innovative companies like Truecoco, we are contributing to local job creation, environmental sustainability, and the empowerment of smallholder farmers, which are central to our mission,” Mr Kwabena Asante-Poku, Coverage Director for Ghana at British International Investment, indicated.
