• GIP invests into Truecoco Ghana Limited to drive agricultural processing expansion and industrial carbon removal from agricultural waste.    
• The investment will drive the expansion of Truecoco’s soybean processing and the launch of an industrial biochar carbon capture project.
• This partnership promotes environmental sustainability while empowering over 4,000 smallholder farmers in Ghana.

Accra, Ghana,  28th October 2024 – Growth Investment Partners (GIP) Ghana LTD, an investment platform established by British International Investment (BII) the UK’s development finance institution and impact investor, today announced its investment in Truecoco Ghana Limited (Truecoco), a local agricultural processing and exporting company located in the Western Region of Ghana.

This investment will help in expanding Truecoco’s soybean processing operations and launch a durable carbon capture biochar project, which will contribute to community development, environmental sustainability, and local economic growth.

GIP, a Ghanaian investment platform licensed by Ghana’s Security and Exchange Commission, provides long-term, flexible capital, predominantly in local currency, to small and medium-sized enterprises (SMEs). GIP aims to bridge the financing gap for Ghanaian SMEs which are critical to promoting sustainable economic growth. 

Truecoco Ghana Ltd. is a leading agricultural processing and trading company committed to responsible sourcing and sustainable business practices. Since its inception in 2017, the company has focused on the ethical procurement of raw materials, ensuring that the livelihoods of small-scale farmers are at the heart of its operations. By working directly with over 4,000 smallholder farmers in Ghana, Truecoco guarantees a sustainable and traceable supply chain while contributing to the socio-economic empowerment of local communities.

The investment will also fund the development of an industrial biochar carbon removal project. Biochar is a carbon-rich material made from pyrolysis of organic waste, including agricultural by-products, in a low-oxygen environment. It is used to improve soil health, retain moisture, and capture carbon from the atmosphere, contributing to sustainable agriculture and reducing greenhouse gas emissions.

Truecoco will source typically discarded coconut husks from surrounding farms and processing firms in surrounding areas and convert them to biochar. The project is aligned with Ghana’s ambitious climate target and aims to be the leading carbon removal technology project in the country. The biochar initiative will achieve six United Nations Sustainable Development Goals, as well as provide additional revenue for smallholder farmers and reduce the cost of organic inputs for Ghanaian farmers.

This investment from GIP builds on previously announced investments in a Ghanaian Business Processing Outsourcing (BPO) company, E-Services Africa Ltd (eSAL) and micro-lending institution, FIDO Micro Credit Ltd, as the platform looks to stimulate growth and development across Ghana’s SME sector.

Jacob Kholi, Chief Executive and Investment Officer, GIP Ghana: “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.” 

Freddy Lydford, Managing Director, Truecoco Ghana Limited: “I am delighted to complete this transaction with GIP; their innovative funding mechanisms are a good fit for our business growth plans. We are excited to deploy this capital to expand our existing business and launch our state-of-the-art carbon capture project. Ghana must play a significant role in climate change mitigation, and we are determined to be a key player.”

Kwabena Asante-Poku, Coverage Director for Ghana at British International Investment: “Our investments in Ghana highlight our commitment to supporting sustainable economic development and fostering impactful growth across key sectors. 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.”

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About GIP Ghana

Growth Investment Partners (GIP) Ghana is an investment platform established in 2023 by British International Investment plc (BII). With an anchor capital commitment of up to US$50 million from BII, GIP Ghana provides long-term, flexible financing to catalyze sustainable economic growth and development impact in Ghana by addressing the SME funding gap.

About Truecoco

Truecoco Ghana Ltd is an Agricultural Commodity Processor and Trading Company established in 2017, starting with the process of coconuts, Truecoco has branched out into other food and feed commodities with a focus on organic supply chains. Truecoco aims to become one of the leading players in the carbon removal technology space in West Africa. With ambitions to remove more than 250,000 MTs of CO2 from the atmosphere and improve the livelihoods of 30,000 smallholder farmers, Truecoco’s technology and innovative agricultural techniques will provide farmers with additional revenue and reduce the cost of organic inputs.  

www.truecocoghana.com      

About British International Investment

British International Investment is the UK’s development finance institution and impact investor. As a trusted investment partner to businesses in Africa, Asia and the Caribbean, BII invests to create productive, sustainable and inclusive economies in our markets. Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development. The company has investments in over 1,580 businesses across 65 countries and total net assets of £8.5 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn and X.