A wholesome amount of five million US dollars is being invested by Moringa SCA SICAR into B-BOVID to enhance and strengthen the company’s unique out-grower palm oil polyculture model being implement in the Western Region of Ghana.
This investment would focus on tree maintenance and preservation, and as well support the modernization of B-BOVID’s manufacturing plant and expand its production capacity to meet growing local and regional demand while improving livelihood of the out-growers. The expansion and plant installation is expected to boost production of oil palm in the range of 10 to 20 tonnes per hour.
Addressing the media today on the subject, Founder for B-BOVID Issa Ouedraogo stressed that the project has the potential to impact about 4,000 farmer within the next five years.
An elated Mr Ouedraogo, justified that the investment is in recognition of their credibility and viability as a social enterprise.
“The agreement with Moringa is a recognition by the international investor community of B-BOVID’s credibility and viability as a social enterprise, providing sustainable solutions to deforestation, unemployment and poverty in the country”, he said.
He added that “B-BOVID is committed to transforming the face of agribusiness in Ghana”
Mr Ouedraogo called on government and development agents, particularly banks to make agriculture attractive to the youth, through strategic investment opportunities.
Investment Director of Moringa, Adrien Henry disclosed that the partnership and investment in B-BOVID is the first ever in Ghana and West Africa.
“We are already working to strengthen the company’s human resource base, and increase its overall efficiency while consolidating its position as a leading center of agroforestry and livelihood enhancement activities in Ghana and beyond”, Mr Adrien Henry added.
B-BOVID and Climate Smart Agriculture Practice
Originally, B-BOVID developed a 110 hectare of demonstration plantation showcasing oil palm agroforestry practices and has implemented a comprehensive training structure to promote the best agroforestry farming models and management practices towards revenue diversification, social inclusion and low environmental impacts. The company has trained several thousands of farmers and students on climate smart agriculture. The beneficiaries to this intervention are mainly in the Western Region and some parts of the Central Region of Ghana.
About B- BOVID Limited
B-BOVID is an agribusiness promoting a new model of socially-inclusive commercial farming that combines innovative agricultural practices with ecological farming. B-BOVID is internationally recognized and has won a UN social investment pioneer award in 2012. The company was introduced at the 15th international business forum in South Africa in 2012. The event attracted over 300 business experts from around the world. B-BOVID was among the case study during the launch of the Global Compact Network Ghana and also a case study by the Inter Agency working Group of the World Bank, UNCTAD, FAO, IFAD on Principles for Responsible Agriculture Investment.
The Moringa Fund is an investment company that provides equity financing for sustainable agroforestry projets in Sub-Saharan Africa and Latin America. Agroforestry combines tree planting with agricultural crops to create positive synergies in economic, environmental and social terms. The fund was initiated by the Edmond de Rothschild Group and ONF International, an international subsidiary of the French Office National des Forets (ONF), and supported by major international development agencies, financial institutions and families.