Over US$5,000,000 in new investment committed in Ghana, Kenya and Rwanda
Two companies have recently committed to US$ 5,350,000 of investment in Ghana, Kenya and Rwanda.
Eclectics International, which designs and deploys software for the financial and corporate sectors, has committed to invest US$ 5,000,000 in Kenya and Rwanda for a range of services covering: Renewable Energy; Irrigation Kits; Microfinance for small enterprises; Training of women groups; Farmer Profiling – bio data, location, agronomic practice and; Electronic wallet solutions. Through its subsidiary Agritech, which is present in 24 countries in Africa undertaking vast operations in financial inclusion projects supporting over 200 banks on the continent and over 500 micro finance institutions with cutting edge software tools, hardware tools and consultancy services they require to make their operations more efficient and effective in the agriculture segment. In particular, Eclectics International has committed to support the implementation of the Horticulture Working Group in Rwanda which is supported by Grow Africa, as well as the East African Potato Consortium that is jointly convened by Grow Africa and AGRA. Support for these two initiatives will cover: Centralized databases; Farmer profiling and e-extension services; Introduction of micro- savings and micro-loan services: Provision of linkages to certified inputs, market access and policy using ICT/mobile technologies: Knowledge/skills management, training and capacity building. Thirty-six savings and loan groups will be trained and supported with financial training and over 2,000 qualifying farmers will be financed for the purchase of irrigation irrigation kits by Atlantis and government of Rwanda Farmers will also be connected with various vital services that they can now requisition from their mobile phones and receive services such as subsidy applications and input procurement: Provision of agricultural advice to farmers via mobile phone.
In Ghana, Oko Forests has committed US$350,000 to cultivate and process cassava into high-quality cassava flour. The company develops cassava agroforestry systems with a network of smallholder farmers. It combines the use of scientific data and mathematical modelling with the adoption of regenerative agricultural practices to increase yields per hectare, mitigating the need to clear the rainforest. The company forecasts an improvement in average farmer annual incomes by 30-50%. Starting with a small farmer cooperative within the Bosomkyekye community of the Ashanti Mampong Municipal District plans to work with 12,000 farmers over 30,000 hectares over a 10 year period.
As part of the commitment, Oko Forests will, over the next year, form a farmer cooperative, increasing average yields from 10 tons to 22.5 per hectare and forge strong relationships with buyers.