The Jospong Group of Companies (JGC) has announced plans to acquire a $400-million facility from the African Export-Import Bank (Afrexim Bank) to support waste management and rice production projects in Ghana and Nigeria.
According to a statement released on Thursday and shared with the Ghana News Agency, the waste management initiative will include the construction of nine processing plants to convert waste into recyclable materials, fertilizers, and other valuable products.
In addition, Jospong Group is set to enhance waste collection services and develop transfer stations in Lagos, Nigeria.
Speaking on the sidelines of the COP29 conference in Azerbaijan, JGC’s Chief Investment Officer, Noah Gyimah, highlighted the significance of engaging Afrexim Bank to strengthen the Group’s investment footprint across Africa.
“One of the key outcomes of our discussions was the range of financing options available, including research and development funding for feasibility studies at favorable terms,” Gyimah stated.
The Group is also in talks to expand its waste management model to other African countries, including Uganda, Kenya, and Nigeria.
Beyond waste management, Jospong Group has plans to secure an additional $50 million to advance its rice production initiatives in Ghana, further demonstrating its commitment to sustainable development and agricultural innovation.
Mr. Noah Gyimah, Chief Investment Officer of the Jospong Group of Companies (JGC), has revealed growing investor interest in the company’s rice production business, with a focus on enhancing food security and funding options.
During discussions with Afrexim Bank leadership, Mr. Gyimah emphasized the importance of prioritizing key initiatives, outlining project phases, and exploring avenues for collaboration to advance JGC’s agricultural ambitions.
JGC’s subsidiary, the Asian African Consortium (AAC), is playing a pivotal role in transforming Ghana’s rice industry. The consortium is investing in high-quality seeds, modern farming technologies, and training programs for smallholder farmers.
This initiative aims to reduce Ghana’s reliance on imported rice by boosting local production, addressing the nation’s pressing need for food self-sufficiency, and supporting sustainable agricultural practices.
Rice consumption in Ghana has surged nearly threefold over the past decade, with individuals now consuming an average of 45 kilograms per year.
In response to this growing demand, the Asian African Consortium (AAC), a subsidiary of the Jospong Group of Companies (JGC), forged a partnership in 2023 with key players in the rice industries of Thailand and Ghana. This collaboration focuses on developing an integrated rice farming project that aligns with Ghana’s import substitution strategy.
The Jospong Group’s engagement with Afrexim Bank will provide the company with critical funding and advisory services at competitive rates. This partnership aims to streamline the lending process and bolster JGC’s ambitious growth initiatives.
With Afrexim Bank’s expertise, Jospong Group plans to accelerate its efforts in promoting sustainable agriculture, reducing rice imports, and driving economic development not only in Ghana but across the African continent.
SOURCE: http://dew360.net
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