One of the floating fish cages for tilapia at Tropo Farms on Lake Volta.
Photo: Tropo Farms.
Tropo Farms, West Africa’s leading tilapia producer, has secured a $10 million investment from AgDevCo, a specialist agricultural investor focused on supporting agribusinesses in Africa. The funding will enable Tropo Farms to expand its production and distribution capacity, further strengthening Ghana’s aquaculture sector.
AgDevCo’s long-term investment will finance the construction of a new processing facility and the acquisition of advanced production equipment, with a goal of increasing Tropo Farms’ production capacity to 30,000 tonnes over the next five years.
“This loan is a major milestone for Tropo Farms. It will expand our logistics and distribution network while bringing more benefits to the communities where we operate. We are pleased to partner with AgDevCo who brings flexible long-term capital to support our growth, as well as agribusiness expertise,” said Francisco Murillo, Tropo Farms CEO, in a press release.
The expansion, the companies said, aims to support improved food security and nutrition in Ghana, where fish consumption exceeds 800,000 tonnes annually, one of the highest rates in Africa. By increasing local production, Tropo Farms aims to reduce Ghana’s reliance on imported and wild-caught fish, promoting a more sustainable and accessible source of protein for the population.
Tropo Farms also said that it sees "opportunities for further aquaculture projects in West Africa, which it plans to pursue with AgDevCo and other strategic co-investors."
Aerial view of Tropo Farms tilapia ponds on the shore of Lake Volta, Ghana.
Founded in 1997 by Mark Amechi, Tropo Farms has been a pioneer in African aquaculture, developing specialized aquaculture practices suited to local conditions.
“This agreement will not only enable us to scale our production volume and market share within Ghana but also represents a critical step toward realising our long-held ambitions of expanding further into the underdeveloped West African aquaculture sector," Amechi said.
The company currently employs 917 people and distributes fish to local markets through a network of around 3,000 traders, the majority of whom are women, reinforcing its impact on local economies and communities.
“Investing in Tropo Farms supports production of an important protein source in Ghana, contributes to import substitution and promotes economic growth. Our investment will enhance operational efficiency and sustainable aquaculture practices,” said Kweku Koranteng, AgDevCo’s Investment Director for West Africa.