The capital will go to expanding the production capacity of the Fan Milk factory in Accra, adding 200 local jobs in the process. Danone says in a company statement that it is committed to local manufacturing and combatting youth unemployment in the region.
It is also developing new high-nutrient products for the West African market, including an affordable drinkable yogurt that will be launched from the new factory. West Africa represents a €1.4 billion ($1.57 billion) market for Danone.
Dubai-based Abraaj has invested in numerous food and dairy companies across the African continent. Fan Milk, a 55-year-old company, sells its dairy products in seven other West African countries in addition to Ghana.