European impact investment firm Moringa has made its first investment in Ghana with $5 million for agribusiness company B-BOVID.
B-BOVID works with small farmers to teach sustainable farming practices, particularly for palm oil production.
Farming palm fruits, which are harvested and processed into oil for a wide range of consumer products, is a culprit in global deforestation. B-BOVID has provided sustainable farming training to more than 2,000 small farmers. It then sources the farmers’ product and processes it into oil.
Moringa, a €84 million ($96 million) investment fund, makes equity investments of €4 million to €10 million in sustainable agroforestry projects in Latin America and Africa. Its investment in B-BOVID will support the expansion of B-BOVID’s farmer training program, which aims to reach 4,000 farmers and students. The funding will also be used to upgrade B-BOVID’s manufacturing plant and expand production capacity.
Last year, Moringa backed Brazilian farming business Florestra Viva to support its expansion and build new production facilities.