Ghanaian Agribusiness Startup Green Gold Farms, raise $1.6million in funding
Ghana-based Agritech startup Green Gold Farms has announced it raised $1.6m in a funding round from Absa Bank Ghana, Diaspora Capital, Channel Ventures, EPMT Fund, and other early-stage seed investors.
Green Gold Farms is an Agribusiness tech startup that aims at adopting modern or advanced technological practices in areas like irrigation, hydroponics, disease and pest control, etc to maximize food production and reduce importation of food in Africa.
The startup is currently working on an innovative out-grower program that will help smallholder farmers escape poverty by training them in regenerative agricultural best practices, providing them with all of the required inputs and mechanization.
Green Gold Farms’ CEO, George Boakye Sarpong speaking on the funding said that fertile lands in the country have not been adequately used as farmers lack needed resources leading to a waste of resources through importation, and this is what Green Gold Farms intends to stop.
“It’s a tragedy that we have so much rich, fertile land in this country but are unable to put it to good use.
“Most farmers lack access to financing or advanced farming equipment that would allow them to scale their operations. As a result, they continue to be subsistence farmers, stuck in a never-ending cycle of poverty. As a result, we [Ghana] waste precious resources importing food that we could cultivate ourselves”.
Green Gold Farms intends to use the funds to scales its services, expand production of organic non-GMO crops like maize and soybeans, and create high-paying, long-term jobs for smallholder farmers.