Here’s the latest in ESM’s regular series, Notes From Africa, which brings you the latest retail, consumer goods, and food-and-beverage stories from across the African continent. Past editions can be found here.
Ghana: Complete Farmer Raises $10.4 Million To Accelerate Growth
Ghanaian agricultural start-up Complete Farmer has secured $10.4 million in pre-series A debt and equity financing. The funds, raised from a consortium of investors, will support the expansion of its operations, enhance its technological infrastructure, and finance the company's expansion plans.
The company, which connects farmers with global buyers of agricultural commodities, will invest in the development of its digital platform, conduct further research into agricultural protocols, and explore innovations to improve efficiency. This investment will also help farmers optimise their practices and increase yields. Complete Farmer aims to expand its operations across the nation and enter new African markets.
Uganda: Atiak Sugar Factory To Revive Operations By End-2024
In Uganda, the Atiak Sugar Factory is poised to resume production by the end of 2024 after a two-year suspension. The factory, spanning 17,000 hectares in the northern district of Amuru, located over 300 kilometres from Kampala, will have the capacity to produce 60,000 tonnes of sugar annually. It was previously shut down due to a cane shortage from the plantations in Amuru and Lamwo Districts.
Burkina Faso: Construction Work Begins On Tomato Processing Plant
In Burkina Faso, construction has commenced on a tomato processing plant situated on a 2.7-hectare site in Bobo-Dioulasso. The projected investment cost for this plant is 5 billion CFA francs ($8 million). It is expected to create 100 direct jobs and over 5,000 indirect employment opportunities, particularly for young people and women. The tomato concentrate produced will be marketed in Burkina Faso and other countries.
Burkina Faso is one of the largest tomato producers in West Africa, with an average annual production of 250,000 tonnes.
Kenya: East African Breweries Reports 21% Decline In Net Profit
East African Breweries (EABL) has announced a profit after tax of Kshs 12.3 billion ($83.2 million), marking a 21% decline compared to the previous year for the fiscal year ending on June 30, 2023. The company has been adversely affected by high cost inflation, multiple excise tax increases, and currency depreciation, which have not been fully offset by increased prices and cost management initiatives.
The group generated net sales of Kshs 109.6 billion ($741 million), remaining flat compared to the previous year. The benefits of pricing adjustments and an improved product mix were offset by a 7% decline in volumes, particularly in the mainstream beer category.
Tanzania: Temdo To Boost Sugar Production
The Tanzania Engineering and Manufacturing Design Organisation (Temdo) has designed a mini-sugar processing plant with the capacity to crush 200 tonnes of sugarcane daily, resulting in 20 tonnes of sugar production.
An agreement with the Sugar Board of Tanzania (SBT) has been established to develop and promote simple, affordable small sugarcane milling technologies that will address the country's sugar deficit. Tanzania is one of the leading sugar producers in Africa.
Kenya: Ikumbi To Build A Specialty Tea Factory
In Kenya, the Ikumbi tea factory, located in Murang'a county, is planning to establish a specialty tea production line. This facility will have the capability to process two tonnes of tea per day, with a total cost of 75 million shillings ($515.4k).
This project is part of a five-year renewable agreement signed with the Chinese import-export company Poly Intercontinental Trading Company. The new facility will produce tea exclusively for this company.
Article by Espoir Olodo.