The Jospong Group of Companies has revealed plans to secure a $400-million facility from the African Export-Import Bank (Afrexim Bank) for comprehensive waste management and rice projects in Ghana and Nigeria.
The waste management project involved building nine plants to turn waste into recyclable materials, fertilisers, and valuable products.
Additionally, Jospong Group is investing in transfer stations and augmenting waste collection services in Lagos.
At the sidelines of COP29 in Azerbaijan, Noah Gyimah, Jospong Group’s Chief Investment Officer, explained the need for broader discussions with Afrexim Bank to support the Group’s investment efforts across Africa.
“The interesting part of that conversation was the various options they offer, including research and development funding for feasibility studies at accommodating rates,” he noted.
“Jospong Group is also having discussions in Nigeria, Uganda, and Kenya, aiming to replicate its successful waste management model in these countries.”
As part of the financing arrangement, JGC plans to source an additional $50 million for its rice project in Ghana.
Mr Gyimah said investors had expressed interest in food security and funding options for the company’s rice production business.
He highlighted further conversations with Afrexim Bank’s leadership to prioritise key projects, outlining project stages and exploring opportunities for collaboration.
Jospong Group’s subsidiary, Asian African Consortium, is also scaling up Ghana’s rice industry by investing in high-quality seeds, modern production technologies, and training for smallholder farmers.
The goal is to replace imported rice, addressing Ghana’s urgent need for local production.
Rice consumption has nearly tripled in the past decade, with individuals consuming approximately 45 kilogrammes per year.
“In 2023, Asian African Consortium partnered with major rice industry players in Thailand and Ghana to develop an integrated rice farming project, aligning with the government’s import substitution objectives,” the statement said.
“The partnership with Afrexim Bank will offer Jospong Group access to advisory services and funding at competitive rates.”
“Afrexim Bank’s expertise will fast-track the lending process and support Jospong Group’s growth plans. This strategic partnership will enable Jospong Group to drive sustainable development and economic growth across Africa,” it added.
