The Jospong Group of Companies (JGC) is in talks to secure a $400-million facility from the African Export-Import Bank (Afrexim Bank) to support expansive waste management and rice production projects in Ghana and Nigeria.
This initiative aligns with Jospong’s vision for sustainable development and food security in Africa.
Waste management expansion across Africa
Jospong’s waste management project plans to construct nine processing plants aimed at converting waste into recyclable materials, fertilizers, and other valuable products.
The group is also enhancing waste collection and establishing transfer stations in Lagos, Nigeria. At COP29 in Azerbaijan, Noah Gyimah, Chief Investment Officer of Jospong Group, highlighted ongoing discussions with Afrexim Bank, which could bring innovative funding solutions to support Jospong’s expansion efforts.
“We explored options for research and development funding at favorable rates, which will facilitate feasibility studies across multiple regions,” Mr. Gyimah stated.
The Jospong Group is working with potential partners in Nigeria, Uganda, and Kenya to replicate its successful waste management model in these countries.
Strengthening Ghana’s rice industry
As part of its broader financing efforts, JGC is also seeking an additional $50 million to boost rice production in Ghana through its subsidiary, the Asian African Consortium.
With the country’s rising rice consumption—now at approximately 45 kilograms per person annually—Jospong’s rice project aims to meet local demand and reduce reliance on imports.
The Asian African Consortium is making strides in enhancing local rice production by investing in high-quality seeds, modern farming technologies, and training programs for smallholder farmers.
In 2023, the Consortium partnered with major rice industry players from Thailand and Ghana, aligning with Ghana’s goal of import substitution and boosting the local economy.
Strategic partnership with Afrexim Bank
The collaboration with Afrexim Bank promises to bring both advisory support and funding to Jospong Group at competitive rates.
Mr. Gyimah underscored that Afrexim Bank’s expertise will expedite the lending process and support the group’s ambitious growth agenda.
“This strategic partnership will enable Jospong Group to drive sustainable development and economic growth across Africa,” he noted.
By tapping into Afrexim’s resources, Jospong Group is positioning itself as a leader in sustainable waste management and agriculture, addressing both environmental and food security challenges while contributing to Africa’s economic transformation.
