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.
Côte d'Ivoire: Palmci Reports Lower Net Profit in 2023
In Côte d'Ivoire, Palmci, one of the largest palm oil producers, recorded a net profit of 19.3 billion Fcfa ($32.4 million) for the 2023 financial year, compared to 41.6 billion Fcfa ($70 million) in 2022.
According to the company, this decrease is mainly due to a 6% decline in palm oil prices and a 12% drop in palm kernel oil tonnages sold. This result comes despite strong crude palm oil production for 2023, which reached 329,913 tonnes, up from 321,827 tonnes the previous year.
Ghana: Tropo Farms to Invest $8.2m in Aquaculture
In Ghana, aquaculture company Tropo Farms has secured a financing agreement worth €7.5 million ($8.17 million) to expand its operations over the next five years. The funds will be used to build a new fish processing facility, install additional rearing cages on Lake Volta, and expand the company's hatcheries.
Plans also include acquiring new boats and enhancing the company’s refrigerated transport capacity. This initiative is part of a strategy to double Tropo Farms’ annual tilapia production to 30,000 tonnes by 2029.
Egypt: Nile Sugar Company to Boost Sugar Beet Production
The Egyptian Countryside Development Company (ECDC) has signed an investment contract with Nile Sugar Company to develop 14,000 feddans (5,880 hectares) of land in the West El Minya Area extension.
Under this partnership, Nile Crops will lead the project, focusing on large-scale sugar beet cultivation to produce white sugar along with other crops. Egypt currently produces around 2.8 million tonnes of sugar annually.
Madagascar: New Cocoa Processing Plant Launched
A new cocoa processing facility has been inaugurated in Madagascar's Ambanja district, with a processing capacity of one tonne per hour for cocoa powder production. The plant will rely on local producers, as the district accounts for approximately 90% of Madagascar's cocoa output.
This investment comes as Madagascar continues to export 98% of its cocoa production in raw form, with the domestic processing industry still in its early stages.
Morocco: Olive Crushing Plant to Be Built in Meknes
In Morocco, the government has launched the construction of an olive crushing plant in Meknes, at a cost of 23 million dirhams ($2.4 million). The facility, which occupies a 0.2-hectare site, is part of the Olive Growing Development Program initiated by the Agency for Agricultural Development in 2016.
While the plant's processing capacity has not been disclosed, Morocco's olive sector contributes 5% of the country's agricultural GDP and generates over $600 million annually.
Rwanda: New Feed Mill Inaugurated
In Rwanda, a new animal feed production facility has been inaugurated by Gorilla Feed Co. Ltd. Located in the Kigali Special Economic Zone (KZES), the plant represents a total investment of $4 million. It has an hourly production capacity of 20 tonnes, equating to around 200 tonnes per day.
The facility will produce a variety of animal feeds, including those for pigs, poultry, and cattle farms.
