Golden Web

Insufficient working capital to source inputs, presents an opportunity to capitalize on underutilized existing fixed assets and create sustainable demand for Northern soy production.

Investment needed: $1,000,000–3,000,000

USAID FinGAP Environmental Risk Review required
Business Type
Deal Type
Debt, Equity
Working Capital
Value Chain

Market Opportunity

Urbanization and income growth are stimulating demand for poultry and eggs, and therefore soy cake, a key input for poultry feed. The current supply of processed soy cake is unable to keep up with market demand. Installed capacity for soy cake production is greatly underutilized, and poultry producers consistently complain of insufficient supply from local processors. The projected growth of the poultry industry, particularly as companies move into broiler production, ensures that demand will persist, creating promising opportunities for investors to capture this expanding market.

Investment Opportunity

Golden Web is a soy processor in Kumasi that has been operational since 1994. It produces soy cake, refined soy vegetable oil for human consumption, and crude oil for the paint industry. Golden Web has two facilities in Kumasi and sources all of its raw soy from suppliers in the North. The firm has installed capacity to process 30 tons per day (using its own extrusion equipment), but is currently running at 15–20% capacity due to insufficient working capital to purchase inputs. Golden Web also has nearly 1,000 tons of unused storage capacity. If Golden Web had sufficient working capital to run closer to full capacity, it would buy up to 6,000 tons of additional soy per year from smallholder soy farmers in the North.

Investment Required

Golden Web requires US$1–3 million working capital injection to boost purchase of inputs and enable capacity utilization. Financing could come from a bank loan or an equity stake in the company.

BAS Needed

Golden Web requires a BAS to restructure a US$1.25 million non-performing loan the firm has with Ecobank Ghana Ltd, either through refinancing, negotiating with Ecobank, or working out a feasible repayment schedule. The loan was originally for US$700,000, but without the working capital to increase its production and sales it has been unable to service this loan, and the interest (over 30% per year) has built up. Golden Web already has a business plan in place for its production. It has BDS helping to refine this business plan, conduct due diligence and sensitivity analysis on projections, and assist the company to become bankable for potential investment. Other support could include market linkages with suppliers, to ensure reliable increased supply.

Environmental Considerations

An ERR needs to be completed for this investment.

Supporting Initiatives

There are a number of donor-supported initiatives to increase agricultural production in Northern Ghana which can be leveraged to support production advances of small farmers, such as:

  • USAID-supported ADVANCE Project
  • Savannah Agricultural Development Authority
  • Ghana Commercial Agricultural Project, financed by USAID and the World Bank.

Contact Info

Thomas W. Bello, Golden Web Managing Director, +233 (0) 244 410 049; (0) 322 030 923; (0) 544 434 689;,