VOA Farms, Ltd.

A poultry and egg producer seeks $2.9 million in long-term financing for capital expenditure and working capital lines of credit to expand into broilers, cold- chain processing, and feed production.

Investment needed: $2,900,000

USAID FinGAP Environmental Risk Review required
Business Type
Processing, Production
Deal Type
Debt, Equity, Mezzanine Finance
Cap-Ex, Working Capital
Value Chain
Maize, Poultry, Soy

Market Opportunity

Annual demand for broiler in Ghana is estimated at 300,000 MT, of which 200,000 MT is being met through imports of frozen chicken. The Ghanaian compound annual growth rate for consumption of poultry products has been 19% in recent years. Although broilers produced in Ghana are reported to be of high quality, Ghanaian producers have not yet been able to build the economies of scale to compete on price with frozen imports from countries such as the United States and Brazil, where frozen broilers are produced on a massive scale.

Traditional food joints as well as global food chain franchising outlets have grown in Ghana, which has increased demand for chicken. These enterprises want chicken cut into certain specific sizes to meet customer desires. This creates a domestic market for minimally processed chicken. Consequently, there is opportunity for investment in broiler production, as well as abattoir and cold chain facilities.

Investment Opportunity

VOA Farms, Ltd. has identified the opportunity to expand its poultry business to include production of broilers and a cold-chain processing facility to close the supply gap and substitute imports. The company is also seeking to take advantage of efforts by GoG and development partners to promote production of maize and soy in northern Ghana to facilitate feed production to support poultry production. VOA is seeking funds to finance investment opportunities in broiler production and processing, as well as table eggs for the domestic market.

VOA began operations in 2002 in Kumasi, Ashanti Region, and has grown into a large regional producer and exporter of eggs. It raises layers only but is seeking to add broilers as part of its investment program. The company operates from two locations covering a total land area of 12 acres, with a maximum capacity to house 70,000 birds at any given time with the full complement of meat processing equipment.

Investment Required

VOA is seeking working capital and capital investment of $2.9 million to begin broiler production of 70,000 birds per batch. This involves modernizing its existing pens, and acquiring a meat processing plant with cold storage, a packaging facility, and two refrigerated trucks for distribution. The company is open to any combination of long-term loans, mezzanine finance, equity solutions, or some combination thereof.

BAS Needed

At-E Dawlah, a BAS provider in the USAID-FinGAP network, has been helping VOA conduct an operational and commercial review of the existing business, and review its corporate vision for the future.

Environmental Considerations

VOA is in a peri-urban setting; there is no river, stream, wetland, or forest near or adjacent to the site. The expansion project will not affect any forest or wetlands, or any natural vegetation. The company will ensure that no harm to protected areas or endangered or threatened species occurs.

Supporting Initiatives

Several supporting initiatives create a conducive business environment for the proposed investment, including:

  • GoG Broiler Revitalization Project
  • United States Department of Agriculture (USDA) Ghana Poultry Project (USDA has initiated a project to build the capacity of Ghanaian farmers in poultry feed formulation, among other areas)
  • GCX

Contact Info

Victor Oppong Adjei, Managing Director, +233 (0) 20 841 6853;