Description

Who is our customer Niche Cocoa Industry Ltd. is the largest independent cocoa processor in Ghana with a capacity of 90,000 tons per year and the owner of Niche Confectionery Ltd., a Ghanaian producer of cocoa confectionery products. The group was founded in 2011 and is 100% Ghanaian owned. Niche Confectionery produces finished chocolate goods such as bars, spreads, and drinks for the local market as well as for export. What is our funding objective? FMO's funding will go to both Niche Cocoa Industry Ltd. and Niche Confectionery Ltd. The EUR 26.5mln facility consists of an EUR 18.5mln committed tranche that will be used to (i) purchase solar panels, (ii) acquire chocolate manufacturing equipment and (iii) pre-finance cocoa cooperatives under Niche’s sustainable cocoa sourcing program as well as an EUR 8mln uncommitted tranche for permanent working capital. Why do we fund this investment? Cocoa is Ghana’s most important agricultural product. However, traditionally a high percentage of cocoa beans is exported with low to no value added locally. Supported by this investment, Niche will expand its range of activities to cover the entire value chain – from bean-to-bar – within Ghana. This will lead to further employment, technical know-how and value addition within the cocoa sector, all of which contribute to the country’s socio-economic development. Furthermore, we will support the company in developing its own sustainable cocoa sourcing program. Finally, the solar panels will provide Niche with a green power source and substantially reduce its electricity needs from the grid.