Africa’s leading Agri-Fintech company, Tingo, has launched its Ghanaian operations with a splash, securing a landmark deal with the Ashanti Investment Trust.
Under the terms of the deal, the Ashanti Investment Trust promised to enrol a minimum of 2 million new members on Tingo Mobile’s platform within 120 days and in addition, agreed on a target to increase such enrolments to at least 4 million members.
As a leading Agri-Fintech company operating in Africa, with a marketplace platform that empowers social upliftment through mobile, technology and financial access for rural farming communities, Tingo Mobile is expected to support the value chain from ‘seed to sale’ with through its digital Agri-platform, Nwassa, and other services including airtime top-ups, bill pay services for utilities, access to insurance services and microfinance.
Tingo enters the Ghanaian market with a proven track record of success, having supported cica 10 million farmers in Nigeria since in inception—and at a time when demand for support and investment in the West African country is extremely required.
While Ghana presents a ripe opportunity, being one of the leading agricultural markets on the continent, it is severely underserved in regard to Agri-fintech.
Currently, Ghana is battling with a rapid inflation, affecting the prices of many food products, due largely to the country’s over reliance on the importation of various foods.
The launch of Tingo in Ghana is in line with the government’s desire to revamp Ghana’s Agricultural sector. The objective of their initiative to increase home-grown produce—as well as increase Ghana’s export of various Agric produce and broaden the basket of products beyond its reliance on coco.
Several Tingo executives met Ghana’s Minister of Agriculture, Dr Owusu Afriyie Akoto and his technical team on Thursday, November 10th, 2022, to announce the launch of its operations and seek support and open dialog for a public-private partnership going forward.
The company is committed to work with the Ministry to help the government’s aim of growing Ghana’s agriculture sector’s contribution towards Gross Domestic Product, to be in excess of 25% by 2025.
Discussions also touched on the Ministry’s 7 Crop Initiative, under which they are targeting annual revenue of $12 billion from six selected tree crops: Oil Palm, Shea, Rubber, Coconut, Mango and Cashew – to rival the annual revenue of cocoa.
Tingo provides value in meeting all these crucial targets of the state, making the company indispensable and placing it in an enviable position to meet its stated goals in Ghana.
Since the Ashanti Kingdom of Ghana is the country’s hub of agriculture, covering the present-day Ashanti Region but exerting influence over more than half of the country including mainly arable parts of the Eastern, Central, Bono and Western Regions, the leadership of Tingo also met with the Asantehene, Otumfuo Osei Tutu II to introduce the various unparalleled Agric initiatives of Tingo to him.
Crucial crops such as cocoa – of which Ghana is the second largest producer in the world – are largely grown within the territory of the Asantehene’s sphere of influence. And throughout his over two-decade reign, the Asantehene has continuously professed how he holds agriculture in high regard. He has consistently highlighted agriculture as a key component of Ghana’s development and has been a great supporter of farmers in his Kingdom.
The visionary king has lobbied successive governments, and financial institutions, on being more proactive in providing financing to farmers, a huge challenge that has been dogging the sector for generations.
At the meeting with the Otumfuo, the Ashanti King expressed how dear agriculture remains to him, adding that Tingo’s investment into agriculture will not only create jobs but will allow his people to feed themselves and become the food basket to other nations across the globe.
Speaking during the meeting, company CEO for Africa, Tsola Barrow, noted that Agriculture is the key to unlocking economies and pledged that Tingo Mobile will be run in line with the value and ethics of the Ghanaian people.
Tingo brings over 20 years of experience in adding value to agriculture and creating new opportunities where previously there were few, placing it in a position as a great international partner to the government of Ghana in transforming the sector.
Ghana is bedevilled with economic challenges – in the wake of the coronavirus pandemic and the Russian/Ukraine crisis – crippling debt, high rate of inflation and the currency, the cedi, declared by Bloomberg as the worst-performing currency in the world.
Despite these challenges, Tingo Mobile chose Ghana for its expansion, sending a message about the faith it has in the country’s potential, – particularly in the agriculture sector, which remains underutilised.
Alao Ayaode, Africa COO of Tingo said during its launch: “I spoke to several farmers when I came here. What I see is a lot of potential for Ghana to grow. As much as Nigeria has farming, I also believe Ghana has the potential to feed the world,”
President of Tingo Inc; Dr. Chris Cleverly has also assured Ghanaian farmers and subscribers of top-notch services with cutting-edge technology.
“The seed that is agriculture in Africa and West Africa is starting to grow. It is growing because it is being nurtured by companies like us. Fintech companies that are creating efficiencies in the way that we put our trees, our plants and our crops together…. We are actually going to get the technology and agriculture into a seamless partnership”, he stated.
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