Ibakaric

Ibakaric provides services to cocoa farmers in the Asunafu region in Ghana. A lot of cocoa is produced in this area, mostly by older farmers who have a plot of land of less than two hectares. Ibakaric notices that the older farmers do not work their land with the best techniques, that they are less productive due to their advanced age and do not have access to financing and well-trained workers. That is why Ibakaric offers services that improve their harvests such as:

  • Pruning, using mechanized pruners. By cutting the side branches of a cocoa tree, more beans will grow. In addition, pruning ensures a better microclimate, because the wind blows better between the trees. This prevents diseases.
  • Spraying with pesticides and weeding. These services prevent farmers from misusing harmful agents to control weeds and diseases.
  • Artificial pollination of the cocoa blossom. Normally, this pollination is done by insects. By giving nature a helping hand, the production of the plantation increases.

These services to farmers are provided on a credit basis. The farmers repay Ibakaric after the harvest. Farmers can opt for incidental services or a multi-annual maintenance contract.

Ibakaric wants to use the loan to enter into multi-annual maintenance contracts. With partnerships for a longer term, Ibakaric is in the best position to increase the production of the plantation. This ensures an average production increase of 150% within two years. The company then takes care of all agricultural supplies, such as fertilizer and pruning machines, so that maintenance costs are reduced for the farmer. A long-term contract will yield the most in the long term for both the farmer and Ibakaric. When farmers earn better, it counteracts harmful practices such as deforestation.

The founders of Ibakaric were trained in the MASO prgram of PlusPlus partner Solidaridad. For many years, the MASO program organized training courses for young people in rural areas, in which they learned to grow cocoa in a sustainable and more efficient way. Some of the graduates have started their own plantation, others work in service companies such as Ibakaric. The most successful of these graduate companies are eligible for a loan on PlusPlus

General information

BorrowerIbakaric Company Limited
CountryGhana
Head officeAgyeikrom, Asunafo South District
Websitehttps://www.plusplus.nl/nl-NL/borrowers
Founded16 December 2019
Active on Lendahand since19 March 2021

Financial information per 2020-12-31

Total assets€9,802
Revenue€5,705
Leverage ratio53.00%
Liquidity311.00%

About Ghana

Ghana, officially the Republic of Ghana, is a country along the Gulf of Guinea and the Atlantic Ocean, in the subregion of West Africa. Spanning a land mass of 238,535 km2 (92,099 sq mi), Ghana is bordered by the Ivory Coast in the west, Burkina Faso in the north, Togo in the east, the Gulf of Guinea and the Atlantic Ocean in the south. Ghana is a unitary constitutional democracy led by a president who is both head of state and head of the government. Ghana's growing economic prosperity and democratic political system have made it a regional power in West Africa. It is a member of the Non-Aligned Movement, the African Union, the Economic Community of West African States (ECOWAS), Group of 24 (G24) and the Commonwealth of Nations.

Last funded project

Ibakaric

With a loan of EUR 10,000, Ibakaric can create 4 additional jobs and assist 155 additional small-scale farmers to increase their yields within two years. The farmers who enter into a multi-annual contract with Ibakaric see their income grow by about 60% in two years.

  • 4 new jobs
  • 155 people reached

Ibakaric

Entrepreneur

€10,000

Amount needed

24 months

Maturity

Impact loan

100%
Fully funded in 14 days on 17 May 2021.