Tropo Farms secures US$8M in financing to boost Ghana’s fish industry

GHANA – Tropo Farms, a leading aquaculture firm in Ghana, has secured an US$8 million financing deal to support its efforts in escalating its annual fish production to 30,000 metric tons (MT) over the next five years. 

This growth strategy hinges on securing external investments for advanced production equipment and processing facilities.

This funding will be allocated to a new processing facility, additional cages on Lake Volta, enhanced boats, increased refrigerated transportation capacity, and the expansion of hatcheries.

Before seeking external funding, Tropo Farms focused on optimizing its internal processes to enhance efficiency. 

According to CEO Francisco Murillo, the company is concentrating on maximizing production cycles using its current assets, aiming to boost annual tilapia output without immediate external investments. 

Over the past two years, Tropo Farms has successfully doubled its tilapia production from 7,000 MT to 15,000 MT, expecting to reach this target by the end of 2024.

Murillo emphasized the importance of improving existing production methods without compromising fish welfare by overcrowding. 

Moreover, Tropo Farms is integrating advanced technology to further enhance its operations. 

The company has adopted software from Innovasea, a Boston-based firm specializing in end-to-end solutions for fish farming and aquatic research. 

Innovasea, which acquired the U.K.-based aquaculture software company Aquanetix in 2023 and rebranded it as Farm360, provides Tropo Farms with tools to manage its processes more efficiently.

Using this technology, Tropo Farms collects real-time data on environmental factors such as oxygen levels, temperature, and algae, sampled every ten minutes.

Additionally, the company is developing AI algorithms to utilize underwater cameras for precise fish size monitoring within cages.

With these innovations, Tropo Farms is poised to expand its operations across Ghana, targeting regions where fresh fish is scarce due to logistical challenges.

The company currently operates in four locations within the country.

The growth of aquaculture in Ghana is evident, with 68,700 MT of tilapia produced in 2021, comprising nearly 77 percent of the nation’s total aquaculture output.

Catfish production accounted for 20,700 MT, or 23 percent.

Overall, Ghana’s aquaculture sector produced over 89,300 MT of fish in 2021, highlighting the sector’s significant potential.

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