Truecoco Ghana Limited, a coconut processing and exporting firm in the Western Region has received an investment into its biochar project from Growth Investment Partners (GIP) Ghana LTD, an investment platform founded by British International Investment (BII).

The investment aims to boost economic growth while ensuring significant social and environmental contributions through the introduction of a biochar project.

Freddy Lydford, Managing Director, Truecoco Ghana Limited, explained in an interview that the investment prioritizes a holistic impact approach. It aims to benefit Truecoco’s network of over 4,000 smallholder farmers by creating value-added products from coconut husks.

“Economically, it empowers farmers by generating new income streams from waste coconut husks,” he stated.

This initiative not only enhances farmer income but also offers training opportunities, promoting rural employment.

The biochar project, central to this investment, focuses on converting coconut husks into biochar, a form of charcoal that can be used as a soil amendment.
Mr. Lydford noted that the environmental benefits of this project are significant, particularly in reducing greenhouse gases.

“Biochar stabilizes carbon in the soil for long periods, reducing emissions that contribute to climate change. It also improves water retention and nutrient availability in soils,” he said.

The bio-char project will contribute to achieving more than 8 UN SDG co-benefits in the first year of full production.

Truecoco is set to work with PURO.EARTH, an international certifier for carbon removal credits, to measure the project’s environmental impact. Each carbon removal credit represents one ton of CO2 removed from the atmosphere, providing a quantifiable metric for the project’s effectiveness.

On the social front, the project will introduce training programs for farmers on the use of biochar in agriculture. This training will empower farmers with knowledge on regenerative and organic agricultural practices, which Lydford believes is crucial for long-term, resilient farming.

“By offering biochar as a soil amendment, it helps improve crop yields sustainably, reducing farmers’ reliance on chemical fertilizers,” he added.

Beyond coconut husks, there are plans to expand the use of biochar technology to other agricultural by-products. Mr. Lydford hinted at the possibility of utilizing alternative raw materials like woody biomass and shea nut waste.

However, he emphasized that the initial focus would remain on coconut husks, given their availability in the Jomoro community.

The collaboration also aligns with Truecoco’s long-term goals of building a resilient and sustainable supply chain. Mr. Lydford highlighted the importance of this partnership in enhancing food security and agricultural sustainability.

“The partnership allows Truecoco to build a resilient supply chain by implementing sustainable and traceability practices, improving supply chain transparency, and reducing environmental impact,” he explained.

Truecoco has initiated stakeholder engagements with local research institutions, including the Council for Scientific and Industrial Research (CSIR). The company plans to collaborate with CSIR for knowledge sharing and monitoring the project’s impact. Additionally, Truecoco has joined the Ghana carbon markets initiative, underscoring its commitment to sustainable development.

As for future plans, Mr. Lydford noted that while Truecoco sees opportunities for new products and projects, the company is currently focused on executing its immediate objectives successfully.

“The hardest part of any business in Ghana is successful execution, so for the short-term future, we are only focusing on our current objectives and making them a success,” he said.

The investment by GIP is expected to contribute to achieving more than eight United Nations Sustainable Development Goals (SDGs) within the first year of full production, marking a significant step towards sustainable and inclusive economic growth in Ghana.