Background of Proposed Business
Over the past few decades, Ghana has seen a steady increase in the importance of aquaculture. initially, the practice of fish farming was restricted to small areas and was mostly carried out by individual farmers and local groups, but in recent times, the sector has seen tremendous growth due to the decline in wild fish stocks as a result of overfishing, habitat destruction, and climate change, as well as by an increasing population and demand for fish.
Today, fish farming is a significant contributor to Ghana’s food supply, ensuring food security by supplementing the country’s fish supply and reducing dependence on imports. In Ghana, fish is a staple in our diet as it contributes substantially to our nutritional intake and other health benefits such as cardiovascular benefits, bone health, and immune boosters due to the presence of omega 3 fatty acids, calcium, vitamin D, and a number vital amino acids
Also, aquaculture has created job opportunities for young start-ups and serves as a livelihood for thousands of people, particularly in rural areas of Ghana. Although a lot of people are now venturing into fish farming, the country is still not able to meet the demand for fish consumption. In 2022, for instance, the Ministry of Fisheries and Aquaculture indicated that Ghana’s total fish requirement was 1.3 million metric tons. However, our domestic production meets only 60% of this demand, and the remaining 40% is met through imports. This reliance on imports underscores the critical gap faced in meeting the nation’s fish consumption needs.
One major challenge that has created the gap faced by Ghana in meeting her fish demand is accessibility to quality feed by farmers, especially smallholder fish farmers. Traditionally, small-scale rural fish farmers mill and formulate powdery concentrate, which they feed directly to their fish, while others resort to feeding cooked corn meal such as “Banku or Tou Zaafi” to their fish in a bit to avoid the high cost of quality feed. However, these practices tend to provide inefficient nutrition as much of the powder cannot be accessed by the fish or is often deficient in adequate nutrition; hence, farmers do not realize adequate profit due to poor fish yield.
The Ecolovex model ensures adequate local fish feed formulation in a balanced ratio. In this model, raw materials are milled, mixed adequately, and moulded into floating feed pellets capable of floating for up to 16 hours, ensuring efficient access to nutrients by the fish and thus reducing waste.
Problem Statement
Smallholder farmers, urban dwellers, and young professionals in Ghana want to venture into fish production; however, the high cost of quality fish feed sold by international commercial feed millers is a major barrier to starting a profitable fish farm. As much as quality fish feed is crucial for the health and growth of farmed fish, there is limited local production of nutritionally adequate fish feed for farmers. As a result, there is a need to increase local production capacity of quality or nutritionally adequate fish feed to break that barrier.
Business Solution
Ecolovex will mitigate local fish production costs through quality, affordable feed options
How It Works
OPTION 1
Ecolovex operates a floating fish feed production business where the farmer group/member either pays 100% of the upright feed cost or 50% down payment at the start and 50% at harvest in cash or equal value of fish. Ecolovex then processes and sells smoked fish or packed frozen fish to commercial eateries and buyers.
OPTION 2
Farm group member bring essential feed ingredients to Ecolovex processor line. Ecolovex then completes deficient ingredients prepares the formula, mills, and pelletizes the formula for the farmer and the farmer pays for deficient ingredients and pelletizing fee
Our Innovation
Ecolovex machinery extracts oil from legumes (soybeans, groundnut) Some of the oil and by-products of these legumes are then used in fish feed production. Ecolovex produces and bags floating fish pellets ready for sale to walk-in customers (Ecolovex primary sustenance)
Our Floating fish pellets are more palatable, efficient, and effective at saving feed costs. In addition, this reduces transport costs and cuts back middlemen and retail costs for the farmer. Our model allows for trust, organised trade, tailor-made needs, and flexibility (feed loans) to farmer groups. It also offers direct pellet machine rental service at a fee.
Collaborators & Partners
- KIC: Entrepreneurial Training
- Food and Drugs Authority: authorize and approve the finished products for the market
- Council For Scientific and Industrial Research (CSIR): Help with training and research in the production of fish feed formula
- Ministry of Food and Agriculture (MOFA): farmer groups, access to raw materials and extension services
- Ministry for Fisheries & Aquaculture: to study current best practices in Ghanaian fisheries industry
- R&B farms: collaborate and learn current market trends in fish production
- Esoko: For data collection and surveys for fish farmers
- Wholesale and retail individuals and organizations value immediate demand for our products and marketplace services.