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</o:shapelayout></xml><![endif]--></head><body lang=EN-ZW link="#0563C1" vlink="#954F72"><div class=WordSection1><div align=center><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=996 style='width:747.2pt;border-collapse:collapse'><tr><td width=990 valign=top style='width:742.8pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal><span style='font-family:"Verdana",sans-serif;color:#1F497D'><a href="https://bullszimbabwe.com/"><span style='text-decoration:none'><img border=0 width=246 height=120 id="_x0000_i1025" src="cid:image001.png@01D6FBBE.85AC06D0" alt="cid:image001.png@01D6FBBE.85AC06D0"></span></a><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;color:#1F497D'> <o:p></o:p></span></p></td></tr><tr style='height:33.55pt'><td width=990 valign=top style='width:742.8pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:33.55pt'><p class=MsoNormal><span style='font-family:"Verdana",sans-serif;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:#1F497D'><a href="http://www.bullszimbabwe.com/"><span style='text-decoration:none'>Bullszimbabwe.com </span></a>      <a href="mailto:info@bulls.co.zw?subject=View%20and%20Comments"><span style='text-decoration:none'>Views & Comments</span></a>       <a href="http://www.bulls.co.zw/blog"><span style='text-decoration:none'>Bullish Thoughts</span></a>       <a href="http://www.twitter.com/BullsBears2010"><span style='text-decoration:none'>Twitter</span></a>        <a href="https://www.facebook.com/BullsBearsZimbabwe"><span style='text-decoration:none'>Facebook</span></a>          <a href="http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72"><span style='text-decoration:none'>LinkedIn</span></a>         <a href="https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO"><span style='text-decoration:none'>WhatsApp</span></a>        <a href="mailto:info@bulls.co.zw?subject=Unsubscribe"><span style='text-decoration:none'>Unsubscribe</span></a></span><o:p></o:p></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:33.55pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;color:#1F497D'> <o:p></o:p></span></p></td></tr><tr><td width=990 valign=top style='width:742.8pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal><span style='font-family:"Verdana",sans-serif;color:#1F497D'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;color:#1F497D'> <o:p></o:p></span></p></td></tr><tr><td width=990 valign=top style='width:742.8pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span class=style30><b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:#1F497D'>Entrepreneurship Zone: 07 November 2024:  Ghana: Entrepreneur builds rice brand to over $1m in yearly sales</span></b></span><b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=990 valign=top style='width:742.8pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span class=style30><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> </span><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td></tr><tr style='height:3.0pt'><td width=990 valign=top style='width:742.8pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:3.0pt'><p class=MsoNormal><span style='font-family:"Verdana",sans-serif;color:#1F497D'><img border=0 width=804 height=268 id="Picture_x0020_2" src="cid:image003.jpg@01DAD37F.525D6250"></span><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.0pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> </span><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td></tr><tr style='height:10.05pt'><td width=990 valign=top style='width:742.8pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:10.05pt'><td width=990 rowspan=3 valign=top style='width:742.8pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:6.0pt;margin-bottom:9.0pt;margin-left:0cm;background:white'><span style='font-family:"Verdana",sans-serif;color:#555555'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:#1F497D;mso-fareast-language:EN-ZW'><img border=0 width=800 height=541 id="Picture_x0020_4" src="cid:image004.jpg@01DB3110.34F7E2A0" alt="Nana Owusu-Achau"></span><span style='color:#1F497D'><o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>Nana Owusu-Achau<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>Interview with Nana Owusu-Achau<br>FOUNDER, AGRO KINGS<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>Lives in: Ghana<o:p></o:p></span></p><div class=MsoNormal align=center style='text-align:center;background:white'><span style='font-family:"Verdana",sans-serif;color:black'><hr size=2 width="100%" align=center></span></div><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Entrepreneur Nana Owusu-Achau is the founder of Agro Kings, a Ghana-based company that produces the Nana’s Rice brand, among other food products. Last year, it sold over $1 million worth of rice. </span></em><strong><i><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Jaco Maritz</span></i></strong><em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'> spoke to Owusu-Achau about how he built the business.</span></em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Topics discussed during the interview include:</span></em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:9.6pt;margin-left:0cm;text-indent:-18.0pt;mso-list:l0 level1 lfo2;background:white'><![if !supportLists]><span style='font-size:10.0pt;font-family:Symbol;color:#555555'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'>         </span></span></span><![endif]><em><span style='font-family:"Verdana",sans-serif;color:#555555'>His decision to return to Ghana instead of pursuing a Wall Street career</span></em><span style='font-family:"Verdana",sans-serif;color:#555555'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:9.6pt;margin-left:0cm;text-indent:-18.0pt;mso-list:l0 level1 lfo2;background:white'><![if !supportLists]><span style='font-size:10.0pt;font-family:Symbol;color:#555555'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'>         </span></span></span><![endif]><em><span style='font-family:"Verdana",sans-serif;color:#555555'>Early setbacks in cattle and maize farming – and what went wrong</span></em><span style='font-family:"Verdana",sans-serif;color:#555555'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:9.6pt;margin-left:0cm;text-indent:-18.0pt;mso-list:l0 level1 lfo2;background:white'><![if !supportLists]><span style='font-size:10.0pt;font-family:Symbol;color:#555555'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'>         </span></span></span><![endif]><em><span style='font-family:"Verdana",sans-serif;color:#555555'>Starting small in the rice business, selling through WhatsApp</span></em><span style='font-family:"Verdana",sans-serif;color:#555555'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:9.6pt;margin-left:0cm;text-indent:-18.0pt;mso-list:l0 level1 lfo2;background:white'><![if !supportLists]><span style='font-size:10.0pt;font-family:Symbol;color:#555555'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'>         </span></span></span><![endif]><em><span style='font-family:"Verdana",sans-serif;color:#555555'>Scaling up by acquiring farmland</span></em><span style='font-family:"Verdana",sans-serif;color:#555555'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:9.6pt;margin-left:0cm;text-indent:-18.0pt;mso-list:l0 level1 lfo2;background:white'><![if !supportLists]><span style='font-size:10.0pt;font-family:Symbol;color:#555555'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'>         </span></span></span><![endif]><em><span style='font-family:"Verdana",sans-serif;color:#555555'>Creative strategies for financing the company’s farming operations</span></em><span style='font-family:"Verdana",sans-serif;color:#555555'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:9.6pt;margin-left:0cm;text-indent:-18.0pt;mso-list:l0 level1 lfo2;background:white'><![if !supportLists]><span style='font-size:10.0pt;font-family:Symbol;color:#555555'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'>         </span></span></span><![endif]><em><span style='font-family:"Verdana",sans-serif;color:#555555'>Breaking into retail: getting Nana’s Rice onto store shelves</span></em><span style='font-family:"Verdana",sans-serif;color:#555555'><o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Watch the full interview below:</span></strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p><h4 style='mso-margin-top-alt:18.7pt;margin-right:0cm;margin-bottom:2.5pt;margin-left:0cm;background:white;box-sizing: border-box;line-height:initial;font-size:1.25rem;-webkit-font-smoothing: antialiased'><b><span style='font-family:"Verdana",sans-serif;color:black'>Interview summary</span></b><span style='font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></h4><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Ditching Wall Street for Ghana</span></strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Owusu-Achau was born and raised in Ghana, but completed his university degree in information systems in the US. He secured a position at a Wall Street firm after graduation but chose to return to Ghana. In 2012, he joined his father’s real estate business and the following year started his own property firm.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Early farming failures</span></strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Despite his success in real estate, Owusu-Achau always had an interest in agriculture. In 2015, he ventured into farming, starting with cattle-rearing. His plan was to buy livestock from northern Ghana, transport them to the south, fatten them, and sell the meat. However, the venture did not turn out as expected, as a herdsman lost some of the cattle under unexplained circumstances. He then tried maize farming, but this, too, was unsuccessful.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Reflecting on these setbacks, Owusu-Achau attributes them to his lack of on-site involvement. “I was doing what they call absentee farming. So you have the farming happening in the rural part … and then you are in the city doing your usual business … That model doesn’t work, especially not for Ghana … If you treat agriculture as a side, its money will also come to you as a side. It will not give you what it can potentially give you.”<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Seeing an opportunity in rice</span></strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>In 2017, while on his way to a property project in a rural area, a local chief handed Owusu-Achau some rice grown by smallholder farmers in the region. Impressed by the quality after cooking it at home, he saw a potential business opportunity. He decided to support two small-scale farmers by providing them with financing, seeds, and training (offered by another organisation) to produce high-quality rice. The plan was to use some for his personal needs and sell the rest, sharing the profits.<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D;mso-fareast-language:EN-ZW'><img border=0 width=800 height=554 id="Picture_x0020_3" src="cid:image007.jpg@01DB3110.34F7E2A0" alt="https://cdn-ehepc.nitrocdn.com/irBzRYkBekzJBgZevpNPMGNeqdaqURgx/assets/images/optimized/rev-dc0afdc/hwmiia.fra1.digitaloceanspaces.com/wp-content/uploads/2021/08/31104511/Agro-kings-rice.jpg"></span><span style='color:#1F497D'><o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>Packaged Nana’s Rice.<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'><o:p> </o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white'><strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Scaling up production</span></strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>After the first harvest, the farmers delivered Owusu-Achau’s share and assured him that the rest would come after a middleman sold the rice at the market. Realising he could bypass the middleman, he decided to sell the rice himself. Using basic packaging, he promoted the rice to his WhatsApp contacts and sold all his stock within two hours. “That’s when I saw we have a business,” he recalls.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>With growing demand, Owusu-Achau expanded his operations, increasing the number of farmers in his network to 25. By this stage, he was still primarily focused on his real estate ventures.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>To scale up production, Owusu-Achau began the process of acquiring land for Agro Kings in 2019. The property, located in Kasunya, about two hours from central Accra, includes 350 acres dedicated to the company’s commercial farming operations. The remaining land is leased to over 300 small-scale farmers who supply their harvest to Agro Kings. The company now works with around 5,000 small-scale farmers, both on and off its property.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Financing the farming activities</span></strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>The acquisition of the farm and equipment like tractors were financed through his real estate activities as well as backing from family and friends. The company also received an award of about $15,000 from a financial institution. Agro Kings managed to secure financial support for the small-scale farmers by acting as a guarantor for their loans. “So in the event that they defaulted or in the event that they were not able to honour their payments, then that payment would fall back on us. And because we monitor the farmers closely … we don’t really have any defaults,” Owusu-Achau explains.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>For equipment needs, instead of buying everything outright, he invited friends to purchase tractors or harvesters and charge Agro Kings a fee each time they were used. This arrangement provided access to essential machinery without requiring a large upfront investment from the company.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Building a retail footprint</span></strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Getting Nana’s Rice into retail stores has been one of the most challenging aspects of the business. Initially, many shops were only willing to stock the product on credit, but several failed to pay Agro Kings once they sold the products. “A lot of the clients were not paying. So those people who took their rice on credit had sold the product, but they were not paying us. And when we went back to try to reclaim or recover the debt, it was very difficult and almost impossible. And so a lot of that debt had to be written off, which was a big blow for us,” Owusu-Achau explains.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>As a result, the company scaled back its retail distribution, focusing instead on online sales and a few trusted shops.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>In May this year, Agro Kings achieved a major breakthrough when Nana’s Rice secured a partnership with one of the largest consumer goods distributors in Ghana. It now has nationwide distribution.<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D;mso-fareast-language:EN-ZW'><img border=0 width=800 height=523 id="_x0000_i1044" src="cid:image008.jpg@01DB3110.34F7E2A0" alt="https://cdn-ehepc.nitrocdn.com/irBzRYkBekzJBgZevpNPMGNeqdaqURgx/assets/images/optimized/rev-dc0afdc/hwmiia.fra1.digitaloceanspaces.com/wp-content/uploads/2024/09/28153618/NOA-on-Farm-8.jpg"></span><span style='color:#1F497D'><o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>Nana Owusu-Achau on the company’s farm<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'><o:p> </o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>In addition, Nana’s Rice is available in Europe and the US, primarily in stores catering to African communities. Owusu-Achau explains that these shopkeepers typically purchase the product directly from Agro Kings and handle the shipping logistics themselves.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Revenues from the company’s rice business have grown significantly, from around $2,500 in 2018 to just over $14,000 the following year, and exceeding $1 million last year.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Diversifying the product line</span></strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>In addition to rice, the company has also launched several other products. After every four rice cropping seasons, it plants soya beans to replenish the soil. This left the company with soya beans on its hands that it didn’t know how to utilise. The company started using the soya to manufacture breakfast cereals. It has also introduced a sauce for cooking jollof rice, a popular West African dish.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Navigating economic headwinds</span></strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Ghanaian consumers have been under significant financial pressure recently, as the country grappled with one of its worst economic crises. Although inflation eased for the fifth consecutive month in August, falling to 20.4% year-on-year from 20.9% in July, it remains well above the central bank’s medium-term target of 8%. The cedi has depreciated by more than 35% against the US dollar over the past year.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Owusu-Achau notes that the depreciating currency has impacted Agro Kings, which relies on imported agricultural inputs. To manage these rising costs, the company has been purchasing inputs in bulk and producing some of its own necessities, such as food for the farmers. Agro Kings is also considering converting some of its equipment to electric. The company already utilises solar energy extensively on the farm, which has helped mitigate rising electricity costs. Additionally, it uses electric motorbikes, reducing its reliance on fuel.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif'>—Howwemadeitinafrica<span style='color:black'><o:p></o:p></span></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#1F497D'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=990 valign=top style='width:742.8pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='background:white'><span lang=X-NONE style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='background:white'><span lang=X-NONE style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'> </span><i><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Invest </span></i><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Cellphone:    +263 71 944 1674 | +27 79 993 5557 <o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Email:               <a href="mailto:bulls@bullszimbabwe.com">bulls@bullszimbabwe.com</a><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Website:            <a href="http://www.bullszimbabwe.com">www.bullszimbabwe.com</a> <o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Blog:                 <a href="http://www.bullszimbabwe.com/blog">www.bullszimbabwe.com/blog</a><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Twitter (X):        @bullsbears2010<o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>LinkedIn:           Bulls n Bears Zimbabwe<o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Facebook:          <a href="http://www.facebook.com/BullsBearsZimbabwe">www.facebook.com/BullsBearsZimbabwe</a><o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"V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