Entrepreneurship made in Africa

Transcription

Entrepreneurship
made in Africa
The first cashew factory in the West African nation of Togo
is generating employment and creating value in rural Africa.
02
An agricultural nation
with potential
A model approach to
entrepreneurship
Togo produces around 15,000 tonnes
of cashews each year but the produce
is then processed in Asia. The
expansion of the agricultural value
chain is creating new prospects for
this small West African nation.
A local visit to the pioneering
Togolese cashew producer Cajou
Espoir shows how the efforts of
a Togolese expat and a Togolese
Professor of Economics are driving
value creation within the country.
Financing growth
Cajou Espoir provides 700 jobs
over the course of the year and is
expanding its business with the
opening of a second factory. This
growth would be impossible without
pre-export financing and investment
loans from abroad.
responsAbility Investments AG / Cajou Espoir investment case – Cashew processing in Togo
responsAbility Investments AG
Cajou Espoir investment case – cashew processing in Togo
Togo: An agricultural
nation with untapped
potential
R
B
The small West African nation of Togo has a large agricultural sector,
which employs 70% of the country’s workforce. The expansion of the
agricultural value chain is benefiting the rural population in particular.
Covering an area of approximately 57,000 square
kilometres and with a population of around 7.2 million,
the Togolese Republic is one of the smallest countries
in Africa. It borders on the Gulf of Guinea in the south,
Ghana in the west, Burkina Faso in the north and BeninSenegal
Gambia
in the east. This multi-ethnic nation gained independence
Guineafrom France in 1960 and has been led by various militaryBissau
rulers or their allies since 1963.
Mali
Mauritania
Niger
Chad
Burkina Faso
Guinea
Benin
Togo
Sierra
Leone
Togo is one of the world’s largest producers of calcium
phosphate and has experienced healthy economic growth
in recent years – driven primarily by increased agricultural
production, the expansion of the port and the international airport in Lomé, and the construction of new road
networks. According to forecasts by the International
Monetary Fund, Togo’s economy could grow by 5.5% in
the coming years. However, foreign companies operating
in Togo often repatriate the profits they generate there.
Consequently, private remittances and donor grants from
abroad remain an important source of income for the
country. A clear population shift from rural to urban areas
is currently underway. In addition, many of the younger
generation – particularly men – are migrating abroad in
view of the high levels of unemployment in Togo.
The Togolese economy is highly dependent on agriculture, which provides employment for 70% of the country’s
workforce. Agriculture accounts for 40% of Togo’s GDP
and generates 20% of its export income. With help from
the World Bank, the Togo National Investment Program
for Agricultural Development and Food Security was
launched in 2012 to support the country’s agricultural
sector. Its most important agricultural commodity is cotton, together with cocoa and coffee. The Togolese government plays a key role in the trading of these commodities
and finances a large proportion of agricultural production
2
Liberia
Côte-D’Ivoire
Nigeria
Ghana
Cameroon
– especially that of cotton. The sharp fall in cotton prices
impacts directly on producers.
Like cotton, cashews are produced throughout the arid
central region and in the north of Togo. In fact, cashew
crops have often been grown in the place of cotton in
recent years. Cashews are mainly grown by subsistence
farmers. It is estimated that 15,000 tonnes of cashews
are produced each year. Experience gained in neighbouring countries shows that productivity can be significantly
enhanced through the use of modern cultivation methods
and the introduction of plant varieties that produce higher
yields.
The major proportion of Togo’s cashew crop is exported
to Asia and Europe. The privately-owned company Cajou
Espoir offers an economically successful Togolese alternative for the processing of these cashews and thus serves
as a model for the expansion of the agricultural value
chain in Togo.
_Left
The capital Lomé, located on the Gulf of Guinea,
has a modern deep-sea port.
_Second row, left
The N1 is the main road linking Lomé in the south
with the north of the country.
_Second row, centre
Lomé is a typical African city where many different
styles, influences and traditions meet.
_Second row, right
In Togo, people use the CFA franc – the currency of
the West African Economic and Monetary Union –
to make payments. The CFA has a fixed exchange
rate to the euro.
_Third row, centre
A major part of the country is very rural.
_Below left
The capital Lomé has around
850,000 inhabitants.
_Below right
Togo is a diverse nation in
which 39 different languages
are spoken.
3
A model approach
to entrepreneurial
success
Cashew nuts are a popular healthy snack. They are not only grown
in the West African nation of Togo but have, since 2004, also been
processed there by a profitable enterprise – generating greater
prosperity in the region. responsAbility made a local visit to the
pioneering Togolese cashew company Cajou Espoir.
The vehicle comes to a halt. Four
hours and 300 kilometres from our
point of departure in Lomé, we turn
off the two-lane road that links the
capital in the south of the country to
Togo’s deep-sea port in the north and
to Burkina Faso and Mali in the interior of West Africa. Leaving the road,
we drive through vegetation and
then reach our destination: the new
factory opened by Cajou Espoir – the
first and only processor of cashew
nuts in this West African nation.
Togo, which is located on the Gulf
of Guinea, has a population of just
7.2 million and covers an area of
approximately 57,000 square kilometres. This tiny country – which is
bordered by Ghana and Benin – is
still heavily dependent on agriculture.
Many different crops flourish here,
including cereals such as maize and
rice, as well as soya beans, cotton
and cashew trees in the arid northern
parts of Togo. Cashew trees, which
are indigenous to Brazil, were introduced to Africa by the Portuguese.
Between the months of January and
April each year, cashew nuts – which
are one of Togo’s most sought-after
exports – can be found ripening on
the juicy apple-shaped fruits that
grow on cashew trees. The ground
4
Brand new and only partly operational: The 128-meter Cajou Espoir
production plant in Blitta.
between the cashew trees is cleared
to allow these farmers to pick the
cashews, which are then transported
to collection points.
A leading export
The cashews then begin their long
journey from the field to the table
of an ever-increasing number of
end-consumers. Cashew nuts are
very popular: between 2009 and
2013 alone, global consumption of
the product rose by 30%. This trend
is mainly driven by changing eating
habits and especially by a growing
awareness of the health benefits of
cashews, which contain vitamins and
minerals.
In Asia in particular, cashews have
long been a component of many
dishes. With a 90% share of the
total production volume, India and
Vietnam are the leaders in cashew
processing, which involves the complex process of extracting the raw
cashews from their shell and then
preparing them for consumption. A
total of 80% of all cashews are eaten
as a snack. The US accounts for by
far the largest proportion of cashew
consumption. At present, 40% of raw
cashews are produced in Africa.
François Locoh Donou focused
on this aspect when considering
how he could make a contribution
towards sustainable development
The raw cashews are stored according
to the producer – meaning their origin
is clear – and then processed.
A sought-after product: The hard shells
are removed in an intensive process to
prepare cashews for consumption.
in his homeland. Born in Togo in
1971, he studied in France and the
US before embarking on a career
at an American telecoms provider.
He returns to Togo twice a year. “My
grandmother always used to repeat a
Togolese saying that I still remember
to this day,” explains François. “She
said that you can’t just sit and eat
all you want when someone next to
you is going hungry. I interpret this to
mean that if things are going well for
me, I have a duty to do something for
others,” says François.
Creating jobs to create
prosperity
One of his first projects was a
chicken farm named ‘Ferme de
l‘espoir’, which he set up in 1998.
However, it proved not to be the type
of solution that François was aiming
for in the long term. “We were investing USD 200,000 per year, 95% of
which had to be used to buy chicken
feed. Even after eight years, we were
employing a maximum of 30 people
and were constantly battling to survive financially.”
It then became clear that what was
needed was a project that could
generate employment and thus
create sustained value in Africa. It
was necessary to focus on exports
to ensure there was a market for the
produce, since Togo lacks a middle
class with purchasing power that
could be targeted as consumers. It
was also clear that a company can
only survive in the long term if it
operates successfully. “Through our
activities, we not only wanted to offer
something for the employees themselves but also for the community,”
explains François. With the help of
Maurice Edorh, a Togolese Professor of Economics and family friend
living in Lomé, the idea behind Cajou
Espoir was born: François decided
to process cashew nuts, which are a
leading export product, in Togo.
Cracked and shelled: Employees work
in pairs to remove the cashews from
their shells.
“Cashew processing is a very
labour-intensive process – which is
ideal if you want to create as many
jobs as possible,” explains Maurice
Edorh as we walk through a gate
leading to a vast yard. A single tree
in the centre provides shade for a
group of employees who are crowded
around an improvised cooking area.
The 128 meter-long Blitta factory
stands along one side. We move
from the scorching hot area outside
the building into the pleasantly cool
interior of the factory. The open roof
structure allows cool currents of air to
pass through the building, and muted
sunlight illuminates the inside. Both
the roof structure and the machines
inside the hall originate from India,
according to Maurice, while the foundations and wall components were
made in Togo. The factory in Blitta is
new and is just being fitted out with
equipment – based on 11 years
of experience gained from
>>
“Without financing from international investors, we wouldn’t be
able to keep our factory running
throughout the year.”
Maurice Edorh, a university professor and Director of Cajou Espoir
5
operating the first Cajou Espoir
production plant in Tchamba, which
is located 400 kilometres or a 6-hour
drive to the north of Lomé.
“We wanted to find a production
site in the heart of the agricultural
north of the country when setting up
our first factory,” Maurice recalls.
“When we began discussing our
plans with the authorities, we were
immediately given assurances that
we would receive all kinds of support,
since the creation of 700 formal
jobs in a region in which there are
few other opportunities was like a
gift from heaven,” he adds. The
people employed at the plant – 80%
of whom are women – were mainly
recruited from the rural population
in Tchamba. Many of them are
farmers who have thus gained a
much-needed source of income in
addition to their work in the fields.
Other employees come from far away
– even from Lomé. Jobs are scarce in
Togo. On average, a worker at Cajou
Espoir earns around USD 50 per
month. Female employees value the
free childcare offered to them by the
company. “How else could I work?”
asks one young mother who uses her
break time to nurse her daughter.
“My two other children are at school
but the youngest one needs to be
cared for,” she explains.
Cajou Espoir employs 700 people, 80% of whom are women.
benefits not only direct employees but also the community. “The
women who work for us now earn
USD 50 instead of just USD 5,” he
comments. “When asked how they
use this additional income, they say
that they can use the USD 25 left
over to buy school uniforms for their
children rather than having to beg
for clothes. They can dress properly
and go to family gatherings that they
were previously too embarrassed to
attend. When I ask why they have
only USD 25 left over, the response
I get is that they send USD 5 to a
cousin who is raising three children
on her own, USD 10 to their parents,
USD 5 to a sister…” Just imagine!
These people share 50% of their
income with others even though they
themselves have so little! The world
could learn a great deal about this
type of solidarity from Africa.”
A prized commodity
The regular discussions that François
holds with employees highlight the
extent to which this source of income
2,600 tonnes of raw cashews were
processed in Tchamba in 2015. The
nuts come from the surrounding
Transporting cashews within the plant:
The nuts are taken to an adjacent
building for the next stage of
processing.
Firing up the furnace to produce steam:
Once they have been shelled, the cashews are treated with steam for around
14 hours so that the fine skin around
the nuts can be removed.
6
villages – but also from the neighbouring country of Benin. Around
40 buyers set out in trucks to
travel to the production areas up to
300 kilometres away and to visit their
contacts in the villages. They collect
the harvest from producers and store
it in local warehouses before selling
the produce on. The price that is
paid depends on the quality of the
cashews, which is assessed here for
the first time: the larger the nuts, the
better. However, that is not the only
factor that counts.
There is a high level of demand for
raw cashews. In addition to buyers
from Cajou Espoir, traders also come
to West Africa from India, Lebanon
and increasingly also from China to
buy up the harvest. Richard Alassani
who manages the factory in Tchamba
says: “The farmers tend to sell their
harvest to the first buyers who appear
and offer them cash, even though
we have been working with them
for years. To ensure we have a large
enough volume of raw cashews for
processing, we have to start buying
As whole, large and white as possible:
This is how cashews earn the highest
price.
early and must ensure that we can
pay the farmers immediately.”
This is where financing comes in.
François explains: “If we want to
produce USD 10 million of cashews a
year, which is our target, we need to
have around USD 6.5 million of cash
available from January of that year
in order to pay the producers. Some
local banks have little interest in providing pre-export financing. Unlike
responsAbility, they are unwilling to
accept export contracts as security.
It is also essential for the funds to be
available in good time. If we have to
wait too long, our competitors will buy
up the harvest ahead of us and we
will have to pay a high price for the
produce that is left over.”
Investing in growth
Blitta, which is home to around
30,000 people, is approximately the
same size as Tchamba. The large
available workforce is one of the reasons why it was chosen as a production site. The rate of unemployment
currently stands at 50%. Richard
explains to us that in Tchamba,
employees sometimes come to work
but not always. They may be busy
in the fields, especially during the
harvest, or they may have to stay at
home because they have a sick child.
The employees are paid daily based
on the volume of nuts processed.
“Over the course of the year, we
employ an average of 700 people
but it is virtually impossible to say in
advance how many employees will
be present on a specific day,” he
explains.
However, this is not the only reason
why financing is vital. The factory
in Blitta, which opened its doors in
2015, was built using a long-term
loan from responsAbility. It will
enable Cajou Espoir to double its
production volume to 7,000 tonnes
of cashews by 2019 and to create
another 700 jobs. In addition, a new
machine that is being financed by
responsAbility will allow the company
to produce cashew shell oil, which
has both industrial and medical
applications – providing another use
for the raw product.
Maurice hopes that in Blitta, a degree
of competition between employees
will encourage them to appear for
work more regularly – which would
also mean that Cajou Espoir’s production plant can work to full capacity. It will take some time to achieve
this. Cajou Espoir has, nevertheless,
reached an important milestone, as
Maurice Edorh points out: “We want
to show people that it is possible for
a business run by Africans to operate
successfully in Africa – thus setting
an example for the entire continent.
Africa needs to be developed by
Africans. I am proud that we have
succeeded in doing so.”
Final check: The last stage of production requires great concentration and is
therefore well paid.
Ready: After numerous stages and
quality controls, the cashews are ready
for export.
Cajou Espoir
ESTABLISHED
2004
BUSINESS ACTIVITIES
Processing of raw cashews
Export of processed cashews
Production of cashew shell oil
(planned from 2016)
LOCATIONS
Tchamba (since 2004),
Blitta (since 2015)
PRODUCTION VOLUME
2,600 tonnes of processed cashews
(2015)
SUPPLIERS
300 farmers (2,000 tonnes from Togo,
600 tonnes from Benin)
CLIENTS
International (90%) and regional (10%)
for processed cashews
TURNOVER
USD 2.9 million (2015)
OWNED BY
François Locoh Donou (60%),
Maurice Edorh (5%) and 10 others
EMPLOYEES
700
PROPORTION OF FEMALE EMPLOYEES
80%
SOCIAL BENEFITS FOR EMPLOYEES
Childcare provision, healthcare unit,
donation of benches to local schools
CERTIFICATION
African Cashew Alliance (ACA)
The cashews are placed in 25 kg
packages and exported.
Reliable buyers
for the harvest
Afimkabié. This quiet village in the heart of Togo has
around 4,000 inhabitants. In the midday heat, 40 of them
gather in the shade of a large tree in the centre of Afimkabié. They are all farmers. In addition to growing food
to meet their families‘ daily needs, they all produce raw
cashews. One of them is Mouzouh Balakiy. With 7 hectares of land, he is one of the big farmers in the region. In
good years, a hectare of cashew trees can produce up to
1 tonne of raw nuts, he explains. In other years, the trees
may only yield 600 kilograms of cashews.
Mouzouh not only produces cashews: since 2007, he has
also worked as a ‘collecteur‘ for Cajou Espoir – traveling
from village to village within the prefecture to buy up the
cashew harvest produced by around 7,000 smallholder
farmers. Before Cajou Espoir commenced production,
it was mainly buyers from Benin who were interested in
purchasing the raw cashews, according to Mouzouh.
“There was a lot of uncertainty. Sometimes, they came
and other times they didn’t,” he recalls. With Cajou
Espoir, he now has a reliable buyer for the harvest that
has been collected. “We are paid immediately in cash –
and that is of great importance to us,” he adds.
At his farm, Mouzouh introduces us to his two wives with
whom he has six children. The two eldest children – a
daughter and a son – are both 28 years old and are also
employed at Cajou Espoir. Having finished his education
in Lomé, Mouzouh’s son now works as a secretary in the
office. His daughter works in production, sorting the cashews according to their size and quality. All of his children
have gone to school and learnt something, Mouzouh says
proudly. They nevertheless still help him with his farm
work. In terms of his next project, he explains: “I am
looking for new seedlings that I can plant when the first
rains come. They should provide an even better income
in the future.“
_Above right
Preparing for the harvest: In order to pick the
raw nuts from the ground, it has to be cleared
of vegetation.
_Centre right
Harvest time: Between January and April, cashew
trees bear apple-shaped fruits on which cashew
nuts can be found ripening.
_Above left
“We are paid in cash immediately.” Mouzouh Balakiy from
Afimkabié has 7 hectares of cashew trees and values the fact
that Cajou Espoir is a reliable buyer for his harvest.
_Below left
Claudine Damsaga from Afimkabié carries her harvest to the collection point. She makes the 10 km journey on foot three times.
_Below right
Farmers in Afimkabié are pleased they can sell their harvest to
a cashew processor in Togo.
“I work whenever
I can!”
Tchamba. We meet Christine Yade, aged 28, in the yard
outside the cashew factory. Christine comes from Aní,
around 200 kilometres from Tchamba, and has been
working for Cajou Espoir for one year. She is part of the
‘White Group’ – employees with white headscarves who
work in the peeling department. After shelling the cashews
and heating them for a number of hours, the women
perform the intricate task of peeling away the fine skin that
still covers the cashew nuts at this stage. This is demanding work that requires accuracy and concentration.
Christine works whenever she can. “I have three children. The two elder ones who are aged 4 and 11 go to
school but my youngest, Angèle, is just 18 months old.
When she is fine and I can take her to the crèche, then I
can work.“ The provision of childcare is one of the social
benefits provided to employees by Cajou Espoir free of
charge – a welcome offering in a country in which, on
average, women have almost five children.
_Above
Christine Yade works at Cajou
Espoir in Tchamba, while her
18-month-old daughter Angèle is
cared for in the company’s free
crèche.
If everything goes well, Christine can earn USD 45 per
month. Her husband, who works in the sorting department at Cajou Espoir, earns USD 60 per month. They pay
USD 10 for the room where the entire family lives and
they are unable to save any money. Consequently, they
are very grateful that the company has its own healthcare
unit. “Particularly since I have a baby, I am very glad that
I can ask for advice on healthcare matters here,” says
Christine.
_Centre
Welcome additional income:
Women use their earnings to buy
school uniforms, among other
things, and to support their families.
_Below left
The road to work: Christine left
her village and moved to Tchamba
where she and her husband work.
_Below right
Working in the ‘White Group’ to peel
the skins from the cashews.
9
Financing
growth
The first and only cashew processing company in Togo, where
cashews are grown, was launched by a Togolese expat who
wanted to give something back to his homeland. He is dependent on international financing to fund the company’s operations
as well as the further expansion of the business.
“The search for financing is one of
the largest challenges in the cashew
sector,” explains François Locoh
Donou, the founder and majority
shareholder of Cajou Espoir. The
calculation is simple: Around 65%
of turnover is spent on purchasing
raw cashews. “If we want to produce
USD 10 million of cashews, which
is our mid-term target, we need to
have USD 6.5 million of cash from
January.”
The harvest season begins in February and ends in April. All of the raw
cashews that are to be processed
in the course of the year need to be
purchased during that time. Since
famers tend to sell their raw cashews
to the first buyer who offers them
cash for their produce, cashew prices
are usually lower at the start of the
season. Buyers who purchase the
cashews at a later point in time often
receive a product that is of poorer
quality and yet more expensive.
To ensure it can buy the produce
in good time, Cajou Espoir obtains
financing from funds managed by
responsAbility. Export contracts that
are already in place serve as security.
“Banks don’t generally accept this
type of collateral,” explains François.
“Without loans from international
investors, we wouldn’t be able to
keep our factory running throughout
the year.”
10
It is not only working capital that the
company needs: Cajou Espoir has
also taken up a seven-year investment loan from responsAbility to fund
the further expansion of the business. This has, among other things,
enabled it to buy equipment for the
factory in Blitta and machinery that
will be used to produce cashew shell
oil in future using waste products
from the processing of the nuts.
“We tried to obtain a loan from an
African development bank,” François
recalls. “After 18 months, we had
still not received an answer and then
15 months later, we were informed
that we could have the money but
still didn’t receive it. With responsAbility, it took less than three months
to obtain a definite answer and we
received the money four-and-a-half
months later.”
François views this swift response
as a sign that responsAbility understands his business and knows how
important it is to provide financing
promptly. “responsAbility is a partner
to us – and without a financing
partner, it is impossible to build up
this type of business.” According to
François, another important aspect
is: “The responsAbility team is very
professional but not bureaucratic.
They ask just the right questions.
There is no unnecessary bureaucracy; everything is relevant. I am
confident that together, we can
continue to grow on this basis.”
François Locoh Donou, founder and
majority shareholder of Cajou Espoir:
“In 1996, I read a book that had
a huge impact on me. In Hope for
Sub-Saharan Africa, the author Pierre
Merlin explains why a more productive agricultural sector will have a
decisive role to play in transforming
Africa into a middle-income continent. This idea was the inspiration
behind Cajou Espoir.”
“Cajou Espoir operates in
an enterprising but socially
responsible manner.”
Why does responsAbility invest in Cajou Espoir?
Three questions for Rim Azirar, Investment Officer at responsAbility
What makes Cajou Espoir
an attractive investment?
The company is active in a growth
market, obtains its raw materials from
smallholder farmers and sells them
internationally. It is profitable and
has established excellent relationships with various buyers in recent
years – thus creating a good basis for
its further expansion. Cajou Espoir
operates in a sustainable manner,
creates employment in underdeveloped regions and provides social
benefits for employees. It is an ideal
candidate for our agricultural fund to
invest in.
What are the risks associated with
this kind of investment?
The greatest challenge for the company is to source its raw materials at
appropriate prices. They can fluctu-
ate sharply and cannot be controlled
by the company. However, we believe
that the associated risk for Cajou
Espoir is limited in view of its good
relationships with producers in Togo
as well as in the neighbouring country of Benin. We are convinced that
Cajou Espoir will develop into one of
the most important cashew suppliers
in the region.
How can Cajou Espoir help drive
development in Togo?
At present, Cajou Espoir employs
around 700 people over the year as
a whole – making it a rare asset in
Togo. In the past, large numbers of
people – especially women – left rural
areas in order to search for work in
the city. If they are able to find a job
at home, they can stay there and
help to strengthen the community.
For example, this means that more
and more children can attend school
there. It is mainly women who benefit, since they represent 80% of the
workforce. Thanks to the availability
of free childcare, they can work and
contribute to the family income –
often also helping their extended
family. Cajou Espoir pays salaries that
are slightly above the market rate and
officially registers all of its employees, thus giving them additional
protection. In addition, the company
is active in the community and has,
for example, provided money to buy
benches for two local schools. Each
bench is now shared by two children,
instead of five.
_Above
Rim Azirar, pictured here with Maurice
Edorh from Cajou Espoir, on a visit to
the newly built factory in Blitta.
Rim Azirar, Investment Officer Agriculture for Sub-Saharan Africa, joined responsAbility in 2014.
The Moroccan national is based in Paris and spends around one-third of each month traveling.
Cajou Espoir was the first company for which she carried out a due diligence assessment.
11
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Phone +254 709 803 000
[email protected]
LUXEMBOURG
responsAbility Management
Company S. A.
23, Avenue de la Liberté
1931 Luxembourg
Phone +352 24 83 89-1
[email protected]
ABOUT RESPONSABILITY
responsAbility Investments AG is one of the world’s leading
asset managers in the field of development investments and
offers professionally managed investment solutions to both
private and institutional investors. Through its investment
products, the company supplies debt and equity financing
to non-listed firms in emerging economies and developing
countries. Through their activities, these companies help to
meet the basic needs of broad sections of the population and
to drive economic development – leading to greater prosperity
in the long term.
PERU
responsAbility America Latina S. A.C.
Calle Recavarren 111, Oficina 202
Miraflores
Lima 18
Phone +51 1 255 92 92
[email protected]
THAILAND
responsAbility Thailand Ltd.
ServCorp Serviced Offices, 9th Floor
1 Silom Road, Zuellig House Building
Silom, Bangrak
Bangkok 10500
Phone +66 2 22 31 83 55
[email protected]
responsAbility currently has USD 3 billion of assets under
management invested in 530 companies in more than
90 countries. Founded in 2003, the company is headquartered
in Zurich and has local offices in Bangkok, Geneva, Hong Kong,
Lima, Luxembourg, Mumbai, Nairobi, Oslo and Paris. Its shareholders include a number of reputable institutions in the Swiss
financial market as well as its own employees. responsAbility is
regulated by the Swiss Financial Market Supervisory Authority
FINMA.
LEGAL DISCLAIMER
This document was produced by responsAbility Investments AG. The information
contained in this document (referred to hereinafter as ‘information’) is based on
sources considered to be reliable but its accuracy and completeness is not guaranteed. The information is subject to change at any time and without obligation to notify the recipient. Unless otherwise indicated, all figures are unaudited and are not
guaranteed. Any action derived from this information is always at the recipient’s
own risk. This document is for information purposes only. The information does not
release the recipient from making his/her own assessment. This document may be
cited if the source is indicated.
Texts: Ulli Janett, responsAbility
Pictures: Jerry Riley
Layout: Liebchen + Liebchen Kommunikation GmbH
Josefstrasse 59, 8005 Zurich, Switzerland
Phone +41 44 250 99 30
www.responsAbility.com
© 2016 responsAbility Investments AG

Entrepreneurship made in Africa

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