Guinea Ecuatorial is Africa’s only Spanish-speaking land and one of Africa’s tiniest countries. Presently, the nation generates a wide range of harvests, such as cacao, as well as wood products, and avocado oil. In addition, the country has coastline fish stocks and undiscovered mineral wealth. This article discusses the steps you need to follow to start an agricultural business in the country.
Agricultural programs in the country
By establishing advanced farmlands, the Ministry of Farming and Forestry has initiated a program to motivate the output and usage of domestically produced farm commodities. Equatorial Guinea has made significant investments in agro-based projects across the home nation, such as projects designed to increase crop development and enable sustainability.
The Ministry of Farming and Forestry has been collaborating with corporate companies to support growers. In addition, the Ministry has started a program to substitute conventional homes by placing zinc roofs on over 30,000 houses across the country to upgrade residences in rural areas. The authorities have also been appraising farms across the mainland to assess cultivation growth.
Starting the agribusiness
The following are the critical steps to take when starting an agribusiness in the country.
Recognize the local market
Spend some time researching the markets and food products that are currently in high demand in your area. Take note of any local markets that may represent a source of potential clients for your business.
The agro-based exports of the country to other countries are potatoes, bananas, coconuts, and coffee. Cocoa is Equatorial Guinea’s most important export and is critical to the country’s economy. Due to massive demand, the country remains the world’s top coffee importer, giving it massive market influence.
Make a business plan
Following your research, you must identify a few customer groups that will eventually shape every part of your corporate approach, from operational costs to the varieties of crops you will farm. The three most common client segments that must be cleared in strategy are establishments, grocery stores, and direct-to-consumer companies. Each section has its own set of costs, which you will list in your plan.
Obtain Funding
A solid business plan is your best resource for obtaining funding, whether from a friend, a bank, or the government. Top banks in the country that provide corporate loans for businesses include Commercial Bank, BGFIBank, Bank of Central African States, and dbaCCEI bank.
Locate a piece of land
Purchasing a farm is essential because the entire business’s future is dependent on it. The quality of your product will be determined by the land and the local climate, so it is critical to conduct thorough research before purchasing a plot of land.
Purchase farm equipment
A farmer’s success is heavily reliant on farming tools and supplies. These tools help to make farming more efficient and simple. The hand plow, pitchfork, and shaduf are the three most important tools used in Equatorial Guinea since ancient times. Although in more modern forms, these tools are still in use.
Register your farm
Starting a farm business in Equatorial Guinea requires you to register your company with the relevant authorities. This is to ensure that all businesses comply with the local laws and regulations. The laws for the registration of agriculture businesses in Equatorial Guinea are designed to protect the interests of both the company and its customers, as well as promote fair competition within the sector.
To register an agriculture business in Equatorial Guinea, you must meet certain requirements such as incorporation, capitalization, registration fees, and other legal formalities. Additionally, you must submit necessary documents such as a business plan, financial statements, and other documents required by law. Once your application is approved, you will receive a certificate of incorporation which is essential for conducting any kind of agricultural activities in Equatorial Guinea.
