Bakery

Theodore Acquah

Obuasi, Ghana

100% repaid

Entrepreneur

Name

Theodore Acquah

Member since

February 2014

On-time repayments

186 installments  •  15%

About Me

My name is called Theodore Acquah but populary called Teddy the short name of Theodore, married with five children and my wife's name is Grace Acquah. I completed Obuasi Secondary Technical School and took professional course like CIPS UK. I am a purchasing officer and left with one paper to charter the Chartered Institue of Purchasing and Supply. I worked with the then Ashanti Goldfields Company as a senior buy from 1990 to 2006 where I was responsible for the procurement of mining equipment across the globe,when I was laid redundant and had not been successfull seeking a new job. I believe that if one wants to be successfull in life then one have to be honest, very respectfull, have Sense of Humor, very determine, optimistic and have the will to succed, I decided to go into bakery since my wife and myself had talent in bakery.

My Business

I

On the bakery, we were using just one gas oven whilst we had three because our customer base was not quite good so we were only baking two bags of flour in a day,that is 60kg. We are now using the three gas ovens and we are now producing 6 bags of flour a day and expecting to reach 10 pretty soon. Plans are underway to buy extra bakery equipment that we are lacking. We have enlarged our products site to accommodate for additional flour (bread) we are now baking.
The improvement of our business and our lives in general were possible because of you. I am soooo much grateful. I am praying that Zidisha and our lenders or investors continue to assist me, because I have plans to purchase a small scale flour mill in future to produce our own flour. And the benefits for owning our small scale milling flour is that, in Ghana bread had lost its delicacy due to the high price of the ingredients especially flour and the price of flour keeps going up by the day, and for that matter the weight of the bread is nothing to write home about and not really delicious. We will improve our products by increasing the weight, and offer our products at a competitive price to meet the demand of our costumers. We will also explore the possibility of making takeout sandwiches and pizzas to increase revenues. Delivering wholesale bread and baked goods to shopping malls and hotels in and around town will also be considered.
And concerning the small scale milling flour for the near future, this small scale flour mill produces more flour, like 500kg/h which means we will also sell flour to the public to increase revenue. Burkina Faso has no port or harbour so they use Ghana when importing their goods and they also take advantage to shop in Ghana. Flour is one of the items people from Burkina Faso buy a lot from Ghana, and they mostly buy it from Takoradi flour mills which is about 400 kilometers south of Ghana and we are located close to Kumasi which is in the middle of Ghana and Kumasi is more closer to the Burkinabe than in Takoradi and Kumasi is the second city in Ghana and is notable for trading so the Burkinabes use Kumasi as their first stop to shop. We will establish a large costumer base and will therefore use my little marketing strategies to capture the Burkinabe to buy the flour from us than travelling down to Takoradi to buy. People from all walks of life always use Kumasi as their trading centers and for that matter Kumasi have the big market and we are lucky to be close to Kumasi. If my dreams of owing the small scale flour mill becomes a reality, I will be the fisrt bakery in Ghana to produce its own flour.
Attached is the quotation of the small scale flour milling machine which I have plans to purchase in the near future with the assistance of the Zidisha lenders or investors.

Loan Proposal

THE LOAN WILL BE USED TO PURCHASE FLOUR,MARGARINE AND ITS INGREDIENTS FOR BAKING BREAD. THIS WILL ENABLE ME TO START MY OWN BAKERY SINCE I HAVE ALREADY THE LOCAL BAKERY EQUIPMENT AVAILABLE AT HOME.IT WILL TAKE US OUT OF HARDSHIP, I WILL BE ABLE TO PAY MY CHILDREN'S SCHOOL FEES AND FEED THEM PROPERLY AND MOST OF ALL BE INDEPENDENT. AND ALSO THE COMMUNITY I LIVE WILL BENEFIT SO MUCH BECAUSE THERE IS NO BAKERY IN THE VICINITY

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Loan Info

Project Type

Classic Loan

Disbursed amount

$178.00

Date disbursed

Feb 17, 2014

Repayment status

On Time

Projected term

4 months

Cost to entrepreneur

Lender interest: $178.00 at 8.80% annual rate over 4 months = $5.72

Service fee: $0.89

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