OUR HISTORY
In February 2004, Vester Oil Mills Limited was born, proudly bearing the name of Mrs. Vester Ruth Nyamekye.
We initially collaborated with Unilever Ghana Limited, taking on the role of extracting oil from palm kernels. This collaboration’s primary goal was to support Unilever’s soap production.
However, by June 2005, the landscape changed when Unilever shifted to in-house processing. It posed an existential challenge: either adapt to new avenues or close our doors.
With the Unilever partnership behind us, we were at a critical junction. As they say, where one door closes, another opens. Soybean processing, a relatively unfamiliar venture in Ghana at the time, beckoned us. The soaring prices of fish meal became a burden for poultry feed producers, and there was a market gap waiting to be filled. Soya meal emerged as a highly sought-after substitute.
Although we also ventured into palm kernel processing, it was soya meal that became our primary focus, making up 95% of our operations.
Growth and Expansion
As our journey unfolded, Vester witnessed several pivotal moments.
In June 2018, we took a significant leap forward by enhancing our production capacities.
Our initial capacity of 45 metric tons per day was given a substantial boost with a new solvent extraction plant, elevating our output by an additional 100 metric tons daily. This enhancement was not just about numbers; it positioned our soya meal as the primary choice for a considerable segment of layer farmers in Ghana.
Furthermore, our portfolio expanded with the capability to process shea butter. Our market strategies underwent evolution, driven by both local dynamics and global influences.
While we initially catered to feed mills and large farms that had in-house feed preparations, the situation demanded adaptability. The influx of imported soya meal from international giants such as Brazil, Argentina, the USA, and India compelled us to recalibrate our approach. We proactively engaged directly with a broader spectrum of poultry farmers.
A pivotal move in this direction was the establishment of a sales outlet in Dormaa, strategically located in the Bono region. This became our hub to cater to poultry farms dotting the Ghana and Ivory Coast borders.
With a solid foundation in Ghana, our ambitions led us to foreign shores, with Nigeria being a key focus. Our brand resonated powerfully in Nigeria’s thriving urban centers like Lagos and Ibadan. Empowered by the ECOWAS Trade Certificate, our journey was not without challenges. The transit charges imposed by Togo and Benin, strategically located between Ghana and Nigeria, impacted our margins.
However, challenges only made our resolve stronger as we ventured to make a mark in the West African market.
Partnerships and Future Visions
The story of Vester is also one of financial resilience. The initial seed capital came from the personal savings of its founders, Ing. Kwasi Nyamekye and Mrs. Vester Ruth Nyamekye.
As the years rolled on, we attracted the attention of major financiers. A landmark moment came in 2006 when the African Development Fund of USAID championed our aspirations.
By 2008, we had ventured into equity financing, joining forces with the Activity Venture Finance Company (AVFC) under the aegis of the Venture Capital Trust Fund. This collaboration metamorphosed in 2016, marking a new chapter with Synergy Private Equity Fund as one of our esteemed equity partners.
Our journey has seen many milestones, but we always have an eye on the horizon. One such significant stride is our franchise agreement with Zeigler Bros. Inc., based in Pennsylvania, USA. This collaboration envisions the establishment of a state-of-the-art feed manufacturing plant right here in Ghana.
Our ambition is clear: to cater to both the domestic market and the expansive West African region.
Currently, we are in pursuit of funding to turn this vision into a tangible reality. Vester Oil Mills Limited’s legacy is one of tenacity, vision, and an unwavering commitment to excellence.
As we traverse the paths of the future, our history stands as a beacon, reminding us of our roots, values, and the communities that we have been privileged to serve.
