$4bn Rice Imports by West African Countries Economically Unsustainable – Dep. Finance Minister

Deputy Minister for Finance Thomas Nyarko Ampem has warned that West Africa’s heavy dependence on imported rice is economically unsustainable, urging governments, investors and development partners to mobilise transformational capital to close the widening gap between rice production and consumption in the region.

Speaking at the 2026 West Africa Rice Investment Roundtable in Accra, Mr. Ampem revealed that countries within the sub-region spend between US$3 billion and US$4 billion annually on rice imports, a situation he said continues to drain foreign exchange and weaken local agricultural value chains.

“That is billions in foreign exchange leaving our economies each year to finance demand we should increasingly be meeting ourselves,” he stated.

“The real Jollof competition before us is not whose rice tastes better. It is whether West Africa can finally produce enough rice to feed itself competitively.”

According to him, the growing reliance on imported rice exposes economies in the sub-region to external supply shocks, weakens domestic production systems and limits employment opportunities that could be created through large-scale agricultural investment.

Mr. Ampem described the situation as both “economically unsustainable and strategically untenable,” stressing that the widening imbalance between local production capacity and consumption demand continues to place enormous pressure on West African economies.

“It drains scarce foreign exchange, weakens domestic value chains, exposes our countries to external supply shocks, and limits the jobs and prosperity that should arise from a commodity we consume so heavily,” he said.

He noted that West Africa possesses the natural resources needed to become largely self-sufficient in rice production, including arable land, water resources and a large farming population, but lacks sufficient long-term investment to unlock the sector’s full potential.

“We have the land. We have the water resources. We have the farmers. What we have lacked, for far too long, is sufficient transformational capital capable of unlocking this potential at scale,” he added.

Mr. Ampem called for patient and risk-tolerant investment that goes beyond seasonal farming support to include irrigation systems, storage facilities, logistics infrastructure, milling plants and agro-processing.

According to him, the region must begin to view rice production as a unified West African economic opportunity rather than fragmented national markets separated by borders.

“It means strategic regional capital that sees a West African rice economy, not fragmented national markets separated by borders,” he stressed.

He explained that stronger investment in the rice value chain would not only improve farmer incomes and food security but also make the sector more attractive to private investors.

The roundtable, organised by the Economic Community of West African States Commission, brought together representatives from ECOWAS member states, regional and international financial institutions, development partners, private sector leaders and investors to explore financing solutions for the region’s rice sector.

Participants discussed strategies aimed at boosting local production, strengthening value addition and reducing West Africa’s dependence on imported rice amid growing concerns over food security and rising global commodity prices.