West Africa spending $4 billion on rice imports unsustainable – Thomas Ampem

Ghana’s Deputy Minister for Finance, Thomas Nyarko Ampem, has called on investors and development partners to commit long-term capital towards transforming Ghana’s rice sector into a major driver of economic growth, food security, and industrialisation.

Speaking at the 2026 West Africa Rice Investment Roundtable in Accra on June 2, 2026, the Deputy Minister said Ghana is repositioning agriculture, particularly strategic value chains such as rice, as a central pillar of economic transformation.

The high-level forum brought together representatives from governments across the sub-region, the private sector, development finance institutions, investors, and regional bodies, including ECOWAS.

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Addressing participants on behalf of Finance Minister Dr Cassiel Ato Forson, Nyarko Ampem stressed that Ghana is creating the right policy and macroeconomic environment to attract investment into the rice value chain.

“Ghana’s message to investors is straightforward: we are doing the policy work, we are strengthening the enabling environment, and we are creating the conditions for long-term capital to thrive,” he stated.

According to him, government is focused on reducing import dependence while expanding domestic production, agro-processing, and value addition within the rice sector.

He noted that despite West Africa’s enormous agricultural potential, the region continues to spend between US$3 billion and US$4 billion annually importing rice, a situation he described as economically unsustainable.

“West Africa continues to spend about US$3–4 billion annually importing rice. That is billions in foreign exchange leaving our economies each year to finance demand we should increasingly be meeting ourselves,” he said.

Nyarko Ampem argued that the challenge facing the region is not a lack of land, water resources, or farmers, but rather insufficient investment capable of transforming rice production at scale.

He said the region requires what he described as “transformational capital”—long-term financing that goes beyond seasonal farming support to include investments in irrigation systems, storage facilities, logistics, milling, and agro-processing infrastructure.

He said Ghana’s economic reset agenda under President John Dramani Mahama and Vice President Professor Jane Naana Opoku-Agyemang places strong emphasis on productive transformation, food security, and private sector-led growth.

He indicated that government interventions are currently focused on strengthening agricultural value chains, improving market coordination, supporting price stability mechanisms, and creating a predictable investment climate for businesses.

He added that improving macroeconomic stability and renewed investor confidence are also contributing to Ghana’s efforts to attract long-term investment into critical sectors of the economy.

Nyarko Ampem further urged stakeholders within the sub-region to move beyond discussions and begin mobilising practical financing arrangements capable of driving large-scale rice production.

“West Africa does not need more declarations. We need to create pipelines of bankable projects capable of crowding in long-term capital at scale,” he stated.

He expressed optimism that the Roundtable would help generate strategic partnerships and investment commitments that would strengthen regional food systems and reduce dependence on imported rice.