Ghana's Vice President, Professor Naana Jane Opoku-Agyemang, advocated for increased investment in agriculture and resilient food systems. This call aims to address rising food prices and enhance food security throughout West Africa. She spoke at the West Africa Rice Investment Roundtable.
Professor Opoku-Agyemang noted that West African countries face ongoing economic pressures. These include imported inflation, disruptions to supply chains, and fluctuating exchange rates. These factors significantly influence food prices across the region. Building strong food systems, accelerating agricultural industrialisation, and boosting regional trade under the African Continental Free Trade Area (AfCFTA) are vital. These steps will reduce West Africa's dependence on imported food.
This initiative aligns with Ghana's broader economic strategy to achieve self-sufficiency and manage inflation. The Bank of Ghana continues to intensify financial sector reforms to strengthen overall economic resilience. Policies are geared towards an eventual low interest rate regime, as assured by the BoG Governor. Reducing food import bills would ease pressure on Ghana's trade balance and foreign exchange reserves.
“Ghana has experienced imported inflation, supply chain challenges and exchange rate volatilities which affect food prices,” Professor Opoku-Agyemang stated. She added, “Within these challenges, we have to build resilient food systems, industrialise agriculture and strengthen regional trade under the AfCFTA.” This highlights the interconnectedness of food security with broader economic stability.
The Vice President stressed the immediate need for more investment in local rice production. Improving how rice is processed and sold (value addition) is crucial. This will help West African countries meet the growing demand for food. It will also create jobs and improve lives for many people. Governments, development partners, and private investors must mobilise significant capital for the rice sector. This is essential for achieving food self-sufficiency and promoting economic growth in the region.
The World Bank projects Ghana's economy to grow by 4.8% and inflation to reach 9% by the end of 2026. Efforts to boost local food production, especially rice, are central to achieving these economic targets. A robust agricultural sector can buffer the economy from global price shocks. It also provides stable employment for a large segment of the population. The recent roundtable gathered policymakers, investors, and development finance institutions. They explored strategies to unlock investment and speed up growth in West Africa's rice value chain. This collaborative approach is critical for sustainable development.