West Africa imports 40% of its rice consumption, costing an estimated GHS 44 billion to GHS 55 billion ($4 billion to $5 billion) annually. The World Bank has called for an urgent acceleration of investment across the region's rice value chain. This dependency on imported rice poses a growing economic and food security risk for ECOWAS member states.
This situation is critical due to climate pressures, geopolitical uncertainty, and tightening development finance. Disruptions in global commodity markets, like fertiliser shortages and surging food prices, have exposed regional food system vulnerabilities. Boosting domestic rice production is now more urgent than ever.
Ghana's economy, like others in West Africa, faces pressure from commodity price shocks and foreign exchange outflows due to imports. The World Bank's call aligns with broader efforts to industrialise agriculture and diversify local economies. Reducing rice imports means retaining foreign exchange and creating local jobs.
Guangzhe Chen, World Bank Vice President for Planet, highlighted the issue at the West Africa Rice Investment Roundtable in Accra. He stated, “A region with enormous agricultural potential should not remain dependent on volatile global markets for a staple food that it can competitively produce itself.” He emphasized that rice is central to both food security and economic growth.
The World Bank Group's AgriConnect initiative aims to support this transformation. This initiative, launched in October 2025, moves beyond fragmented agricultural interventions. It delivers coordinated, value-chain-wide transformation for the continent.
Under AgriConnect, the World Bank mobilised approximately GHS 13.2 billion ($1.2 billion) through the Food Systems Resilience Programme. This program strengthens productivity, regional market integration, and policy coordination across eight countries. It is expected to benefit an estimated 3.2 million people.
Additionally, investments in Nigeria, Togo, Burkina Faso, and Guinea could add another GHS 3.3 billion to GHS 4.4 billion ($300 million to $400 million) to the regional rice sector. Access to finance remains a significant barrier, particularly for smallholder farmers. They struggle to secure credit for essential inputs like fertiliser and seeds.
Mr. Chen urged governments, financial institutions, and development partners to scale up risk-sharing mechanisms and guarantees. Blended finance instruments are also needed to attract private capital into agriculture. He noted, “The de-risking of financing is one of the key solutions.”
Beyond production, investment in storage, logistics, processing, and market infrastructure is crucial. Increasing yields alone will not ensure food security or industrial growth without stronger value chains. Mr. Chen stressed building complete value chains that create jobs and competitive industries.
This approach views rice as an industrial opportunity, not just a food security concern. It can support irrigation development, mechanization, agro-processing, and regional trade. The Accra roundtable, convened by ECOWAS, the Government of Ghana, and the World Bank Group, seeks to convert policy ambitions into bankable investments. Population growth, climate change, and geopolitical disruptions put unprecedented pressure on food systems. The time for tangible results is now.