Africa: Rice Is a Strategic Commodity for Economic Transformation Says African Development Bank Group

What the report says

The African Development Bank Group has put its financing plans and investment priorities at the center of a West Africa Rice Investment Roundtable in Accra, Ghana, according to AllAfrica. The meeting, held June 2-3, brought together governments, investors, development institutions, and private-sector leaders to discuss how to turn the ECOWAS Regional Rice Roadmap into concrete action.

The AfDB said rice should be treated as a strategic commodity for economic transformation in the region. A Bank official, Richard Ofori-Mante, said progress toward rice self-sufficiency will depend on investment across the value chain, including seeds, irrigation, processing, storage, logistics, and market access. The roundtable was organized by the Government of Ghana with ECOWAS, the AfDB, the World Bank Group’s AgriConnect initiative, and the International Fund for Agricultural Development.

The article says the ECOWAS roadmap, endorsed by heads of state in December 2024, aims to expand production, strengthen value chains, and reach rice self-sufficiency by 2035. It cites estimated financing needs of $15 billion to $19 billion in capital investment, plus $4 billion to $5 billion annually in operating costs.

AllAfrica reported that West Africa imports about 12 million metric tons of rice a year, even though rice accounts for roughly 40% of cereal consumption in the region. The roundtable ended with commitments from governments, partners, investors, and private companies to expand funding, support national rice investment plans, and deepen public-private cooperation.