Ghana's agricultural strategy, particularly concerning its local rice industry, has come under intense scrutiny following a growing glut of local rice. This issue, along with a wave of attacks on NAIMOs in the fight against illegal mining (galamsey) and CHRAJ's indictment of a former GRA boss over a GH¢9 million loss, formed the core discussion on JoyNews' Newsfile this morning.

Minister for Food and Agriculture, Eric Opoku, addressed the concerns, asserting that the government has not failed farmers and is actively managing the surplus. Speaking on November 8, Mr. Opoku attributed the current glut to a "bountiful harvest" achieved this year, noting that harvesting was still ongoing in the five northern regions, making current figures mere estimates rather than actual tallies. He disclosed that the government had anticipated a bumper harvest and made provisions of GH₵100 million in the 2025 budget to support the National Food Buffer Stock Company in mopping up excess produce. However, this initial fund was quickly exhausted, indicating a much larger surplus. The technical team estimated that GH₵500 million would be needed to clear the glut entirely, with an additional GH₵100 million now made available, pending procurement processes. Mr. Opoku assured that discussions were underway with partners like the World Food Programme (WFP) and the private sector to secure further support, emphasizing the government's commitment to preventing farmer discouragement. He clarified that rice prices were determined by a committee including the Peasant Farmers Association and other stakeholders, not imposed by the ministry.

Regarding calls for a ban on rice importation, Minister Opoku cautioned against such a premature move. He highlighted that Ghana's estimated rice demand for 2024 was 1.5 million tonnes, while local production hovered around 650,000 tonnes. Imposing a ban now would create another crisis due to the significant supply gap. The government's goal under the Feed Ghana Programme is to achieve self-sufficiency in rice production by 2028, after which a ban could be considered. To help absorb the current excess, President John Dramani Mahama has directed key ministries, including Education, to prioritize locally produced food for public institutions such as schools and prisons. The President also mandated the purchase of excess eggs and grains for the School Feeding Programme to help farmers recover their investments. More detailed measures are expected to be announced soon.

Conversely, Dennis Miracles Aboagye, Director of Communications for the Bawumia Campaign, presented a different perspective, blaming the local rice glut and broader agricultural challenges on what he termed the "artificial manipulation" of the Cedi. He argued that deliberate interference in the exchange rate harms real sector players, particularly farmers who buy inputs at high exchange rates only to face losses when the Cedi strengthens before harvest. This also disadvantages exporters, as the artificially strong Cedi makes Ghanaian products more expensive for foreign buyers, leading to reduced export earnings and job losses. Mr. Aboagye criticized the government's reliance on inaccurate data for economic planning, asserting that Ghana's economic problems stem from weak fundamentals and a lack of reliable, digitised data systems across sectors.

Mr. Aboagye proposed an alternative approach for addressing the glut, suggesting that the government fund private rice aggregators, similar to how gold buyers are supported. He argued that the government should empower private entities to purchase and store excess rice on behalf of the state, ensuring a guaranteed market and price for farmers. He questioned why government, as a major consumer of rice through its feeding programmes in public institutions, does not have a policy mandating the exclusive consumption of locally produced rice. He pointed out that buffer stock warehouses often contain imported rice that could have been sourced locally. Aboagye stressed that if the government pursues policies to stabilize the currency through artificial injections, it must be prepared to absorb the cost of cushioning local producers, even if it means buying their goods at a slightly higher price. He advocated for greater investment in real sectors like agriculture to build capacity, reduce demand for foreign rice, and naturally ease pressure on the Cedi, rather than relying on short-term economic fixes.