ADVERTISEMENT

Ghana braces for impact as India's rice export ban sends global prices soaring

Ghana, like many other countries, is facing the repercussions of India's decision to impose an embargo on non-basmati white rice exports.

India is the world’s largest rice exporter, accounting for more than 40% of global shipments.

The move by the world's largest rice exporter aims to curb domestic inflation in India but has triggered concerns about surging global food prices.

India's position as the largest rice exporter, accounting for over 40% of global shipments, has had a significant impact on rice prices in several Asian countries and is expected to result in further price hikes in the coming days.

Ghana, being the 13th largest rice importer globally, imported $552 million worth of rice in 2022, making rice the 3rd most imported product in the country.

Data from the Observatory of Economic Complexity indicates that Ghana imported more than $100 million worth of rice from India alone.

ADVERTISEMENT

The repercussions of this export ban are expected to affect not only non-basmati rice but also basmati rice varieties in Ghana. Experts warn that the global rice market has already seen prices rise by 15%-20% since September 2022.

As a result, the prices of a 50kg bag of non-basmati rice, currently averaging between GHC 750 and GHC 800 in retail shops, are predicted to surge beyond GHC 1000 in the coming days.

India's prominence as a rice supplier to crucial markets in Asia and Sub-Saharan Africa makes populations in these regions vulnerable to disruptions in the rice market. In fact, 42 countries heavily rely on India for over 50% of their total rice imports, with some African countries exceeding 80% of their rice imports sourced from India.

Ghana's rice market is closely watching the developments in India and preparing for potential challenges ahead as global rice prices continue to fluctuate.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.com.gh

ADVERTISEMENT