Konnected Minds Podcast with Derrick Abaitey

Segment: They Sell Rice at 200 Cedis - Foreign Cartels Use Predatory Pricing to Kill Local Business

20 Apr 2026

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From losing over a million dollars in a rice business gone wrong to understanding the brutal reality of predatory pricing and foreign dominance in Ghana's food import sector, and why the harsh truth about entering the rice business is that you can't just walk in with a hundred thousand dollars thinking it's easy money because the moment you show up with your shipment the established players who own 12 brands each will scrub their prices down to cost price and even below just to frustrate you out of the market selling rice at 200 cedis when it's impossible unless they didn't pay duty or got the rice for free, the entrepreneur who faces predatory pricing where competitors intentionally lose money just to keep new players out of the market cutting prices so low that first time importers are forced to sell below cost and lose their capital before eventually quitting the business allowing the big players to raise prices again and recover everything they lost kicking you out, the business owner who warns that 80% of rice importers in Ghana are foreigners from the Middle East India and Lebanon creating a serious concern about food security when the country's food supply of rice sugar and other imports are mainly in the hands of foreigners not because they're not helping the economy or providing jobs but because no Ghanaian businessmen can survive in an environment where the people in the companies are robbing Ghanaians themselves, the realization that these foreign business owners have been here for generations and actually have Ghanaian passports and speak Twi so fluently that if you don't see them and only hear them on the microphone you might think it's a Ghanaian speaking proving how deeply rooted they are in the system, the imported rice versus locally produced rice debate where imported rice is cheaper than locally produced rice because the cost of production in Ghana is so high and all borne by the farmer while in other countries the government provides machinery fertilizers tractors and combined harvesters for free as grants supporting their agribusiness, the farmer in Ghana who has to pay for the tractor buy gasoline rent the combined harvester plow the floor and bear all those costs alone ending up with a product that's not even as fine but still highly priced compared to imported rice making it impossible for any rational Ghanaian consumer to choose local when there's Ghanaian rice at an exhibition selling for 450 cedis while imported rice is way less, the thought of growing rice in Ghana that died after research showed it would result in losses because government promises to help the agri sector never come and friends who own farms in Volta region get no help and have to call for assistance just to sell their rice, the shocking data that the entire rice harvested in Ghana is not enough to feed the people of Greater Accra for two weeks yet people still complain about not having buyers because it's not about demand it's about pricing since farmers spent a lot of money to produce and are suffering, the solution that would affect a lot of importers but could work if the government pushes an agenda for 70% consumption of local produce and 30% importation but only if the government also supports the farmers because otherwise importers would just quit and switch to farming to gain from government support, the threat to the economy when the people who control how much food comes into Ghana are foreigners who are helping the economy yes but building theirs even better sending all the money back to their homes creating a situation where if they decide they're done and leave Ghana will go hungry. Host: Derrick Abaitey

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Konnected Minds Podcast with Derrick Abaitey

Segment: They Sell Rice at 200 Cedis - Foreign Cartels Use Predatory Pricing to Kill Local Business

This episode hasn't been transcribed yet

Other episodes from Konnected Minds Podcast with Derrick Abaitey

Segment: Your Environment Is Your Destiny, How Discipline and Exposure Built a Business Owner.

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