Founder of Bills Micro Credit and business magnate, Richard Nii Armah Quaye, has made a strong case for local production as a means to reduce imports and stabilise the cedi.
However, he believes government must play a proactive role in ensuring market availability before expecting private investors to take the lead.
Mr. Quaye, who is heavily involved in rice farming through his large-scale farm King Ranche in Aveyime, argues that local producers struggle to compete with foreign imports.
“Government expects us to invest first before creating a market, but it should be the other way around,” he stated.
Data from the Bank of Ghana show that between 2017 and 2023 the country recorded positive trade balances each year, with total merchandise exports rising from an average US$14.8billion between 2017 and 2019 to US$17.1billion between 2022 and 2023.
However, this increase did not translate into exchange rate stability. Instead, the cedi’s depreciation rate surged from an annual average of 8.7 percent between 2017 and 2019 to 28.9 percent in the 2022-2023 period.
The reason, according to market watchers, lies in the country’s weak production base.
Call for import restrictions
Mr. Quaye advocates restrictions on rice imports, stating that such measures would drive private investment into the sector.
“If government applies restrictions, investors will step in to meet the demand. Investors are opportunistic – once they see a guaranteed market, they will pour money into local rice production. Without this, Ghana will keep importing rice for the next 50 years,” he explained.
Mr. Quaye, whose business empire spans multiple industries including finance, manufacturing, eatery and agriculture, believes that Ghana has the capacity to produce enough rice to meet domestic demand.
He opined that the current lack of capacity will persist unless government actively restricts imports. “Investors are always looking for opportunities. When the market is created, capital will naturally flow into it.”
Employment and economic impact
Mr. Quaye, who spoke in an interview ahead of his 40th birthday on March 21, revealed that over 4,500 direct employees and tens of thousands are benefitting indirectly from businesses.
He defines success not merely by financial gains but also the impact on society.
“True success is about improving lives. Money provides happiness only to a certain extent. Real fulfilment comes from helping others, whether it’s supporting a staff member’s medical bills or funding a child’s university education,” he noted.
As an angel investor, Mr. Quaye’s business portfolio includes Bills, Pizzaman Chickenman, Burger King, Sankofa Spices, agriculture and other ventures.
Retirement at 40 and future plans
Despite his immense success, Mr. Quaye remains committed to retiring at 40, a decision that has raised eyebrows among his peers.
“A true entrepreneur is not measured by the business they manage but by the businesses they build and the people they develop,” he said.
Over the past three years he has gradually stepped back from daily operations, allowing his team to manage the businesses.
Moving forward, his role will be focused on board duties, strategy development, funding, budget allocation and business expansion. He is also exploring new investment opportunities in Southeast Asia, particularly Vietnam, Thailand and Cambodia, due to their market similarities with Ghana.
As part of his 40th birthday celebration, Mr. Quaye will host high-profile personalities on Saturday March 22, 2025 at Independence Square, Accra.
He has also recently acquired a Buggati Chiron estimated at US$4million as well as a private Gulfstream jet for an estimated US$25million.
Life beyond work
On the topic of relaxation, he admitted that his career has been centred on problem-solving.
“One reason for my early retirement is to experience life beyond work. My entire life has been about problem-solving; and though I love my work, I don’t necessarily enjoy it. Retirement will allow me to explore life beyond constant work demands,” he concluded.
thebftonline.com
