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

About this episode

The episode discusses the challenges faced by local rice businesses in Ghana due to predatory pricing by foreign competitors.

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…

People in this episode

Host: Derrick Abaitey

Topics covered

• predatory pricing
• foreign dominance
• rice business
• food security
• entrepreneurship
• local business challenges

Keywords

• predatory pricing
• rice business
• foreign competition
• Ghana
• food security
• entrepreneurship
• local businesses

Mentioned in this episode

Organizations: Ghana

Places: Middle East, India, Lebanon

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