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In small saucepan, combine the water, polenta, margarine, and a pinch of salt and allow to stand for 10 minutes. Bring the mixture to a boil over high heat, stirring constantly. Reduce the heat to medium-low and cook, stirring frequently, for 12 to 15 minutes or until a spoon leaves a line when drawn through the mixture.
Pour the polenta over your preferred chili mix in a baking dish. Allow it to cool and firm up for 15 minutes. Sprinkle the paprika/cayenne over the polenta then bake at 180C for 20 to 25 minutes or until the polenta is golden on top.