Accra: Bilateral trade between Ghana and Russia has surged dramatically from $247 million in 2022 to over $800 million in 2024, reflecting Russia's initiative to establish a deeper economic partnership with Ghana through increased investment, technology transfer, and bolstering private sector collaborations.
According to Ghana News Agency, this remarkable growth in trade is a testament to the longstanding relationship between the two countries, which have maintained diplomatic ties since 1957. Historically focused on education, health, and energy, Ghana and Russia are now aiming to expand their cooperation far beyond traditional trade engagements. Russia has identified itself as a pivotal partner for African nations under the African Continental Free Trade Area (AfCFTA), while Ghana, hosting the AfCFTA Secretariat, leverages its strategic location to attract foreign investments into its manufacturing and logistics sectors.
The Russian Ambassador to Ghana, Mr. Andrei Ordash, emphasized the untapped potential for expanding cooperation in agriculture, energy, mining, manufacturing, infrastructure, and trade under the AfCFTA. He noted Ghana's stable political environment and strategic position as attractive elements for Russian businesses. The Ambassador highlighted that Ghana's macroeconomic stability and economic progress have reinforced Russia's confidence in expanding commercial relations with the country.
Mr. Ordash stated that fostering stronger business-to-business partnerships and encouraging participation of Russian companies in Ghana's industrialization drive, including its proposed 24-hour economy initiative, are among his priorities. He noted that Russia's strategy is to move beyond traditional trade by promoting long-term investments, joint ventures, and technology partnerships capable of creating jobs and supporting Ghana's industrial transformation.
In the energy sector, a Memorandum of Understanding has been signed between the Ghana Atomic Energy Commission and Russia's State Atomic Energy Corporation, Rosatom, to develop Ghana's first nuclear power plant. This partnership aims to involve not just the construction of the facility but also the training of Ghanaian engineers and technical experts.
In agriculture, Russia plans to deepen cooperation by supplying more fertilizers and establishing agro-industrial production facilities in Ghana. The two countries are exploring collaborations to introduce innovative agricultural technologies that can improve productivity and support Ghana's agricultural modernization agenda.
Mining is also identified as a sector with significant commercial potential, given Ghana's abundant reserves of gold and bauxite. Mr. Ordash described the AfCFTA as a central pillar of Russia's economic engagement with Ghana and saw Ghana as a strategic gateway to the African market. Russian companies are encouraged to establish manufacturing plants, assembly facilities, and logistics centers in Ghana to access the continent's integrated market.
The Ambassador pointed to the participation of 65 leading Ghanaian business executives at the 'Made in Russia' International Forum in November 2025 as evidence of growing commercial relations. He stressed that Russia seeks strategic partnerships that promote industrial production, local value addition, and technology transfer.
Mr. Ordash encouraged Ghanaian businesses to partner with Russian companies in manufacturing, engineering, agriculture, and logistics, emphasizing that Russia views Ghana as a long-term investment partner. He expressed confidence in the bilateral mechanisms that exist to facilitate the implementation of practical projects delivering mutual economic benefits.
The Ambassador outlined a vision for Ghana-Russia economic relations to reach a new level, marked by increased trade volumes, operational joint ventures, and expanded private sector collaboration, setting the stage for a technological leap forward for Ghana.