Bilateral trade between Ghana and Russia grew from $247 million in 2022 to more than $800 million in 2024.
The report indicates that bilateral trade between Ghana and Russia grew from $247 million in 2022 to more than $800 million in 2024.
It further notes that the growth comes as Russia seeks to deepen economic cooperation with Ghana through increased investment, technology transfer, and stronger private-sector partnerships.
Ghana and Russia have maintained diplomatic relations since 1957, with cooperation historically centred on education, health and energy. In recent years, both countries have sought to expand ties beyond traditional trade.
Russia has positioned itself as a key partner for Africa under the African Continental Free Trade Area (AfCFTA), while Ghana, as host of the AfCFTA Secretariat, is leveraging its strategic location to attract foreign investment into manufacturing and logistics.
The current trade surge is also linked to global shifts in commodity markets and Ghana’s push for industrialisation and food security.
The Russian Ambassador to Ghana, Andrei Ordash, stated the remarkable growth reflected the strength of the longstanding relationship between the two countries and underscored the vast untapped potential to expand cooperation in agriculture, energy, mining, manufacturing, infrastructure, and trade under the AfCFTA.
He stated Ghana had emerged as a reliable and promising partner for Russia in West Africa, with its stable political environment, growing economy, and strategic position as the host of the AfCFTA Secretariat, making it an attractive destination for Russian businesses.
“Our economic performance speaks for itself. Trade between our countries has grown from $247 million in 2022 to more than $800 million in 2024,” the Ambassador stated in an exclusive interview with the Ghana News Agency.
He noted that Ghana’s macroeconomic stability and economic progress had reinforced Russia’s confidence in expanding commercial relations with the country.
Mr Ordash stated one of his priorities as Ambassador would be to facilitate stronger business-to-business partnerships and encourage greater participation of Russian companies in Ghana’s industrialisation drive, including the Government’s proposed 24-hour economy initiative.
“We see enormous, untapped potential in our trade and economic ties. Ghana is keen to modernise its economy and sees Russia as a partner in achieving a technological leap forward,” he said.
The Ambassador stated Russia’s strategy was 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.
Energy remains one of the most promising sectors for future collaboration.He pointed to the Memorandum of Understanding signed between the Ghana Atomic Energy Commission and Russia’s State Atomic Energy Corporation, Rosatom, as a significant step towards the development of Ghana’s first nuclear power plant.
According to him, the proposed partnership would not only involve constructing the facility but also training Ghanaian engineers and technical experts to operate and maintain it, thereby strengthening local capacity in the energy sector.
