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, Mr Andrei Ordash, said the remarkable growth reflected the strength of the longstanding relationship between the two countries and underscored the vast untapped potential for expanding cooperation in agriculture, energy, mining, manufacturing, infrastructure and trade under the AfCFTA.

He said 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 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 US$247 million in 2022 to more than US$800 million in 2024,” the Ambassador said 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 said 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 said 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 and Agriculture

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.

In agriculture, Mr Ordash said Russia was ready to deepen cooperation beyond the export of grain by supplying more fertilisers and establishing agro-industrial production facilities in Ghana.

He said the two countries were exploring collaboration between Ghanaian institutions and Russian research centres to introduce innovative agricultural technologies that would improve productivity, strengthen food security and support Ghana’s agricultural modernisation agenda.

“Ghana sees Russia as a partner for a technological leap forward in the agricultural sector,” he noted.

Mining and AfCFTA Opportunities

The Ambassador also identified mining as another area with significant commercial potential, citing Ghana’s abundant reserves of gold and bauxite as opportunities for joint investment and resource development.

A central pillar of Russia’s economic engagement with Ghana, he said, was the opportunities presented by the AfCFTA.

Mr Ordash said Russia regarded Ghana as a strategic gateway to Africa, offering an ideal location for Russian manufacturers seeking to access the continent’s integrated market.

“We regard Ghana as a key partner for accessing the vast African market within the framework of the African Continental Free Trade Area,” he said.

He explained that Russian companies could establish manufacturing plants, assembly facilities and logistics centres in Ghana to distribute products across Africa under the AfCFTA, while simultaneously supporting local industrial development.

The Ambassador said commercial relations were already gathering momentum, pointing to the participation of 65 leading Ghanaian business executives at the “Made in Russia” International Forum in November 2025, where they established direct contacts with Russian companies to explore investment and trade opportunities.

He stressed that Russia was looking beyond conventional buyer-seller relationships and instead sought strategic partnerships that would promote industrial production, local value addition and technology transfer.

Addressing Ghana’s private sector, Mr Ordash encouraged businesses to take advantage of emerging opportunities by partnering Russian companies in manufacturing, engineering, agriculture and logistics.

“Do not limit yourselves to importing our wheat, energy resources or fertilisers; let us work together to build joint production facilities and logistics centres,” he said.

He added that Russian businesses viewed Ghana not merely as a destination for exports but as a long-term investment partner capable of serving the wider African market.

The Ambassador said Russia was committed to opening its markets further while supporting Ghana’s long-term development priorities through investment, innovation and industrial cooperation.

He expressed confidence that existing bilateral mechanisms, including the Joint Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation, would facilitate the implementation of practical projects capable of delivering mutual economic benefits.

Mr Ordash said his vision was for Ghana-Russia economic relations to move to a new level marked by increased trade volumes, operational joint ventures and expanded private sector collaboration.

“I hope that, years from now, we will be able to say trade between our countries has reached a qualitatively new level; joint ventures have become operational; Ghana has been given real tools for a technological leap forward; and our countries have grown even closer to one another,” he said.