Ghana’s economic relationship with Russia is entering a potentially significant new phase after bilateral trade between the two countries more than tripled from $247 million in 2022 to over $800 million in 2024, raising a bigger question for policymakers and businesses: can Ghana convert a growing trade relationship into investment, local production and jobs, rather than simply becoming a larger market for imported goods?
The figure, cited by Russian Ambassador to Ghana, H.E. Mr. Andrei Ordash, reflects the growing importance of Russia in Ghana’s import economy. The World Trade Organisation’s latest Ghana trade profile similarly lists Russia as one of Ghana’s significant sources of imports, with imports from the Russian Federation estimated at $427.5 million in 2024.
In an interview with Diplomatic Times, Mr. Ordash said Russia was now looking beyond conventional trade in petroleum products, fertilisers and grain towards investment, technology transfer and joint production. “Our main task is not simply to maintain, but to significantly build on the positive momentum that has already emerged in our bilateral relations,” he said.
He said the scope of cooperation could also extend to joint business ventures of different scales and Russian investment in Ghana’s mining sector, where the country’s gold and bauxite resources present potential opportunities for deeper commercial partnerships.
That ambition could carry major implications for Ghana, particularly at a time when the country is pursuing industrialisation, agricultural transformation, energy security and a stronger role in continental trade.
The economic logic is clear. Ghana remains heavily dependent on imports for several essential commodities, leaving local prices vulnerable to global supply disruptions, exchange-rate movements and geopolitical tensions. The World Bank has previously warned that disruptions in trade with Russia could affect wheat prices, fertiliser supplies and energy costs in Ghana, underlining how developments far beyond the country’s borders can eventually be felt by Ghanaian households and farmers.
Fertiliser presents a particularly important example, with World Bank trade data showing Ghana imported over $22.1 million in ammonium nitrate from Russia in 2023
For Ghanaian farmers, reliable and competitively priced fertiliser can influence crop yields and, ultimately, food prices. A disruption in supply could therefore have consequences extending from the farm to the market and household kitchen. The challenge, however, is whether increased imports alone can deliver lasting economic benefits.
Mr. Ordash has proposed a different model. “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.
That argument is particularly significant because it shifts the conversation from trade volumes to the quality of trade. The ambassador’s position is that future cooperation should be built around production, processing and technology transfer, with Ghanaian and Russian businesses working together rather than remaining locked in a conventional buyer-seller relationship. Russia has also identified agro-industrial facilities, infrastructure and logistics as potential areas for practical cooperation.
That proposition goes to the heart of the debate Ghana must now have.
If Russian companies establish processing, manufacturing or logistics operations in Ghana, the short-term benefits could include new investment, employment and improved access to agricultural and industrial inputs. In the longer term, successful technology transfer and local production could reduce Ghana’s dependence on imported finished products and potentially position the country as a distribution hub for the African market.
Ghana’s hosting of the African Continental Free Trade Area Secretariat gives the country an additional strategic advantage. The question is whether Ghana can use that position to attract investments that produce locally and serve the wider African market, rather than merely facilitating the movement of foreign goods through its ports.
Russia’s interest in Ghana is also being framed around this continental opportunity. Mr. Ordash has identified trade, investment, logistics and high technology as priorities ahead of the Third Russia-Africa Summit scheduled for Moscow in October 2026. Ghanaian participation in preparations for the summit is already under way, with discussions focused on trade, investment, agriculture, industrialisation and technology transfer.
The proposed Russia-Africa Cooperation Plan for 2026 to 2029 could provide another test of whether diplomatic commitments translate into measurable economic projects. “We do not want to limit ourselves to declarations,” Mr. Ordash stated in an interview. “We need a practical tool that will allow us to put our agreements into practice.”
Energy is another area attracting attention. Mr. Ordash has expressed interest in reviving dialogue on nuclear energy cooperation. Ghana is already pursuing a nuclear power programme, with government officials discussing progress in areas including site assessments, technology selection, capacity building, safety and potential integration into the national grid.
Beyond conventional energy, the emerging agenda also includes digital technology and artificial intelligence, sectors Russia says could form part of a broader technological partnership with Ghana. The Russian ambassador has publicly expressed readiness to support cooperation in areas including digital innovation, cybersecurity, scientific research and technology transfer.
Such cooperation could strengthen Ghana’s long-term energy capacity, but the scale and cost of nuclear development mean that transparency, financing, safety standards, local expertise and long-term economic value must remain central to any decision.
Ghana has already signalled its willingness to deepen cooperation with Russia in trade, investment, energy, agriculture and technology. The Ministry of Foreign Affairs confirmed this position when it received Mr. Ordash in June, stressing Ghana’s interest in expanded collaboration.
The real test now is whether the impressive $800 million trade figure becomes the beginning of a deeper economic transformation or simply a bigger import bill. For Ghana, the most valuable outcome will not be measured by the volume of goods arriving from Russia, but by the number of factories built, technologies transferred, jobs created and Ghanaian businesses integrated into new value chains.
The opportunity is growing. The harder task is ensuring Ghana captures more of its value.
