Africa must approach its growing relationship with Russia with clear economic priorities, stronger bargaining power and a determination to retain more value from its natural resources.
This is the view of economist and Technical Adviser at the Ministry of Finance, Dr. Theo Acheampong.
The economist argues that while Russia’s engagement with Africa is largely driven by its geopolitical interests, African countries must ensure that partnerships translate into tangible economic gains, including jobs, industrial development, technology transfer and increased investment.
Speaking on Al Jazeera English’s Counting the Cost, Dr. Acheampong outlined five critical considerations that should guide how Africa engages Russia and other global powers.
Put Africa’s Interests First
Dr. Theo Acheampong says African countries must define their priorities before entering partnerships with Russia. These include technology, fertilisers, investment and security cooperation.
He said Ghana’s foreign policy principle of “Friends to all, enemies to none” offers a useful guide, allowing the continent to engage different global powers pragmatically without becoming caught in their geopolitical rivalries.
Address Historical Trade Imbalances
Dr. Acheampong also called for a shift away from the longstanding pattern in which African countries export raw materials and import expensive, finished products.
He said partnerships must deliver fair returns, create jobs and ensure that more economic value remains within African economies.
Make Local Value Addition Non-Negotiable
He stressed that Africa cannot achieve meaningful industrialisation if it continues exporting raw materials that could be processed competitively at home.
Investment agreements, he argued, must prioritise local processing, technology transfer, industrial linkages and skilled employment. The real measure of successful investment should be the value retained, not simply the amount of capital attracted.
Negotiate More Assertively
African governments must take a stronger position in determining the terms of their international partnerships.
Where commercially viable, Dr. Acheampong urged governments to co-invest in projects, acquire equity stakes and share in the returns, while recognising that ownership also comes with risks.
Strengthen Collective Bargaining
He identified the African Continental Free Trade Area (AfCFTA) as an important opportunity for African countries to negotiate from a stronger collective position.
By integrating their markets and coordinating their positions, countries can improve their ability to secure better trade, investment and technology-transfer agreements.
Dr. Acheampong believes Africa must measure its partnerships by the factories established, jobs created, technologies transferred and economic value retained, not merely by the number of agreements signed.
