Ghana And Russia To Enhance Trade Corporation

Ghana and Russia boost over 60 years of diplomatic relations, but business relationships are not well developed and enhance, markets in both countries still remain largely untapped and unexploited on this note is the main reason for the Ghana mission in Russia and the Russian Chamber of Commerce and Industry has hosted Ghana – Russia business forum with the aim of attracting Russian industrial and commercial players to invest in Ghana and, also highlighting investment opportunities between the two countries.

H.E. (Dr.) Kodzo Alabo Ghana's Ambassador to the Russian Federation and the Commonwealth of Independent States (CIS) has entreat Russian business men to consider investing in Ghana in such areas like agriculture, timber processing, telecommunications, oil, mining and tourism.

According to Dr. Alabo, Ghana is one of the fastest developing countries on the African continent which has interests in attracting foreign capital investment and foreign investors to Ghana can be assure of the favorable investment climate, rapidly developing infrastructure and a skilled labor force, above all, Ghana has developed a stable political environment in the last two decades, which spectator a resound economic growth both government and private sectors

Although on the continent of Africa, some countries have political unrest situation, Ghana can boosts of stable political atmosphere which can contributes to the attraction of foreign investors and hoped strongly that Russian investors and business magnets would engage in joint projects with local Ghanaian partners to facilities strong economic and development ties.

Russian delegation was led by Vice-President of the Chamber of Commerce and Industry, Vladimir Padalko stated the friendly relations between Russia and Ghana in recent years will be further strengthen on a more constructive communication at the political level both bilateral and multilateral formats.

Vladimir Padalko was worried about the economic activity between Russia and Ghana which is insignificant because Ghana is the 6th trade partner of Russia among African countries south of the Sahara. In 2015, bilateral trade increased by 32% compared to the 2014 year and amounted to $216 million dollars.

He pointed out that perspective directions of bilateral trade-economic and investment cooperation that Russia will be consider in Ghana are mining, energy, housing, utilities, transport infrastructure, agriculture, information technology and telecommunications, tourism as well as health sectors.

Nevertheless, a significant deterrent to the development of bilateral relations is the absence of Russian companies’ information on doing business in Ghana. In this regard, Chamber of Commerce and Industry is bridging the gap which in 2009 created the Coordinating Committee on Economic Cooperation with Africa (South of Sahara), combining about 120 Russian companies and organizations interested in working on African issues.

Vladimir Padalko therefore urged representatives of Russian companies to make all the necessary and persistent to obtain the most relevant and current information about the Ghana economic situation and its investment potential.

The Deputy Minister of Natural Resources and Environment and Co-Chairman of the Intergovernmental Russia-Ghana Commission on Trade-Economic and Scientific-Technical Cooperation Mr. Yevgeny Kiselyov, drew attention to the implementation of the already signed agreements between Russia and Ghana, in particular, the contract Russian State Corporation "Rosatom" with the Government of Ghana in the field of nuclear energy.

Also the Deputy Chairman of the Intergovernmental Russia-Ghana Commission on Trade-Economic and Scientific-Technical Cooperation Alexander Dianov point out that work on mechanism of the Commission must significantly step up cooperation in trade, economic and scientific-technical spheres.

Russian businesses men and participant who grace the business forum expressed confidence and optimism that both Russia and Ghana have the chance to strengthen their business contacts and promote trade activities with participation in economic events that will encourage significantly trade and investment growth as well as increase tourism and cultural exchange program.

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