President John Dramani Mahama of Ghana has returned to Accra after attending the Third Russia-Africa Summit in Moscow. The summit, hosted by Russian President Vladimir Putin, took place on October 28 and 29. Mahama's visit aimed to strengthen bilateral relations between Ghana and Russia, with a focus on economic cooperation and development. During his stay, Mahama engaged with Russian leaders and entrepreneurs to explore new opportunities for trade and investment.
One of the key proposals Mahama presented was the idea of settling trade with Russia in local currencies, rather than relying on the dollar-dominated financial architecture. He also suggested using digital payment systems to facilitate cross-border transactions. This proposal is expected to reduce the trade imbalance between Ghana and Russia, which currently stands at $417 million. Mahama's initiative aims to promote more equitable and efficient trade relations between the two nations.
Mahama also discussed the possibility of building Ghana's first nuclear power plant with Rosatom, Russia's state nuclear energy corporation. He noted that the Soviet Union had previously supplied Ghana with a research reactor in 1964, laying the groundwork for future cooperation. The nuclear talks are part of a broader effort to diversify Ghana's energy mix and reduce its reliance on fossil fuels. Mahama has expressed interest in both nuclear and solar power cooperation with Moscow.
In addition to energy, Mahama invited Russian companies to invest in Ghana's cocoa, cashew, horticulture, mineral processing, and fertiliser production sectors. He highlighted the potential for investment in fertiliser production, which is a sector that Ghanaian farmers have long flagged as vulnerable to global price swings. Mahama's appeal to Russian investors aims to promote economic development and reduce Ghana's dependence on imports.
During his address, Mahama thanked Russia for its historical backing of Africa during the continent's anti-colonial struggles and the fight against apartheid. He cited his own experience as a scholarship student in the Soviet Union as proof of the ties between the two peoples. Mahama also called for a peaceful resolution of global conflicts, welcomed Russia's openness to resuming trilateral talks on Ukraine, and pressed for greater international cooperation against terrorism in the Sahel.
On the sidelines of the summit, Mahama attended a Kente cloth exhibition staged by the Russia-Ghana Parliamentary Forum. He described cultural symbols like Kente cloth as "historical narratives" that help strengthen bilateral relations. Mahama also received honorary doctorates from the Russian University of Transport and the Peoples' Friendship University of Russia (RUDN). He welcomed a proposal from RUDN to set up a Russian-African studies programme.
Mahama also met with members of the Ghanaian community in Moscow, briefing them on developments back home and fielding their questions. The visit has been seen as a significant step in strengthening relations between Ghana and Russia. The two nations are expected to continue their cooperation in various fields, including energy, trade, and education. Mahama's visit has paved the way for future collaborations and investments between Ghana and Russia.
Key points
- President Mahama proposes local-currency trade settlement and nuclear power cooperation with Russia.
- Mahama invites Russian investors to explore opportunities in Ghana's cocoa, cashew, and fertiliser sectors.
- The visit aims to strengthen bilateral relations and promote economic development between Ghana and Russia.
