Russian President Vladimir Putin has highlighted a positive trend in trade between Ghana and Russia, which grew by six per cent between January and August 2026, expressing confidence that the upward movement would continue.
During bilateral talks with President John Dramani Mahama on the sidelines of the third Russia–Africa Summit in Moscow, Putin said Ghana ranked 12th among African countries in terms of trade volume with Russia and was among Moscow’s largest trading partners in sub-Saharan Africa.
“Ghana ranks 12th in terms of trade volume with Russia among all the states of the continent. But our trade is one of the largest, if we take the countries of Africa south of the Sahara. In January-August, trade grew by six per cent, which is a positive trend,” Putin said.
Although he did not disclose the actual value of trade for the eight-month period, the growth comes against the backdrop of an expansion in bilateral commercial relations. Russian Ambassador to Ghana Andrei Ordash previously told the Ghana News Agency that trade had increased from US$247 million in 2022 to more than US$800 million in 2024.
However, UN Comtrade data for 2025, based on Ghana’s reported merchandise trade, puts the value of recorded bilateral goods trade at approximately US$506.5 million. Ghana exported US$44.9 million worth of goods to Russia and imported about US$461.7 million, leaving a merchandise trade deficit of approximately US$416.8 million in Russia’s favour.
Ghana’s exports were largely made up of oil seeds and other oil-bearing products, valued at US$33.5 million, cocoa and cocoa products worth US$6.2 million, and fats and oils valued at US$4.9 million.
Imports from Russia were dominated by mineral fuels and oils, worth approximately US$337.1 million, followed by fertilisers valued at US$63 million and milling products, including grain and flour, worth about US$25.4 million. These figures underline the scope for Ghana to diversify its exports and secure greater value from its commercial relationship with Russia.
The figures also provide context for Mahama’s call for a shift from political cooperation to stronger economic engagement, as he urged Russian businesses to explore investment opportunities in Ghana, particularly in agriculture, industrialisation and energy.
The President’s appeal comes as Russia seeks to deepen its economic engagement with Africa. At the third Russia–Africa Summit, held in Moscow from October 28 to 29 under the theme “For Peace, Security and Development”, leaders adopted a declaration and a partnership action plan for 2027–2029 to guide future cooperation.
The summit’s economic agenda included expanding trade, removing barriers, increasing African exports of value-added products, promoting investment and developing local processing industries. The declaration also highlighted cooperation in energy, agriculture, fertiliser supplies, infrastructure and technology transfer.
Putin said Russia–Africa trade had reached US$27 billion in 2025, while expressing confidence that the figure could increase further. However, the scale of trade remains below the ambitions previously outlined by Moscow, including its earlier target of reaching US$40 billion in annual trade with the continent.
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