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BUSINESS MISSION: prospects of cooperation between Russia and Ghana were discussed at WTC Moscow
10 July 2017

On June, 27 the World Trade Center hosted the Russian-Ghanaian business forum, organized by WTC Moscow in the framework of the WTC Accra’s business mission to Moscow. A wide range of economic cooperation development issues between the two countries was discussed at the business forum. Foreign partners presented their companies and investment opportunities of Ghana. In addition to the official part, the Forum agenda included a number of B2B meetings for the exchange of experience, perspective ideas, innovative developments in both countries, as well as effective solutions already implemented by Russian and Ghanaian companies.

The Forum was moderated by Mr. Georgy Petrov, Advisor to the President of the Chamber of Commerce and Industry of the Russian Federation. In his welcoming speech, he noted that the role of Ghana in the Russian economy was quite significant. ‘The country is the largest supplier of cocoa to Russia, but it’s a mistake to say that Ghana is associated ONLY with the production of cocoa’. Economic cooperation between our countries is developing in the field of natural resources, a large number of Russian oil companies operate in Ghana.

Mr. Georgi Petrov also noted the issues that are in need of special attention. In particular, it is the lack of knowledge of business and economic conditions of Ghana ‘enough to start working there’. Therefore, this forum is a wonderful opportunity to present Ghanaian partners to the Russian business and to create conditions for further cooperation between the two countries.

The speakers: The Head of the special projects of World Trade Center Accra Mr Kwasi Nkansah Baawuah; the Minister, Counsellor of the Republic of Ghana Embassy in the Russian Federation Mr Moses Evonlah; the Senior Counsellor to the Ministry of Foreign Affairs of the Russian Federation Mr Oleg Petrenko; the Head of the Africa department of the Department of International Cooperation of the Ministry of Industry and Trade of the Russian Federation Mr Pavel Volosov; Deputy Chairman of the Regional Council of the Chamber of Commerce and Industry of the Moscow Region for Development of Relations with African Countries Mrs Lyubov Demidova.

The Head of special projects of World Trade Center Accra Mr. Kwasi Nkansah Baawuah, also spoke at the session. He stressed that in September 2016 the agreement had been signed between Russia and Ghana at the Intergovernmental Commission. The document aims to promote trade and economic cooperation between our countries. The speaker listed perspective areas of the Ghana economy, among which he singled out the agricultural sector, the banking sector, transport and technology, electronics and much more. Mr. Kwasi Nkansah Baawuah also stressed that Ghana was open for business, its government was ready to provide support, as well as WTC Accra was ready to render all possible assistance to the business cooperation development and expansion of international relations.

Presenting the Ghana investment potential, Ms. Kate Djankwei Abbeo, Deputy chief executive officer of the free zone management, began her speech with the presentation of free economic zones. Free zones were created in the framework of the state program for promotion of trade and export companies’ activities. These zones allow licensed companies to ‘operate freely under special conditions’. The program identifies two main lines of private business for working in the free economic zones: development projects and investment in industrial infrastructure. Entrepreneurs can also get the license, depending on the business type, and it can be either a producer of goods, a service provider or a trading company.

'The main sectors for private investment are power generation, water supply storage and public water supply systems, railway construction, telecommunications, warehouse construction,' – summarized Ms. Kate Djankwei Abbeo. 

Factory visit: 
After the business forum, the Ghana delegation visited production facilities of the electrical insulating material plant ‘Elinar’ and a broiler production facilities of the poultry factory ‘Elinar-Broiler’. The purpose of the visit was meeting with investors, acquaintance with representatives of Russian companies who would like to invest in the agro-industrial complex of Ghana ‘to help the country in agro-processing of raw materials and other spheres’.