Foreign Affairs and Regional Integration Minister-Designate, Shirley Ayorkor Botchwey, is urging Russian investors to take advantage of the favourable business and investment opportunities in Ghana.
According to her, since there had been low levels of investment between Russia and Ghana it is imperative for the two countries especially Russia to invest in Ghana especially in the field of energy and the petrochemical industry following the entry into the Ghanaian market of LUKOIL and ROSNEFT.
Madam Ayorkor Botchwey made the call when she held a bilateral meeting with, Deputy Minister for Russia’s Foreign Affairs and Special Presidential Representative for the Middle East and Africa, Mikhail Bogdanov.
The delegation comprising officials from the Russian Foreign Affairs Ministry and private businesses are in the country to explore business opportunities in the mining and related sectors in Ghana.
Amongst the Russian delegation is founder of GBP Global Resources, Mr. Boris Ivanov, the company which has happens to be the world’s number one producer of gas with about 16% of the world’s gas reserves.
Madam Ayorkor Botchwey hailed the interest expressed by GBP Global Resources, to invest in Ghana adding that the gold refinery at Tarkwa, which was built by the former Soviet Union, could be worth considering as an investment opportunity.
She added that the interest of GBP Global Resources in engaging in the gold refinery business was in harmony with the Government of Ghana’s agenda of value addition to its vast natural resources to promote economic development and provide jobs for the burgeoning youth.
Madam Ayorkor Botchwey assured the Russian envoy of Ghana’s commitment to expediting the processes involved to enable GBP Global Resources to invest in gold, manganese and other related industries.
Ghana’s Foreign Affairs Minister-Designate assured of Ghana’s commitment towards negotiating with Russia, the Agreement on Investment Promotion and Protection as well as the Agreement on the Avoidance of Double Taxation to guarantee Russian investors the security of their investments.
Madam Ayorkor Botchwey acknowledged that despite the excellent relations between Ghana and Russia, trade volumes between the two countries had been low. She however expressed optimism that the start of trading under the African Continental Free Trade Area (AfCFTA) would provide a big opportunity for Russian businesses to take advantage of the 1.2 billion African market size, with Ghana as the entry point.
According to her, as a means of enhancing bilateral relations, Ghana was earnestly preparing to host the Fourth Session of the Permanent Joint Commission for Cooperation this year, stating that Ghana has received the suggestions from Russia regarding the April meeting to discuss the outcome of the 3rd Session and the holding of the 4th Session in October 2021.
Madam Ayorkor Botchwey pointed out the numerous assistance extended to Ghana by Russia for the former’s socio – economic development especially in the area of education where Russia awarded many Ghanaian students scholarship to study in Russia over the years which have improved Ghana’s human capital development.
She however expressed concern that in recent years the Scholarship Secretariat of Ghana and the Russian Mission have had some differences in the award of scholarships and call for a speedy resolution of the difficulties whilst calling for an increase in the number of scholarships provided yearly to about one hundred in order to consolidate the enduring friendship between the two countries, indicating potential for cooperation between Russian diplomatic training institutions and the Ministry’s Foreign Service Institute, which is nearing completion.
Meanwhile Russia’s Deputy Minister for Russia’s Foreign Affairs and Special Presidential Representative for the Middle East and Africa, Mikhail Bogdanov has lauded Ghana’s participation in the last Russia-Africa Summit.
He noted that Russia has in earnest started preparations for the next Russia-Africa Summit, which would take place in Africa.
Source: Henry George Martinson@radiogoldlive.com
