Business News of Saturday, 18 June 2016
Ghana has intensified moves to get Russia to become one of the biggest players in the country’s oil and gas sector.
Russia, which is rich in oil and gas, has not shown significant interest in Ghana’s oil and gas sector despite its involvement in some industries in Ghana.
Ghana-Russia trade statistics indicates that external trade turnover declined from $1.42 billion in 2010 to $1.02 in 2015, while Russia’s share in Ghana’s total external trade stood close at 0.4 per cent in 2015.
Vice President Amissah Arthur is currently in Russia to woo Russian investors while attending the Russia-Africa Economic Forum.
Speaking at the forum Paa Kwesi Amissah-Arthur urged Russian authorities to create an avenue for investment into Africa especially in the oil and gas sector.
“For us it is important that we create an avenue for investment from Russia especially in the oil and gas sector which Russia is clearly a leader but we do not see that leadership translate into activity in the oil sector in Africa. We need to see a certain focus that is brought to bare. Africa is a vibrant and exciting area.
We have a lot of spontaneity and all we have tried to do is to guide and direct this spontaneity into a consistent coherent grant that allows for the human development of Africa.”