E. I. TERESHCHENKO, Candidate of MGIMO (U) of the Ministry of Foreign Affairs of the Russian Federation
Ghana Keywords:, Russia, trade and economic cooperation
Intensive development of trade and economic ties between the two countries began in the first years after Ghana gained independence in 1957. In accordance with the agreement on economic and technical cooperation (1960), with the assistance of the USSR, Ghana built: a reinforced concrete products plant in the capital of the country, Accra, and a vocational technical center in Tema, which trained personnel for mechanical engineering. On the basis of the Agreement on Cooperation in the peaceful Uses of atomic energy (1961), Ghana was assisted in the construction of an atomic research center and an isotope laboratory. In the 1970s, Soviet specialists carried out geological exploration to search for oil deposits in the Volta region. Bilateral trade developed on the basis of a corresponding long-term agreement (1976).
After the removal of the first President of Ghana, Kwame Nkrumah, from power in 1966 as a result of a military coup, relations between Ghana and the USSR were curtailed in many areas. It was only in the late 1980s and 1990s that their gradual recovery began.
Currently, according to the Ghanaian Center for Attracting Investment, 12 commercial structures organized with Russian participation are registered in the country. These enterprises operate mainly in gold mining and trade.
The rapid growth of the Ghanaian economy in recent years creates favorable conditions for the development of Russian-Ghanaian trade and economic relations. As a result of lower government spending, tight monetary policy and attracting investment, GDP growth in 2011 reached its highest level in the country - 13.6% compared to 7.7% in the previous year1. According to IMF forecasts, Ghana's GDP in 2012 was expected to reach $37.4 billion, and its growth - 8-9%2.
In addition to effective government measures and high prices for the m ...
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