Ghana-Russia Center: BRICS application could unlock new trade and investment opportunities

The Ghana-Russia Center for Commerce and Relations says Ghana’s decision to formally apply to join BRICS could open new opportunities for trade, investment, technology and economic cooperation.

The Centre’s comments follow Foreign Affairs Minister Samuel Okudzeto Ablakwa’s announcement that Cabinet had approved Ghana’s formal application to join the grouping.

Mr Ablakwa said the decision forms part of government’s broader efforts to diversify Ghana’s international partnerships, widen its economic options and strengthen the country’s geopolitical and economic influence, particularly within the Global South.

The Ghana-Russia Center said the move also follows its earlier advocacy for stronger Ghanaian engagement with BRICS and emerging economies.

Its Chief Executive Officer, John Aggrey, had told Sputnik Africa weeks before the government’s announcement that Ghana needed to move from discussions to practical action.

Mr Aggrey described BRICS as “the way forward” and called for “concrete steps and concrete actions” to deepen cooperation.

According to the Centre, closer engagement with BRICS could help Ghanaian businesses access new markets while creating opportunities for investment, technology transfer and institutional cooperation.

The Centre has been promoting cooperation in areas including trade, investment, education, technology, mentorship and people-to-people relations.

It said its work is focused on turning diplomatic relationships into practical economic partnerships between Ghana, Russia and other emerging economies.

“Its brief has been to turn diplomatic goodwill into practical links,” the Centre said, highlighting “Trade corridors, investment interest, education and technology partnerships, mentorships, and a clearer Ghanaian presence in forums where the emerging economies set their own terms.”

The Centre also stressed that Ghana’s BRICS application should be approached as an economic strategy rather than simply a diplomatic decision.

It said membership alone would not automatically deliver economic benefits unless Ghanaian institutions and businesses were prepared to take advantage of the opportunities that could emerge.

BRICS, originally comprising Brazil, Russia, India, China and South Africa, has expanded its membership and become a significant platform for cooperation among emerging economies.

India was among the BRICS members whose support Ghana had already sought, according to Mr Ablakwa, who announced the Cabinet decision while India’s External Affairs Minister was in Accra.

Ghana’s formal application will now have to go through the relevant consideration and admission process within the grouping.

The Ghana-Russia Center says it will continue working to strengthen commercial relationships with Russia and other BRICS countries as Ghana advances its application.

“The Center’s role in the weeks ahead is unchanged and now more visible to help make the case practical,” the statement said.

It added that the ultimate objective was “so that a Cabinet decision becomes trade, investment and lasting cooperation.”