President John Dramani Mahama has called for the use of local currencies and integrated digital payment systems in trade between Africa and Russia to address trade imbalances and improve market access for African goods.
He said modernised payment arrangements would help make commercial transactions between the two sides more efficient while reducing barriers to expanding bilateral trade.
Speaking at the 3rd Russia–Africa Summit in Moscow, President Mahama said African countries needed practical mechanisms to ensure their products could compete more effectively in Russian markets.
“To address trade imbalances and create direct market access for African goods, we must deploy modernised trade settlement mechanisms, including the use of local currencies and integrated digital payments,” he said.
He also identified the need for better market information, predictable quality standards and resilient logistics to strengthen trade relations.
“Better market information, predictable quality standards, resilient logistics, and closer cooperation between our respective private sectors can make trade far more balanced, reliable, and mutually rewarding,” he added.
The President’s proposal forms part of efforts to expand trade between Africa and Russia beyond existing levels and improve the range of goods exchanged.
At the summit, he also called for stronger cooperation between African and Russian businesses, particularly in agriculture, agro-processing, healthcare, energy security and digital services.
The Information Services Department has reported that Mahama wants central banks, commercial banks and fintech companies to explore appropriate payment arrangements to facilitate legitimate trade transactions between Ghana and Russia.
The broader push for improved trade settlement mechanisms comes amid discussions about expanding Russia-Africa economic cooperation, with trade, investment and financial systems among the issues on the summit agenda.
President Mahama said closer cooperation between the private sectors of both sides would also be essential to making trade more balanced and beneficial.
