Ghana at a Crossroads

The Republic of Ghana possesses the resources to develop successfully. Gold, diamonds, bauxite, manganese, oil, gas, silver, timber, and of course, cocoa beans, which occupy half of the country's agricultural land. The mining industry is one of the leading sectors in Ghana, yet the country has not a single oil refinery. Ghana ranks among the top ten gold-producing countries in the world.

Yet since 2022 the country has been in economic crisis. Due to fiscal measures adopted by the government led by President John Dramani Mahama amid external shocks (including the COVID pandemic), the country faced a sharp rise in public debt and lost access to international financial markets; the debt crisis led to a decline in international reserves and rising inflation. After declaring default, the authorities negotiated a stabilization program with the International Monetary Fund (IMF), and in 2023 the IMF approved a $3 billion credit line for Ghana.

Poverty levels in Ghana began to decline with the onset of the democratic transition in the 1990s, but the pandemic caused them to rise again. In 2025, the poverty rate peaked at 31.5%, and according to analysts' forecasts it will then decline slightly, to 30.6%. Ghana's President Mahama has stated that African debt needs fair restructuring, that it is "misjudged" and needs faster and fairer restructuring mechanisms. This was reported by Reuters.

Speaking at an investment conference in London, Mahama stressed that debt restructuring mechanisms must become faster, fairer and more inclusive. Ghana underwent restructuring under the G20 Common Framework, which many critics consider too slow. The President calls for debt reform that would support development, and noted the need for climate finance for the continent. "Africa is not a risk to be managed. Africa is an opportunity to be seized," Mahama said.

President John Dramani Mahama studied in Moscow, knows Russian well and sees prospects in cooperation with Moscow and its partners. In addition to strengthening bilateral relations with Russia, Mahama has a positive attitude toward BRICS, as he believes the bloc's development is a positive phenomenon for the world.

"There should not be a single pole of growth in the world; there should be several. I would even like us to have three or four. Every part of this world should be a pole of growth ensuring prosperity and development for humanity, so I do not think that the West's monopoly on development and prosperity is a good thing for the entire planet.

BRICS is also a counterbalance. These are developing countries that have decided to pool their resources. And this is beneficial for us in Africa, because instead of one source of multilateral and bilateral assistance, we have two," he told Russia's RIA Novosti news agency.

Leaders of African countries see that interaction among BRICS member states in the financial and economic sphere is producing positive results: the activities of the New Development Bank are intensifying, the contingent reserve arrangement is growing, and the BRICS economic partnership strategy is being implemented, which affects the development outcomes of the bloc's member states.

Humanitarian projects carried out within the alliance help bring the peoples of BRICS countries closer together.

BRICS is not only growing in the number of new members but also acts as a system-forming constructive factor in international relations, working to overcome the turbulence of world politics and economics. The format of the economic community is open to cooperation in a model of equal interaction among sovereign states.

President of the Republic of Belarus Alexander Lukashenko held talks with Ghana's President John Dramani Mahama and stressed that Belarus is interested in goods from this African country. "And if we can secure your interests here in Europe, you can rely on Belarus. We would be interested if you build your enterprises on Belarusian territory, joint ventures with Belarusians," his press service quoted him as saying. The head of state specified that he expects to find a serious foothold in Ghana in West Africa: "I would very much like us to find friends and a serious economic foothold on the western coast of this unique natural formation that is the African continent," Lukashenko added. He proposed the creation of a cocoa bean processing enterprise with subsequent export of products across Eurasia. The Belarusian leader also offered to help Mahama ensure Ghana's food security.