The BRICS alliance, comprised of Brazil, Russia, India, China, and South Africa, has emerged as a major player in the global economic landscape. As developing nations seek alternatives to the US-dominated financial system, the BRICS’ de-dollarization agenda is attracting significant interest. This is particularly true for African countries, with a recent statement suggesting all African nations are considering joining the alliance.
Former Ethiopian speaker of the house, Agegnehu Teshager, made the claim during a press meeting, highlighting Africa’s potential role within BRICS. This potential is multifaceted. A BRICS membership could bolster African economies by promoting trade in local currencies and fostering closer economic ties with the alliance members.
While Teshager’s statement indicates a strong African interest, the continent seems to be adopting a cautious approach. African nations are likely observing how the BRICS’ de-dollarization initiative unfolds before formally committing to membership.
This cautious approach aligns with the broader global trend. Around 40 countries, including several African nations, have formally expressed interest in joining BRICS in 2024. However, only a select few, like Ethiopia, have received invitations so far. The upcoming BRICS summit in October could offer further clarity on future expansion plans.
Also Read: BRICS Boom: Southeast Asia’s $100 Billion Oil Surge Fueled By Expansion?
The potential benefits for Africa are undeniable. BRICS membership could provide access to new investment opportunities, enhanced trade partnerships, and a greater voice in shaping the global financial system. However, crucial questions remain. How will African economies integrate with the existing BRICS structure? How will the continent navigate potential political and economic challenges of this alliance?
As those alliance evolves, all eyes are on Africa. The continent’s decision to join or remain on the sidelines will significantly impact the future trajectory of this influential economic bloc.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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