Why African Countries Want To Join BRICS

Why African Countries Want To Join BRICS

The BRICS summit, consisting of Brazil, Russia, India, China, and South Africa, commenced in Johannesburg yesterday, with over 30 of the 60 African heads of state invited attending.

Key leaders present include China’s President Xi Jinping, India’s Prime Minister Narendra Modi, and Brazil’s President Luiz Inácio Lula da Silva.

Russia’s Foreign Minister Sergey Lavrov is representing President Vladimir Putin to prevent his potential arrest due to an International Criminal Court indictment, given that South Africa, as a signatory, would be obligated to arrest him.

De-dollarization and increased usage of local currencies in trade are among the main topics of discussion, although the prospect of a shared currency among the BRICS nations remains doubtful. The Chinese renminbi may see increased utilization, as several African countries, including Mauritius, Nigeria, and Zambia, already include it as a reserve currency.

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The BRICS countries encompass over 40% of the global population and, as of March, have surpassed the G-7 nations in GDP. Around 23 countries are interested in joining, such as Algeria, Egypt, Ethiopia, and Senegal, prompting discussions about expansion criteria at the summit.

South African President Cyril Ramaphosa emphasized support for BRICS expansion and collaboration with other African nations in order to unlock trade, investment, and infrastructure opportunities for the continent. This approach aligns with the goal of establishing a more balanced global order.

Despite tensions between the United States and South Africa over their close ties with Russia, Ramaphosa affirmed his country’s commitment to peace negotiations in Ukraine and avoiding being drawn into global power contests.

The substantial African presence at the BRICS summit underscores the continent’s call for changes to the World Bank and International Monetary Fund. Algeria has sought to become a shareholder member of the BRICS New Development Bank with a contribution of $1.5 billion, aiming to safeguard its trade interests with Beijing and Moscow.

While China seeks rapid BRICS expansion to enhance its influence, reports suggest opposition from India and Brazil due to concerns about admitting members with agendas antagonistic to the West. However, China’s economic slowdown and Russia’s international isolation could limit the benefits of BRICS membership. Despite considering BRICS accession, Nigeria has opted to prioritize domestic crises for now.