Earlier this week, the President of South Africa Cyril Ramaphosa announced the outcomes of the 15th BRICS Summit in Johannesburg saying that the Summit has reached an agreement to invite Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and UAE to become full members of BRICS.
The membership will come into effect on the 1st of January 2024.
BRICS is a grouping of the world economies of Brazil, Russia, India, China, and South Africa formed by the 2010 addition of South Africa to the predecessor BRIC1.
The original acronym “BRIC”, or “the BRICs”, was coined in 2001 by Goldman Sachs economist Jim O’Neill to describe fast-growing economies that would collectively dominate the global economy by 2050.
Now looking for advantages for Ghana and its possibilities of joining BRICS+, here is what I have for you.
Ghana could benefit from increased trade and investment opportunities with the BRICS countries, which are among the largest and fastest-growing markets in the world.
According to the World Bank, Ghana’s exports to the BRICS countries amounted to $2.4 billion in 2019, accounting for 16.9% of its total exports. By joining the BRICS, Ghana could enhance its access to these markets and diversify its export products and destinations.
Ghana could also gain from greater cooperation and coordination with the BRICS countries on regional and global issues, such as peace and security, climate change, health, education, and development.
The BRICS countries have been increasingly active and influential in multilateral forums, such as the United Nations, the G20, and the African Union. By joining the BRICS, Ghana could amplify its voice and interests in these platforms and contribute to shaping a more democratic and multipolar world order.
Further, Ghana could also benefit from the BRICS initiatives and institutions that aim to support the development of its members and other developing countries. For example, the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA) are two BRICS-led financial mechanisms that provide financing and liquidity support for infrastructure projects and macroeconomic stability. Ghana could access these resources by joining the BRICS and enhancing its economic resilience and growth prospects.
Last to add is that, Ghana could also leverage its comparative advantages and complementarities with the BRICS countries to foster innovation and learning. Ghana has a vibrant and dynamic economy, with a strong focus on digital technology, agriculture, mining, and services.
The BRICS countries have diverse and rich experiences and expertise in these sectors and other areas such as science, technology, education, culture, and sports. By joining the BRICS, Ghana could exchange best practices and knowledge with its partners and foster mutual learning and development.
These are some possible reasons Ghana might want to join the BRICS group. However, joining the BRICS would also entail some challenges and costs for Ghana, such as adjusting to different political systems, balancing its relations with other partners, and meeting the expectations and obligations of membership. Therefore, Ghana would need to carefully weigh the pros and cons of joining the BRICS before making a decision.
BRICS Status
The BRICS have a combined area of 39,746,220 km2 and an estimated total population of about 3.21 billion, or about 26.7% of the world’s land surface and 41.5% of the global population. Brazil, Russia, India, and China are among the world’s ten largest countries by population, area, and GDP (PPP), and the latter three are widely considered to be current or emerging superpowers.
All five states are members of the G20, with a combined nominal GDP of US$28.06 trillion (about 26.6% of the gross world product), a total GDP (PPP) of around US$56.65 trillion (32.5% of global GDP PPP), and an estimated US$4.46 trillion in combined foreign reserves (as of 2018). The BRICS were originally identified for the purpose of highlighting investment opportunities and had not been a formal intergovernmental organization.
Since 2009, they have increasingly formed into a more cohesive geopolitical bloc, with their governments meeting annually at formal summits and coordinating multilateral policies. Bilateral relations among BRICS are conducted mainly on the basis of non-interference, equality, and mutual benefit.
