By Isaac Arkoh
Cape Coast, Oct. 15, GNA – Some residents of Cape Coast have welcomed the Government’s decision to apply for Ghana to join the Brazil, Russia, India, China and South Africa (BRICS) economic group.
They said the move could widen the country’s trade and investment opportunities and strengthen economic ties with emerging economies.
BRICS is a forum of major emerging economies that coordinates cooperation on economic and development issues and seeks a stronger voice for its members in global governance.
The Government said the proposed partnership would benefit businesses and consumers, expand markets for Ghanaian products, attract investment and support local industry.
On Tuesday, October 6, Cabinet approved Ghana’s plan to apply for BRICS partner-country status, which the Government said would broaden the country’s economic and diplomatic partnerships, while maintaining existing international relationships.
Announcing the decision, Mr Samuel Okudzeto Ablakwa, the Minister for Foreign Affairs said the move was intended to diversify Ghana’s international partnerships and create additional development opportunities, while complementing existing ties with traditional partners.
Thrilled by the Government’s decision, many of the residents in separate interviews with the Ghana News Agency said the move would give Ghana a stronger voice in calls for more inclusive global governance and broaden its diplomatic partnerships, while requiring careful management of existing international ties.
They said a deeper cooperation could encourage educational, cultural and people-to-people exchanges with member countries, although Ghana had only announced plans to apply.
A Teacher at Adisadel College said the partnership could create opportunities for investment, trade and industrial development, provided Ghana could negotiate arrangements that will serve its national interest.
“BRICS could give Ghana a wider path to investment, trade and industrial growth, but the real test is whether those opportunities translate into faster development for ordinary people,” the teacher said.
With the prospect of Ghana’s closer ties with China, Mr Samuel Acquah, a trader in Chinese home appliances at Kotokuraba Market, said improved access to goods could boost sales and widen consumer choice provided the partnership did not leave local businesses struggling to compete.
However, he wondered how the proposed partnership could affect product, supply, prices, sales, or competition.
Mr Michael Dadzie, a banker and entrepreneur, said any effect on the Cedi would depend on the terms of trade and payment arrangements, as well as their impact on demand for foreign currency.
He indicated that settling more trade transactions in local currencies could ease pressure on the cedi, while heavy reliance on foreign-currency payments might increase demand and weaken it.
An employee of the Ghana Education Service, Mr Daniel Forson said he was upbeat about the opportunities but concerned about possible negative consequences and called on the Government to explain how it would protect Ghana’s interests and manage any risks.
Some other residents also expressed concern that closer alignment with BRICS could affect Ghana’s relationship with the US.
GNA
Edited by Alice Tettey/ Christabel Addo
Reporter: Isaac Arkoh