A GNA Feature by Godwill Arthur-Mensah
Accra, Oct.17, GNA– Ghana’s decision to formally apply for membership in BRICS represents one of the most consequential foreign policy and economic decisions in recent years. The move signals a deliberate effort by the Mahama administration to reposition Ghana within an evolving global economic order increasingly shaped by emerging economies.
Ghana’s Foreign Affairs Minister, Samuel Okudzeto Ablakwa, has framed the decision as part of a broader strategy to diversify Ghana’s international partnerships, expand economic opportunities and reduce excessive dependence on traditional development partners. He argues that BRICS membership aligns with Ghana’s long-term goals of industrialisation, economic sovereignty and value addition to natural resources.
The Origin of BRICS
“BRIC” was formally established as a diplomatic group in 2006 comprising Brazil, Russia, India and China with its first foreign ministers’ meeting in September 2006. The coalition held its inaugural summit on June 16, 2009.The term “BRIC” was first coined as an economic concept by economist Jim O’Neill. The first official BRIC leaders’ summit took place in Yekaterinburg, Russia. South Africa joined the group in December 2010, thus, changing the acronym to BRICS.
The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS nations. Its core mission was to finance infrastructure and sustainable development projects in BRICS and other emerging economies, offering an alternative to traditional Western-led financial institutions like the World Bank and IMF.
In its first decade of operations, BRICS approved over 120 projects, committing approximately US$40 billion towards transportation, clean energy, and digital infrastructure. BRICS has evolved over the years into a growing economic bloc that includes important emerging economies such as Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates.
The group’s increasing share of global trade, population, and economic output has elevated its relevance in international economic governance.
New Economic Partnerships in a Multipolar World
The government insists that its BRICS membership ambition is not intended to replace relationships with the United States, European Union, IMF or World Bank. Rather, it reflects Ghana’s desire to secure multiple economic partnerships and reduce vulnerability to shocks associated with reliance on a limited number of external partners.
The Economic Case for Joining BRICS
Supporters of Ghana’s application to BRICS argue that membership offers opportunities for trade expansion, foreign direct investment, infrastructure financing and technological cooperation. Given that several of Ghana’s major trading partners are already BRICS members, proponents believe formal membership could deepen existing economic ties and unlock new avenues for growth.
Advocates believe BRICS membership could help Ghana broaden its export destinations beyond traditional Western markets. Access to rapidly growing economies could create new demand for Ghanaian products while improving the country’s bargaining position in international trade negotiations.
One of the major attractions of BRICS is the prospect of engaging institutions such as the New Development Bank. Supporters believe this could offer Ghana additional funding sources for infrastructure, industrial development and strategic economic projects beyond conventional Bretton Woods financing mechanisms.
Countries such as China and India have developed globally competitive capabilities in manufacturing, pharmaceuticals, renewable energy and digital technology. Therefore, closer engagement could facilitate knowledge sharing, technology transfer and industrial upgrading that could support Ghana’s economic transformation agenda.
A Platform for Stronger South-South Cooperation
Policy analysts also argue that BRICS offers a valuable forum through which Ghana can deepen collaboration with countries facing similar developmental challenges, fostering partnerships based on shared experiences and mutual interests. They caution that while opportunities exist, BRICS membership is not an automatic gateway to investment, loans or market access. They stress that benefits would depend largely on Ghana’s negotiating strength, competitiveness and ability to implement domestic reforms that attract productive investment.
Will Ghana’s Membership Deliver Meaningful Economic Gains?
Economists note that membership in an international grouping alone does not guarantee economic success. They argue that countries derive benefits when they enter such partnerships with clear national strategies, competitive industries, and coherent policies capable of converting diplomatic opportunities into tangible development outcomes.
Some analysts warn that without significant industrialisation, Ghana risks merely shifting economic dependence from Western economies to larger BRICS members. They note that continued export of raw materials and importation of finished goods could perpetuate structural trade imbalances rather than resolving them.
Professor Bokpin’s Warning: Domestic Reforms Matter Most
Prominent economist Professor Godfred Bokpin, of the University of Ghana, argues that BRICS membership should not be viewed as a substitute for domestic economic reforms. According to him, Ghana’s ability to benefit from any international alliance ultimately depends on strengthening local productive capacity, policy consistency and economic governance.
Public Reactions: Hope, Skepticism and Questions
The announcement has generated mixed reactions among Ghanaians. While some businesses and entrepreneurs see promising opportunities in expanded trade and investment, others remain uncertain about whether membership will result in improved living standards, lower inflation or increased employment.
The business community sees new opportunities.
Market traders, importers, and manufacturers have generally welcomed the prospect of closer economic ties with major BRICS economies. Many expect greater access to financing, lower import costs and increased commercial opportunities.
Young entrepreneurs look forward to receiving innovation and technology transfers to the country.
Ghana’s growing technology and startup community sees potential advantages in partnerships with BRICS countries that have achieved notable success in digital innovation, manufacturing and infrastructure development.
Public Concerns Over Jobs and Cost of Living
Despite optimism, many citizens remain focused on practical outcomes. Questions persist regarding whether BRICS membership can create jobs, strengthen the cedi, reduce inflation, and improve economic conditions for ordinary households.
The decision also carries foreign policy implications. As competition between major global powers intensifies, Ghana may face the challenge of maintaining constructive relationships with both BRICS nations and longstanding Western partners.
The United States and European Union remain significant sources of trade, investment, aid and development cooperation for Ghana. Some observers fear that deeper engagement with BRICS could trigger concerns among these partners if not carefully managed.
Navigating Growing Global Geopolitical Tensions
Recent geopolitical developments have highlighted the increasingly complex international environment in which countries like Ghana must operate. Analysts say Ghana will need a carefully calibrated diplomatic strategy to avoid becoming entangled in major-power rivalries.
Government’s Position: Partnership, Not Alignment
Government officials maintain that Ghana remains committed to a non-aligned foreign policy that prioritises national interests. They argue that BRICS membership should be viewed as complementary to, rather than in competition with, existing international partnerships.
Ghana’s long-standing tradition of pragmatic diplomacy may prove critical. The country’s success could depend on its ability to simultaneously deepen relationships with emerging economies while preserving productive ties with traditional allies and international financial institutions.
Ghana in an Emerging Multipolar World
Ghana’s BRICS bid reflects broader shifts in global economic and political power. As emerging economies become increasingly influential, many developing countries are reassessing their international partnerships in pursuit of greater economic flexibility and strategic autonomy.
BRICS membership presents genuine opportunities for trade, investment and development cooperation. However, the ultimate measure of success will depend not on membership itself but on Ghana’s capacity to negotiate favourable agreements, strengthen domestic production, promote value addition and implement sound economic policies.
The Real Test Lies at Home
For Ghana, joining BRICS may open new doors, but sustained prosperity will ultimately be determined by domestic economic management. Whether the initiative delivers jobs, industrial growth and improved living standards will depend less on international affiliations and more on how effectively Ghana positions itself to seize the opportunities that membership may offer.
GNA
Edited by Kenneth Odeng Adade
Reporter: Godwill Arthur-Mensah
Email: [email protected]