By Issah Mohammed, GNA
Accra, Nov. 9, GNA – The Institute of Economic Affairs (IEA) says Ghanaian businesses could expand their export markets through deeper engagement with BRICS economies, as the country seeks to diversify its international trade relationships.
It said the partnership could help local businesses explore new markets, diversify export destinations and build commercial relationships beyond Ghana’s established trading partners.
The Institute made the observation in a statement issued on November 9 in support of the Government’s decision to pursue BRICS partner-country status.
It said BRICS, with a combined population of more than 3.5 billion people and about 30 per cent of global economic output, offered opportunities for Ghana to strengthen its trade links with major and emerging economies across Africa, Asia, the Middle East and Latin America.
The IEA, however, cautioned that access to those markets would not automatically translate into increased exports.
It said Ghana needed to improve export competitiveness, meet market standards and provide strategic support to local businesses to enable them to take advantage of the opportunities.
“These benefits, however, will depend on deliberate efforts to improve export competitiveness, meet market standards, and strategic support for Ghanaian firms to take advantage of new opportunities that increase both trade volumes and value,” the statement said.
The Institute said stronger trade relations with BRICS economies could also support Ghana’s efforts to increase the value of its exports and reduce dependence on a narrow range of trading partners.
It urged the Government to establish the necessary mechanisms to ensure that the proposed partnership delivered meaningful economic benefits.
The IEA said the ultimate measure of the engagement should be whether it advanced Ghana’s development objectives, created decent jobs and improved the welfare of the population.
BRICS is an international organisation currently comprising ten countries: Brazil, Russia, India, China (the founder countries) and Egypt, Ethiopia, Indonesia, Iran, South Africa, the United Arab Emirates.
BRICS established a “partner countries” category, which Ghana is seeking to join. Countries already in the category included Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan, and Vietnam.
BRICS was formed to give major emerging economies a stronger voice in global decision-making and to counterbalance Western dominance in international financial and political institutions.
GNA
Edited by Agnes Boye-Doe
9 Nov. 2026
Reporter: Issah Mohammed