The 16th BRICS summit, which concluded on Thursday, October 24, 2024, in Kazan, Russia, has ignited intense global debate about its potential to reshape the global economic order.
With the central theme reflecting member states’ disillusionment with Western-led institutions of global economic governance, discussions in Kazan were sparked by bold rhetorics on alternative international payment systems, expanding BRICS membership, and strengthening energy security.
As the bloc represents over 44% of the world’s population and aims to enhance its influence in global governance, it creates important questions for Africa about how to seize this opportunity while maintaining its longstanding ties to the West.
BRICS, comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates, positions African nations at the center of an evolving global power shift. For Africa, BRICS hold both promise and critical lessons that could shape the continent’s development trajectory.
Strategic diversification of partnerships
One key lesson for Africa is the importance of diversifying its international partnerships. For decades, Africa’s economic and diplomatic engagements have been dominated by Western nations and institutions.
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BRICS presents an alternative platform that can help African countries access new funding sources, technology, and trade networks. By strategically engaging with BRICS, African nations could reduce their dependence on Western financial systems.
However, diversification must be approached thoughtfully. African countries should ensure that new partnerships align with their national development goals, rather than becoming another form of external dependency. It is crucial for African governments to be discerning in their negotiations, seeking mutually beneficial terms that genuinely support local development.
Opportunities for Africa in the BRICS Bloc
The New Development Bank (NDB), established by BRICS, is already set to facilitate infrastructure projects in some member states in Africa, including South Africa. This presents a valuable opportunity for African countries to secure development financing that may come with fewer conditions than traditional Western lenders.
Nevertheless, African nations must negotiate terms that are clear, fair, and sustainable to avoid potential debt traps. Ensuring that NDB-funded infrastructure projects are economically viable and provide tangible benefits for local communities will be key to transforming BRICS’ promises into meaningful outcomes for the continent.
Energy security was another central theme at the Kazan summit, with BRICS members emphasizing the need for diversified and resilient energy systems. For Africa, which faces significant energy challenges, BRICS offers potential partnerships for developing sustainable energy projects, sharing technology, and improving energy infrastructure.
African countries should seize these opportunities to enhance their energy access and climate resilience with a proactive approach. Instead of passively accepting BRICS projects, Africa must ensure they align with the continent’s long-term sustainability goals and support regional strategies like the African Continental Free Trade Area (AfCFTA).
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A Pragmatic Approach to Alternative International Payment Systems
BRICS’ push for “de-dollarization” aims to reduce global reliance on the U.S. dollar by promoting local currency trade among member states, though the summit communiqué indicated limited progress on this front.
However, this agenda could provide greater financial autonomy for African nations if they wish to pursue it too, but the transition must be gradual and carefully managed. African countries may utilize regional payment systems under AfCFTA to facilitate local currency trade, thereby reducing dollar dependency.
That said, de-dollarization could lead to short-term trade volatility or financial instability due to the dollar’s entrenched role in global markets. African nations should proceed cautiously, ensuring their financial systems are prepared for such transitions to avoid economic shocks.
Navigating a multipolar world
One of BRICS’ key strengths is its collective bargaining power, a model that African nations can emulate to enhance the effectiveness of continental bodies like the African Union and AfCFTA. By presenting a unified stance, African countries can better negotiate trade agreements, development projects, and other international deals on more favorable terms.
Greater regional integration could not only boost intra-Africa trade but also strengthen the continent’s negotiating power in global forums, helping Africa advocate for more equitable policies and development outcomes in both BRICS discussions and other international platforms.
While BRICS champions a multipolar world, African nations must navigate these shifts carefully. As BRICS seeks to redefine global governance, Africa risks becoming a geopolitical battleground for competing powers if it does not maintain a balanced approach. Engaging with BRICS does not mean severing ties with the West; rather, Africa should leverage both partnerships to advance its development goals.
By skillfully balancing its engagements, Africa can maximize benefits without being drawn into great power rivalries. Ensuring that BRICS agreements align with Africa’s vision for sustainable development, peace, and prosperity is essential for achieving meaningful and long-lasting outcomes.
Africa must adopt a strategic, balanced, and pragmatic approach—engaging with BRICS not as a passive recipient but as an active partner shaping the terms of global engagement. Whether BRICS becomes a true force for global change or remains bold rhetoric will depend, in part, on how effectively Africa can harness its potential.
John Kitoka is an independent research consultant and writer on socio-economic and political affairs based in Dar es Salaam, Tanzania. He’s available at +255 755 622697 or kitoka2000@gmail.com. The opinions expressed here are the writer’s own and do not necessarily reflect those of The Chanzo. If you are interested in publishing in this space, please contact our editors at editor@thechanzo.com.
