Why BRICS Summit Leaves Africa Forever Changed

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The 3-day 15th BRICS Summit which started on August 22nd, 2023 has brought together the leaders of Brazil, Russia, India, China, and South Africa to discuss key global issues and foster economic cooperation. Currently taking place at the Sandton Convention Centre, Johannesburg, South Africa, the theme of this year's summit “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism," aims to focus on African development. As every eye looks toward the outcome of the Summit, one thought that would undoubtedly fly across the minds of every African is how exactly would BRICS benefit Africa? Given that the theme of this year's Summit is BRICS and Africa, what exactly would be the impact of this summit in Africa? Let's find out.


The BRICs acronym was first coined by Jim O'Neill, a global economist at Goldman Sachs in 2001. He identified in a research paper “Brazil, Russia, India, and China as the countries with the greatest growth potential in the early 21st century but there was no expectation that they would ever cooperate closely with each other. Yet to everyone's surprise in 2009, these four countries came together and held their first summit, and then two years later South Africa joined them, thereby forming the five-member BRICS group.

Today BRICS has grown from when it first held its first summit in 2009 to a powerful group of emerging-market economies that is building a new world order capable of challenging Western Domination. One of the main things uniting BRICS is skepticism about a world order that serves the interests of the United States and its rich-country allies who promote international norms they enforce but don't always respect. While BRICS started off in 2009 with a cumulative GDP of $ 16.09 trillion, it has reportedly overtaken the G7 with a global share of 31.5% of global GDP (compared with the G7’s 30.07%). It boasts the largest foreign currency reserves of $ 4.4 trillion, making up 17% of all global trade, and based on this trajectory, it is estimated that BRICS will account for 50% of global GDP by 2030. As Economic growth is mirrored by population growth, BRICS now accounts for 40% of the global population, with over 3 billion people. BRICS has also floated the possibility of having its own global reserve currency and such a move would undoubtedly end the strong reign that the US dollar has had for nearly half a century.


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