Africa is turning to BRICS; how will the intergovernmental organization change the economic and political dynamics of African member countries?

In 2001, the ideology and term BRIC (Brazil, Russia, India and China) was created by Goldman Sachs economist Jim O’Neill. He understood that by 2050 the four BRIC economies would come to dominate the global economy.  In 2006, Brazil, Russia, India and China created the “Bric” group while the creation of the bloc was initiated by Russia, South Africa joined in 2010, making it “BRICS” The group however, is not a formal multilateral organization like the United Nations, World Bank or the Organization of the Petroleum Exporting Countries (OPEC) but operates by consensus with annual meetings held and leadership rotation on a yearly basis.

It is critical however, to note that in the “original design”, Africa was missing in the picture until 2010 when South Africa joined the block officially turning BRIC to BRICS. The underlying ideology for BRIC was to establish deeper ties between member nations and cooperate on economic expansion, including trade. The countries would also act as a counterbalance to traditional Western influence.

When the bloc expanded in 2010 and took on the name BRICS, South Africa the least powerful member in terms of both population and economic power benefited initially with the move by the block to expand its membership and consequently other African nations such as Ethiopia have recently joined the Block. When combined, the nation’s make up about 40% of the world’s population and 25% of its GDP.

The transition to BRICS has significant political ramifications. It represents a reorganization of geopolitical coalitions, with African countries looking for more varied and well-rounded relationships. By working together, Ethiopia and South Africa are able to handle shared issues and influence international agendas while staking out their influence on international arenas.

There are some fundamental benefits to working together with BRICS nations including Brazil, India, Russia, and Brazil. Russia gives energy resources and technological know-how, Brazil offers agricultural expertise, India offers creativity and IT proficiency, and all of these contributions might significantly advance the development agendas of African states.

It is imperative however, to also acknowledge the existence of the newly ratified Africa continental Free trade area (AfCFTA). A surface comparison of the two initiatives demonstrates immense potential for economic opportunities exploration for African nations keen on developing as economic power houses in Africa.

With the new members Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates who officially joined the organization on 1 January 2024, the bloc’s influence is bound to expand but once again Africa has to take a strong foothold and engage actively on the decision table with unity. Failure to unite on the table will result to similar predicaments where Africa is short changed and fails to yield any real tangible benefits from membership in the international front.