Bokpin cautions Ghana against abandoning existing partnerships over BRICS membership

Professor Godfred Bokpin, a finance professor at the University of Ghana Business School and economist, has cautioned the government against abandoning existing international partnerships in pursuit of Ghana's proposed BRICS membership. Speaking on Joy FM Super Morning Show, Bokpin urged Ghana to view BRICS as part of a broader foreign and economic policy strategy, allowing the country to engage with various global economic powers while safeguarding its interests.

Bokpin emphasized the importance of clarifying what Ghana aims to achieve from BRICS membership. He cautioned against BRICS membership as a replacement strategy for exiting other blocs or aligning exclusively with a particular political bloc. He highlighted the need for Ghana to recognize that BRICS is a significant player in the global economy, but other strategic partners with their own interests must also be considered.

Ghana should have a clear strategy outlining its objectives, limitations, and the timeframe for achieving its goals from BRICS membership, Bokpin said. The government should engage with its eyes open and avoid viewing BRICS membership as a quick fix for Ghana's economic challenges. He likened BRICS membership to Ghana's participation in the African Continental Free Trade Area (AfCFTA), stating that merely joining an economic bloc does not guarantee economic benefits.

Bokpin pointed out that Ghana's ratification of the AfCFTA agreement did not automatically make Ghanaian businesses competitive across the continent. He stressed that Ghana must create an environment for local businesses to compete successfully at home before they can realistically compete in international markets. Many Ghanaian businesses are struggling to compete with imported goods in the domestic market, leading to high inflation, he added.

The professor warned that without building a robust domestic productive base, Ghana cannot expect its businesses to compete successfully in international markets. He encouraged the Minister of Finance to use the available fiscal space to address Ghana's development challenges urgently and scale up efforts, enabling local firms to compete within and then beyond Ghana.