Bokpin cautions Ghana against abandoning existing partnerships over BRICS membership

Professor Godfred Bokpin, a finance professor at the University of Ghana Business School, has advised the Ghanaian government against abandoning existing international partnerships in favor of BRICS membership. Bokpin argued that BRICS should be seen as part of a broader foreign and economic policy strategy, allowing Ghana to interact with various global economic powers while safeguarding its interests.

He emphasized that the country must be explicit about its objectives from BRICS membership and acknowledged that BRICS is not the only significant player in the global economy. Bokpin stressed that Ghana should consider the reactions of its traditional partners and prepare a clear strategy outlining its goals, limitations, and the timeframe for achieving them within BRICS.

He cautioned against viewing BRICS membership as a panacea for Ghana's economic troubles, comparing it to Ghana's participation in the African Continental Free Trade Area (AfCFTA). Bokpin argued that BRICS membership does not guarantee economic benefits on its own and that Ghana must create an environment that enables local businesses to compete successfully at home before expecting them to compete in the international market.

He highlighted that Ghana's inflation figures indicate challenges for local producers, making it difficult for them to compete with imported goods. Bokpin emphasized that businesses cannot expect success in international markets if they cannot compete effectively within the domestic economy. He stressed the need for Ghana to build a robust domestic productive base before expecting local companies to seize international trade opportunities.