Ghana risks economic exploitation under BRICS – Dr Elvis Botah warns

Development expert Dr Elvis Botah has cautioned that Ghana risks falling prey to economic exploitation by the BRICS nations without a clear plan for industrial development. While BRICS membership could boost trade and investment, Dr Botah argues that Ghana might not reap as much as it potentially could from larger players like China, India, Brazil and Russia. He contends that Ghana could be left as a "larger consumer market" for goods produced within BRICS economies, without the added value of processed manufacturing.

Dr Botah's concerns follow Foreign Affairs Minister Samuel Okudzeto Ablakwa's clarification that Ghana aims to become a BRICS partner rather than an immediate member. The government believes stronger ties with BRICS could lead to increased investment, industrialization and a more diverse economic partnership. However, Dr Botah warns that Ghana's continued focus on raw material exports could deepen existing economic imbalances, with the stronger members reaping the benefits of processing, manufacturing and selling finished products.

He questions the government's negotiation strategy, asking what Ghana will offer and what its core negotiation points will be. Dr Botah points to the rise of Chinese-owned retail outlets in Ghana as evidence that foreign businesses could increasingly challenge local traders, even in the domestic market. Without investment in local processing, manufacturing and technology transfer, Ghana could simply become a larger market for goods produced by BRICS countries.

Dr Botah stresses the need for a clear industrial blueprint with measurable targets for value addition, technology transfer and job creation within the next five to ten years. He maintains that Ghana's ability to benefit from BRICS depends on strengthening its domestic economy and negotiating agreements that safeguard its economic interests, rather than merely expanding diplomatic relationships.