Russia strongly supports Ghana’s application to join BRICS as a partner country - Ablakwa

Professor Godfred A. Bokpin, an economist and finance lecturer at the University of Ghana Business School, has highlighted the potential benefits for Ghana in partnering with the BRICS bloc. These benefits include expanded trade opportunities and increased investment. However, Bokpin emphasized that Ghana requires a clear national strategy to capitalize on these engagements and achieve tangible economic gains.

He stressed the importance of strengthening indigenous businesses and implementing policies that maximize the advantages of international economic partnerships. Bokpin cautioned against assuming that joining international institutions or economic blocs will automatically transform the economy, asserting that the country's progress hinges on its own policies and commitment to local enterprise.

During a policy dialogue organized by Wisconsin International University in Accra, Bokpin emphasized that the best assistance Ghana can find is within itself. He urged the government to prioritize indigenous businesses, regardless of their owners' political or religious affiliations. Bokpin also noted the global economic shift towards the BRICS countries, which collectively account for nearly 40% of global gross domestic product (GDP).

The bloc's growing economic influence offers Ghana opportunities to deepen trade and attract investment, but Ghana must strategically position itself to benefit from the evolving global economic landscape. Bokpin warned that a partnership with the BRICS should not be viewed as a guaranteed path to economic transformation, citing South Africa's progress since joining the bloc, which took 16 years to achieve.

Joe Jackson, the CEO of Dalex Finance, echoed Bokpin's sentiments, urging Ghana to develop a clear economic strategy to maximize the benefits of engaging with BRICS. Jackson cautioned that the country risks missing out on potential economic gains without a deliberate plan to protect and advance its national interests. He highlighted that Ghana has joined numerous international organizations but needs to assess how effectively it has utilized these memberships to achieve its development objectives.

Jackson emphasized that the BRICS countries, as major economic powers with significant financial and commercial influence, require Ghana to approach any partnership with a well-defined strategy.