IEA backs government’s decision to join BRICS
In a statement, it said Ghana’s proposed engagement with BRICS is neither a rejection of its traditional international partners nor a departure from its longstanding commitment to constructive international cooperation. “Rather, it reflects a reasonable and necessary recognition that, in a changing world, countries must continually assess their options and build relationships that advance their…
The Institute of Economic Affairs (IEA) has endorsed the Government of Ghana's decision to join BRICS, highlighting the potential for Ghana to reap significant developmental benefits from this partnership. The institute asserts that the decision aligns with Ghana's foreign policy of "positive neutrality" and non-alignment, while simultaneously expanding the nation's economic and diplomatic connections.
According to the IEA, Ghana's involvement in BRICS does not signify a rejection of traditional international partners or a deviation from its commitment to constructive international cooperation; instead, it reflects a prudent recognition of the evolving global landscape and the necessity for countries to reassess their options and forge relationships that promote their development objectives.
The IEA emphasizes that Ghana must not only maintain existing alliances but also explore new opportunities that can contribute to economic growth, industrial transformation, and sustainable development. In a rapidly changing world, characterized by a more evenly distributed economic power and developing countries seeking enhanced access to capital, technology, and markets, strategic decisions must be made.
Canadian Prime Minister Mark Carney's address at the World Economic Forum in Davos on January 20, 2026, underscored the challenges faced by the international system, where traditional collective problem-solving institutions are under severe threat. Carney emphasized the importance of middle powers unifying strategically to address these challenges.
Considering Ghana's substantial size and economic circumstances, the IEA cautions against a passive approach to international relations, asserting that relying on a limited range of relationships is insufficient for ensuring long-term prosperity. Dr. Kwame Nkrumah's wisdom, "We face neither East nor West; we face forward," serves as a guiding principle for Ghana, encouraging the country to engage constructively with various centers of economic and political influence, guided by its constitutional principles, democratic commitments, and national development priorities.
The IEA outlines several potential opportunities that BRICS membership could offer Ghana, including expanded trade and market access, given BRICS' global population share of over 3.5 billion people and control over approximately 30% of global economic output. As BRICS includes major and emerging economies from Africa, Asia, the Middle East, and Latin America, deeper engagement could enable Ghanaian businesses to explore new markets, diversify export destinations, and establish commercial relationships beyond their traditional partners.
However, the IEA stresses that these benefits will depend on deliberate efforts to enhance export competitiveness, meet market standards, and provide strategic support for Ghanaian firms to capitalize on new opportunities that will increase trade volumes and value.
Additionally, BRICS partnership could facilitate investment, industrialization, and value addition, driving Ghana away from an economic model that primarily depends on exporting unprocessed or minimally processed commodities. Currently, the full members of BRICS number 11, with an additional ten partnership countries, including Nigeria, Thailand, Malaysia, Bolivia, and Cuba.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
