Accra: BRICS has evolved significantly since its inception 25 years ago, transforming from a conceptual grouping of emerging economies-Brazil, Russia, India, and China-into a formidable international platform that now includes major economies across Asia, Africa, the Middle East, and Latin America. The implications of this shift are particularly pertinent for Ghana as it navigates the changing global economic landscape.
According to Ghana Web, the critical issue for Ghana is not whether BRICS will rival the West, but rather how the shifting balance of global economic power can contribute to its development. A more multipolar world provides countries like Ghana with more choices, enabling them to seek investment, technology, infrastructure finance, markets, and development partnerships from a wider range of countries, potentially strengthening their bargaining positions. However, having more partners does not necessarily equate to achieving more development.
Historically, African economies have been heavily reliant on relationships with Europe and North America. The rise of China, India, and other economies has broadened the options available to the continent. BRICS reinforces this shift, with its African members, including South Africa, Egypt, and Ethiopia, providing the continent a presence within a grouping that seeks greater influence for developing countries in global economic governance. This development is welcomed, but Africa must look beyond mere membership and diplomatic representation.
For Ghana, possessing abundant resources such as gold, cocoa, oil, and lithium poses the question of how these resources can be leveraged for local development. The focus should not solely be on attracting foreign investment but rather on what remains in Ghana after resources are extracted or exported. The aim should be to integrate Ghanaian companies into the value chain, increase local processing, facilitate technology transfer, develop new skills, enhance research capacity, and create sustainable jobs.
The case of cocoa serves as a cautionary tale; despite being a major exporter for generations, much of the higher value associated with chocolate and other products is created elsewhere. Similarly, being a major gold producer does not automatically lead to industrial transformation. Ghana must avoid repeating this pattern with lithium and other critical minerals, ensuring that its natural resources are used to build domestic industries rather than fueling development abroad.
A shift in assessing international economic agreements is necessary. While billion-dollar investments may sound impressive, their long-term developmental value is what truly matters. The focus should be on building local industries, transferring technology, developing Ghanaian suppliers, and strengthening skills. Diplomacy should align with national development objectives, ensuring that partnerships result in tangible benefits for Ghana.
While the evolving global order presents opportunities, it is crucial for Ghana to recognize that BRICS or any other external entity cannot address its internal challenges. The responsibility of improving institutions, preventing resource waste, maintaining infrastructure, and ensuring educational quality remains with Ghana. External partners will naturally pursue their own interests, and Ghana must be equally committed to defining and pursuing its long-term national interests.
To leverage the opportunities presented by the changing global order, Ghana requires a comprehensive national development strategy that transcends electoral cycles and government changes. Sectors such as industrialization, education, technology, infrastructure, energy, and natural resource policy should be integrated, reinforcing one another rather than operating in silos.
As economic power becomes more dispersed globally, the central question for Ghana is not about the shift from West to East. Instead, it is about utilizing the competition and opportunities arising from this shift to build a stronger domestic economy. While the world may offer more partnerships than before, the focus must be on transforming these partnerships into Ghanaian industries, skills, technology, and sustainable opportunities for future generations.