From 22 to 24 October, Russia hosted the 16th annual BRICS Summit in Kazan under the theme “Strengthening Multilateralism for Just Global Development and Security.” Attended by 36 country leaders along with the UN Secretary-General, António Guterres, the event’s success underscored a growing interest in multilateralism led by Global South. This success is also evident in the increasing number of developing countries from Africa queuing up to join the group.

So far, South Africa has been the only African member of BRICS. However, following the latest expansion in 2023, Egypt and Ethiopia have participated as members for the first time in the recent BRICS summit. During the summit, the BRICS alliance officially announced the addition of 13 new nations as partner countries, including three African nations: Algeria, Nigeria, and Uganda.

The continent’s increasing interest in joining BRICS underscores the emergence of new global powers and multipolar world order, creating significant opportunities for African nations to lessen their traditional reliance on Western powers while forging stronger alliances with emerging economies. This shift also allows African countries to redefine their global engagement. As the 2024 BRICS summit concludes, this article examines the motivations that African states have to join the organisation.

Economic implications: BRICS as Africa’s economic ally

Recognising their current low levels of development, African leaders have been strengthening ties with external powers while expressing their frustrations with economic exploitation by their traditional partner countries, stringent conditions set by Western-led financial institutions, and overall Western dominance in the global order. Instead of depending solely on lenders like the International Monetary Fund (IMF) and the World Bank, many African nations have started prioritising economic cooperation with BRICS.

For instance, several Junta-led governments in Africa, who came to power unconstitutionally by coup, are banned from accessing the IMF and the World Bank. New financial alternatives such as the New Development Bank (NDB) present a viable alternative for these countries to reduce their dependence on the US dollar and lessen their vicious burden of debt and sanctions.

While African states are working to create alternative economic and governance structures to challenge the Bretton Woods institutions, the World Bank and the IMF still have a significant presence in Africa. For instance, BRICS members Egypt and Ethiopia rely on IMF funding. Egypt recently secured a US$8 billion bailout amid economic challenges, and Ethiopia has received a US$3.4 billion extended credit facility (ECF), to help with financial pressures. This indicates that moving away from dollar reliance and existing financial institutions remains a distant goal.

Nevertheless, African nations are optimistic about securing concessionary loans and funding through the BRICS NDB. The NDB aims to strengthen economic partnerships within BRICS Plus and improve access to diverse markets, enhancing trade and investment opportunities in emerging economies. At its ninth annual board meeting in South Africa from 29-31 August 2024, the NDB emphasised its commitment to a more inclusive and flexible financing approach better aligned with the long-term development goals of BRICS members and other developing countries. Additionally, BRICS’ initiatives to introduce new financial payment systems that work towards de-dollarisation are garnering admiration from many developing countries in the Global South. While having a common currency anytime soon seems premature, countries like India and China have started promoting trading in local currencies. This will help Africa dodge the uncertainties related to dollar fluctuations, giving them more choices and unlocking their full potential.

BRICS and Africa’s security landscape

Although African countries pursue a multi-alignment strategy, engaging with both the US and other major powers has inherent challenges.

With shifting geopolitical dynamics, the African Union (AU) and other individual African countries seek to realign with BRICS to help tackle peace and security challenges. BRICS’ support for the AU in promoting the peace process in South Sudan and for regional organisations like the Southern African Development Community (SADC) in counteracting the security threats faced by the Central African Republic (CAR) and Mozambique emphasises BRICS’ endorsement of a collective African approach to shared challenges. This endorsement of homegrown solutions that highlight Africa’s role in promoting regional stability may result in increased resources for the continent. Furthermore, BRICS’ backing for African peace initiatives could foster greater collaboration among BRICS nations, ultimately providing Africa with enhanced resources for peacebuilding and security.

BRICS and Africa’s quest for leadership

Africa seeks a new brand of leadership, requiring statesmen who understand the fundamentals for future global collaboration, particularly in economic matters. Many African countries aim to emulate the leadership of India, China, and other BRICS members as champions for the Global South who promote political equality, respect for sovereignty, and fairness in cooperation.

BRICS’ support for the AU in promoting the peace process in South Sudan and for regional organisations like the Southern African Development Community (SADC) in counteracting the security threats faced by the Central African Republic (CAR) and Mozambique emphasises BRICS’ endorsement of a collective African approach to shared challenges.

However, Ethiopia and Egypt’s status as rival countries has raised concerns about internal cohesion among African members of BRICS. This was evident when BRICS foreign ministers abruptly ended a meeting in New York on 26 September 2024, due to disputes between Egypt and Ethiopia over a UN Security Council reform.

BRICS and Africa’s Grain Exchange

Amid climate change, fragmented markets, and food insecurity, the BRICS Grain Exchange could be a game changer for much-required agricultural investment in Africa. Creating a grain exchange could revolutionise Africa’s agricultural landscape by stabilising grain prices. With BRICS facilitating a more structured market, price volatility for producers and consumers would be significantly reduced. A BRICS-backed exchange market would help Africa diversify its export portfolio, boosting foreign exchange earnings.

The way forward

For Africa, BRICS underscores a significant opportunity to enhance its role in global governance and development. The BRICS Youth Summit and the establishment of a BRICS Youth Council present crucial avenues for African youth engagement. The BRICS project of inter-parliamentary cooperation provides a platform for African countries to connect with emerging economies on issues of governance, political stability, and policymaking. This exchange of ideas has the potential to ultimately strengthen Africa’s political institutions and promote improved governance practices.

With BRICS facilitating a more structured market, price volatility for producers and consumers would be significantly reduced.

However, before joining BRICS, African countries must address their internal instability and set their policy priorities. In parallel, the current group members should focus on reviewing their foundational instruments rather than rushing to expand. Undoubtedly, the diverging political, economic, and cultural interests among its members would hinder the group from reaching its objectives. Clearly, despite the growing interest in BRICS, practical challenges exist. The way AU collectively addresses these challenges will ultimately determine its success.

Samir Bhattacharya is an Associate Fellow at the Observer Research Foundation. He has a Master’s degree in Economics from the University of Auvergne, France and he is currently pursuing his doctoral study at Jawaharlal Nehru University. PhD scholar at JNU.

By Samir Bhattacharya