Brics+ reserve currency: Alternative or non-starter for Africa?
L - R: Presidents Xi Jinping of China, Lula da Silva of Brazil, Cyril Ramaphosa South African President and India Prime Minister Narendra Modi at the Brics Summit in Johannesburg on August 24, 2023. PHOTO | FILE/AFP
The Brics+ geopolitical alignment has recently emerged as one route away from what is seen is as ‘Western,’ mainly American, monetary hegemony. And these countries, especially Russia, have lately talked of the creation of a new global reserve currency alternative to the US dollar.
Whether that succeeds is far from certain, some analysts say. Brics, originally composed of Brazil, Russia, India, China and South Africa, has expanded since late last year. It now includes more African countries such as Ethiopia and Egypt.
