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The Africa Report: BRICS expansion shows Global South seeking to remake the world’s financial system

The BRICS group’s expansion to include Egypt, Ethiopia, Saudi Arabia, the UAE, and Iran signifies the Global South’s desire to reshape the world’s financial system. The inclusion of these new members highlights the inadequacy of the current global financial architecture for fast-growing economies. With BRICS now representing about 41% of the world’s population and 35% of global GDP, the bloc aims to reduce reliance on the US dollar, facilitating trade in local currencies. While some experts are skeptical about the economic impact of BRICS, others view it as a necessary counterweight to US dominance and economic sanctions. Read it here.

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