 BRICS Summit Impact on Africa The three-day 15th BRICS Summit, which started on August 22, 2023, has brought together the leaders of Brazil, Russia, India, China and South Africa to discuss key global issues and foster economic cooperation. Currently taking place at the Santan Convention Center, Johannesburg, South Africa, the theme of this year's summit, BRICS and Africa, partnership for mutually accelerated growth, sustainable development and inclusive multilateralism aims to focus on African development. As every eye looks toward the outcome of the summit, one thought that would undoubtedly fly across the minds of every African is, how exactly would BRICS benefit Africa? Given that the theme of this year's summit is BRICS and Africa, what exactly would be the impact of this summit in Africa? Let's find out. The BRICS acronym was first coined by Jim O'Neill, a global economist at Goldman Sachs, in 2001. In a research paper, he identified Brazil, Russia, India and China as the countries with the greatest growth potential in the early 21st century, but there was no expectation that they would ever cooperate closely with each other. Yet, to everyone's surprise, in 2009, these four countries came together and held their first summit, and then two years later, South Africa joined them, thereby forming the five-member BRICS group. Today, BRICS has grown from when it first held its first summit in 2009, to a powerful group of emerging market economies that is building a new world order capable of challenging Western dominance. One of the main things uniting BRICS is skepticism about a world order that serves the interests of the United States and its rich country allies who promote international norms they enforce but don't always respect. While BRICS started off in 2009 with a cumulative GDP of $16.09 trillion, it has reportedly overtaken the G7 with a global share of 31.5% of global GDP compared with the G7's 30.07%. It boasts the largest foreign currency reserves of $4.4 trillion, making up 17% of all global trade, and based on this trajectory, it is estimated that BRICS will account for 50% of global GDP by 2030. As economic growth is mirrored by population growth, the BRICS now account for 40% of the global population, with over 3 billion people. BRICS has also floated the possibility of having its own global reserve currency, and such a move would undoubtedly end the strong reign that the US dollar has had for nearly half a century. And so, it comes as no surprise that many African countries have shown great interest and have even applied to join BRICS. The addition of more members to the group is one of the main agenda items to be discussed at the summit. These African countries, including Egypt, Ethiopia, Sudan, Nigeria, Tunisia, Zimbabwe, Senegal and Algeria, indicate that Africa is ready to enter the new economic order. For African countries, BRICS is no longer an alternative model to the G7 Western economic model but an economic representation of the dreams and aspirations of an ambitious Africa. Through BRICS, African countries seek to move from the periphery to the epicenter of decision making and chart a viable development path for their people. With the expansion, BRICS will become a bigger and better economic space for the global South community. Now, how exactly would the BRICS Summit benefit Africa? The 15th BRICS Summit aims to address five key themes, which are One, expansion, this is one of the pivotal subjects that will occupy the discussions at the summit as more than 40 countries have expressed interest in joining BRICS. While some leaders, such as South African President Remaposa, advocate for a broadened coalition, others urge a cautious approach to preserve the group's coherence and shared goals. However, the fact is that adding more members would definitely cause BRICS to grow economically and internationally. And if this happens, it would have a ripple effect on the African continent as many African countries have expressed interest in aligning with BRICS. Already, with the combined GDP of these five nations accounting for a significant portion of the world's economy, Africa can tap into their vast markets to boost its own economic growth. Two, strengthening the new Development Bank, also known as the BRICS Bank. The summit will delve into innovative strategies for enhancing local currency fundraising and lending within the new Development Bank, NDB, as well as the exploration of alternative currencies to mitigate the risks of foreign exchange fluctuations. It also serves to provide financial impetus for integrating BRICS economies. This institution will provide financial support for infrastructure projects in emerging economies, including Africa. The BRICS Bank can help fund vital infrastructure projects across the continent, driving development, and creating job opportunities, as it has done in South Africa. South Africa has been funded by the bank in several infrastructure projects worth $30 billion in sectors such as roads, water, transport, and energy. One of the differences between the NDB and other global financial institutions like the World Bank and IMF is that the loans given to countries are not conditional, unlike the IMF, where in exchange for loans, countries must follow the economic policies prescribed by the institution. Three, economic cooperation. The BRICS summit will also focus on improving economic ties between their diverse economies, engaging in discussions on trade, investment opportunities, energy cooperation, infrastructure development, the digital economy, and the job market. Additionally, the summit will include talks with leaders from other countries, with invitations extended to 67 leaders from Africa, Latin America, Asia, and the Caribbean. Thus, it seeks to promote closer cooperation in areas such as agriculture, technology, and energy. For Africa, these partnerships can provide access to advanced agricultural practices, technological advancements, and renewable energy solutions. Collaborating with BRICS countries can accelerate Africa's progress in these sectors and contribute to sustainable development. Four, global outreach, the last day of the summit is expected to focus on talks with leaders from other countries, as invitations to attend the summit were extended to 67 leaders across Africa, Latin America, Asia, and the Caribbean. The BRICS summit therefore opens doors for Africa to showcase its own potential. By participating in discussions and forums, African leaders can present investment opportunities, attract foreign direct investment, and highlight Africa's rich resources and vibrant market. This exposure can lead to increased trade, foreign exchange, and job creation on the continent. Three, economic cooperation, the BRICS summit will also focus on improving economic ties between their diverse economies, engaging in discussions on trade, investment opportunities, energy cooperation, infrastructure development, the digital economy, and the job market. Additionally, the summit will include talks with leaders from other countries, with invitations extended to 67 leaders from Africa, Latin America, Asia, and the Caribbean. Thus, it seeks to promote closer cooperation in areas such as agriculture, technology, and energy. For Africa, these partnerships can provide access to advanced agricultural practices, technological advancements, and renewable energy solutions. Collaborating with BRICS countries can accelerate Africa's progress in these sectors and contribute to sustainable development. Four, global outreach, the last day of the summit is expected to focus on talks with leaders from other countries as invitations to attend the summit were extended to 67 leaders across Africa, Latin America, Asia, and the Caribbean. The BRICS summit therefore opens doors for Africa to showcase its own potential. By participating in discussions and forums, African leaders can present investment opportunities, attract foreign direct investment, and highlight Africa's rich resources and vibrant market. This exposure can lead to increased trade, foreign exchange, and job creation on the continent.