AFRICA ( Commonwealth Union) _ Can the so-called BRICS nations effectively facilitate a competitive currency to the US dollar? The ongoing global financial crisis and the hostile foreign policy of the US may be to blame for the BRICS nations’ increased efforts to introduce a currency that would compete with the US dollar. In this paper, we provide answers to a number of queries, such as what is necessary to make this vision a reality and what effects this change might have on African economies.
The GDP of the BRICS countries has surpassed that of the G7, an economic breakthrough that hasn’t drawn much attention in Western media. This information, along with the BRICS (Brazil, Russia, India, China, and South Africa) countries’ ambitions to launch their own currencies later this year, pose a threat to the US dollar’s status as the main reserve currency in the world.
In terms of gross domestic product based on purchasing power parity, the BRICS have exceeded the Group of Seven (G7), according to figures released by the UK-based economic research firm Acorn Macro Consulting. The United States, Canada, the United Kingdom, France, Italy, Germany, and Japan make up the G7.
The BRICS region accounts for 16% of global trade and 41% of the world’s population. According to Acorn, the five BRICS countries currently make up close to 31.5 percent of the world’s GDP, vs 30.7 percent for the G7.
On Thursday, Brazilian President Luiz Inacio Lula da Silva urged the BRICS countries to develop a currency to compete with the dollar in international trade. Lula made his remarks while paying a visit to the BRICS-founded New Development Bank in Shanghai. Dilma Rousseff, a former Brazilian president, has been named the bank’s new CEO.
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