The Institute of Economic Affairs (IEA) has urged the government to develop clear policy and institutional frameworks to secure economic benefits from Ghana’s proposed partnership with BRICS.
The Institute said the move could widen Ghana’s access to international markets, attract investment and create opportunities to support industrialisation and long-term economic growth.
In a statement issued on Monday, November 9, the IEA endorsed the decision to pursue BRICS partner-country status, which has received Cabinet approval.
It said the move was consistent with Ghana’s foreign policy principle of positive neutrality and non-alignment, allowing the country to deepen cooperation with emerging economies while maintaining its existing international relationships.
The IEA cautioned against interpreting Ghana’s engagement with BRICS as a departure from its traditional partners, including the United States, the European Union, the United Kingdom, the International Monetary Fund and the World Bank.
More Read
It argued that strengthening existing partnerships while pursuing new ones would give Ghana greater room to advance its national development interests.
“With a global population share of over 3.5 billion people, and the control of about 30% of global economic output, BRICS can expand Ghana’s trade and market access,” the statement said.
The Institute also called on the government to pursue local currency settlement arrangements for trade with BRICS economies.
It said such arrangements could reduce foreign exchange conversion costs for businesses and limit their exposure to exchange-rate fluctuations.
However, the IEA warned that membership or partnership alone would not guarantee economic gains, stressing the need for policies that improve the competitiveness of Ghanaian exports and enable local businesses to access opportunities within the bloc.
It further described the decision as an expression of Ghana’s sovereign right to determine its foreign policy direction without external geopolitical interests dictating its choices.
