Can Africa count on an expanded BRICS? [Business Africa]

Beginning January 2024, membership of the BRICS will grow from five to eleven countries.

Collectively, the bloc will be responsible for nearly 30% of global GDP. Using the Purchasing Power Parity (PPP) metric, that translates to 37%.

BRICS share of the global population will jump to 46% thanks to Ethiopia and Egypt.

The addition of energy powerhouses Saudi Arabia, Iran and the UAE means BRICS countries collectively control 43% of global oil production.

The expansion of the grouping has been called monumental by many analysts, saying the event marks a shift in global power dynamics. 

Starved of attention and meaningful representation in many global forums, African countries are eyeing closer ties with an expanded BRICS. 

 Our guest this week this week is Zemedeneh Negatu, Global Chairman of the Fairfax Africa Fund.

Niger businesses feel weight of sanctions

Sanctions by ECOWAS to force Niger to revert to civilian rule are devastating businesses. One drone maker says customers can no longer remit payments due to sanctions. 

He’s also unable to import materials and components.

Modi backs G20 seat for African Union

India says the African Union can become the newest member of the G20 this September. 

Prime Minister Narendra Modi has said this year’s G20 summit which convenes in New Delhi will put the concerns of developing countries first.