The economic heft of BRICS is attractive – its current members now account for over a quarter of global GDP. There is huge scope for exciting trading opportunities and amplifying their voice in global affairs.
But just how transformative membership of the bloc can be is up for debate. China's economy, the largest in the bloc, is undergoing significant strain. War-wracked Russia is expected to grow by just 1.5%, South Africa by 0.3%.
Many African countries will wish BRICS well, and some may even push to join, but it's too early to say whether the upstarts will displace the established order.
David Thomas, Editor, African Business
B U S I N E S S B R I E F S
JUMIA SHARES FALL FOLLOWING DOWNBEAT RESULTS Pan-African e-commerce company Jumia lost approximately lost 16% of its value in 24 hours after showing poor results for Q2 2023. >> Read more
BRICS BANK SELLS RAND-DENOMINATED BONDS The New Development Bank, formed by BRICS countries in 2014, has conducted its first sale of bonds denominated in South African rand. The move could boost the development of capital market infrastructure in South Africa, say experts. >> Read more
AFRICA RACES TO DEVELOP COOLING INFRASTRUCTURE Severe heatwaves highlight the need for improved access to sustainable cooling and cold-chain services across Africa. >> Read more
WILL SOUTH AFRICA HOST NEXT FIFA WOMEN'S WORLD CUP? South Africa is bidding for the 2027 women's tournament after hosting the men's event in 2010, but faces stiff competition to host the increasingly popular event. >> Read more
T O P S T O R IES
Could a BRICS currency challenge the US dollar?
Africa, and South Africa in particular, could be critical to efforts to dislodge the US dollar from its place at the foundation of the world’s financial systems. >> Read more
BRICS in action: Bringing Brazilian agriculture to Africa
As the BRICS countries meet in Johannesburg, the renewal of ties between Brazil and Africa could offer an outlet for ambitious Brazilian firms. >> Read more
Zimbabwe goes to the polls in presidential election
As Zimbabweans await the results of Wednesday’s presidential election, which was extended by one day due to delays, we explore the economic backdrop to the polls. >> Read more
Deeper international partnerships will boost Africa’s growth
Opinion piece by:
Lungisa Fuzile, CEO of Standard Bank South Africa
Africa remains a compelling growth story. Over the next several decades, Africa’s population will continue to grow rapidly, and Africans will continue to become healthier, wealthier, better educated, more urbanised, more digitally connected, and more productive.
Several studies predict that by the end of this century, 13 of the 20 biggest cities in the world will be in Africa, up from just two today, and so will more than a third of the world’s people. >> Read more
What happens when you take the individual customer and place them at the centre of the banking universe?
The traditional banking model faces existential threats. Backbase SVP Strategy Tim Rutten shares the Engagement Banking vision. >> Read more
Do you like what you've read? Share it!
Your privacy is important to us, if you feel like you have received this e-mail in error, please get in touch with our team at [email protected]. You can unsubscribe at any point or update your mailing preferences.