Prime minister Narendra Modi of India (L), President Cyril Ramaphosa of South Africa (C) and China's President Xi Jinping at the 15th BRICS summit in Johannesburg. (Photo: MARCO LONGARI / POOL / AFP)

What does BRICS expansion mean for Africa?

Six new countries will be invited to join the BRICS group of emerging economies from 1 January 2024, including two African nations – Egypt and Ethiopia.

The announcement was made this week at a summit of the group’s leaders in Johannesburg, where President Cyril Ramaphosa of South Africa welcomed the presidents of Brazil, India and China and the foreign minister of Russia.

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%.

And as Jim O'Neill – the economist who coined the original BRIC acronym – told us, talk of a BRICS currency is a pipe dream given the diverging economic and political interests of the members.

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

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