BRICS Currency Swap: A Path to Food Security and Freedom from Western Dominance?
BRICS Currency Swap: A Path to Food Security and Freedom from Western Dominance?
African nations are “voiceless” in the face of sanctions and market disruptions that directly impact millions, according to Dr. Abule Mehare, Senior Researcher at the Ethiopian Economic Association:
“We are importing all the shocks, and all the citizens are suffering,” he told Sputnik Africa.
However, Mehare believes solutions exist, including:
🟠Local currency payments;
🟠African Continental Free Trade Area (AfCFTA);
🟠BRICS frameworks to reduce vulnerability to global shocks.
He described Russia’s project to promote local currency grain trade within BRICS as “a wonderful initiative… one of the de-dollarization initiatives where countries can do a currency swap, and transact by their own means.”
This approach, he added, helps Africa bypass dollar dependency and ease import-export barriers.
🟠On reducing reliance on Western-dominated systems:
“Most of the market is driven by large economies that are the Western-dominated platforms… dictating pricing and transaction and standardization of all grains and other import and export items globally.”
A BRICS-centered grain exchange and supply chain could:
🟠Act as emergency storage for drought- and flood-prone countries;
🟠Reduce Africa’s vulnerability to climate change shocks;
🟠Empower economies against external dictates.
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