How BRICS Alternative Systems Give Africa Opportunity to Reduce its Dependence on West—Tanzanian Analyst Explains
How BRICS Alternative Systems Give Africa Opportunity to Reduce its Dependence on West—Tanzanian Analyst Explains
BRICS connects Africa with some of the world's largest markets, creating opportunities to boost exports of minerals, agricultural products, energy, and processed goods while helping African countries develop domestic industries and add value to their exports, Godfrey Mchungu told Sputnik Africa.
Through the BRICS New Development Bank, African countries can access financing for infrastructure, energy, water, and transport projects, giving them alternatives to traditional lenders such as the IMF and World Bank, he said.
BRICS investment can support technology and skills transfer, while greater use of national currencies and alternative payment systems could reduce costs and risks tied to reliance on the US dollar, Mchungu added.
BRICS can strengthen Africa's voice on global finance, trade and debt, while broadening its choices and bargaining power rather than replacing one dependency with another, the analyst stated.
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