‘They're Monopolizing Everything’: African Expert on Financial System and How BRICS Can Change It

World banking and multinational companies are "monopolizing everything in the world" and that's why we need to change the international financial system by establishing a multipolar world, Musawenkosi Mdluli, CEO of World BRICS South Africa, told Sputnik Africa on the sidelines of the forum.

"[...] World banking [...] and [...] multinational companies [...] are monopolizing everything in the world, so we need a new system, even a new currency, a new banking system, a new SWIFT system to change the whole world. Because now everything has been controlled by a few. [...] So the multipolar system will also affect and change the financial system of the world," Mdluli said.

In this regard, BRICS is an organization that can facilitate this process and promote multipolarity.

"I think, BRICS is a very powerful organization that is changing the world. [...] It will promote a multipolar system that won't be dominated by the European Union or the G7 or the G20. [...] I believe that the BRICS is a hope for [the] multipolar world," the interviewee said.

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Continuing the discussion on the bloc, Mdluli said that Russia's chairmanship in BRICS this year will show the West that people don't follow its appeal to isolate Russia, adding that the country is becoming a "superpower" despite the fact that some don't believe it is.

"Russia has proven that they are a superpower, who can withstand, who can survive such isolation, such sanctions. But I see here in Moscow everything is good, Russia is growing economically and other things. And also the attendance here [at the forum] shows that Russia has friends in Africa and friends all over the world," the CEO argued.

Moving back to the emergence of the multipolar world, Mduli pointed out that the Western countries "will always be against it because it would stop their domination in the world." Such a system, however, will help Africa to get rid of neocolonialism and be "free."

"The world is changing. Multipolar system is going to assist Africa, move it out from neocolonialism [...]. So the new system will make more countries free and everybody will be able to choose who they can have a relationship with," the guest said.

Lastly, talking about new African members in BRICS, the speaker believed that more nations from the continent should join the bloc, as the latter would allow them to become truly independent, including in the economic sphere.

"Still, a lot of foreign countries colonize Africa, and they still take the minerals of Africa. So under BRICS we can develop a lot of African countries. It should be a situation where Africa is not losing their minerals [...]. BRICS it's a fair, good organization [where] everybody's equal. So, under BRICS African countries would be able to develop faster than [under] the present system," Mduli concluded.