Ghanaian MP: BRICS Bloc Offers Global South a Fairer Alternative to Dollar-Based Trade

Daily News Egypt

19 hours ago

As momentum grows behind the BRICS bloc and its expanding global influence, Ghanaian Member of Parliament Hon. Thomas Nyarko Ampem Bedzrah has hailed the alliance as a crucial alternative for developing nations seeking to break free from what he described as long-standing imbalances in the global economic order.
Speaking at a recent policy forum, Bedzrah underscored the rising appeal of BRICS (Brazil, Russia, India, China, South Africa — now joined by several new members), particularly among Global South countries that have historically borne the brunt of Western economic dominance.
'More countries from the Global South are joining BRICS — and we all know what this group stands for,' Bedzrah stated. 'In the past, Western economies took advantage of less endowed nations by monetizing everything that came from our regions — from raw materials to natural resources — and dictating the terms of trade in a currency they alone controlled.'
He pointed to the outsized role of the U.S. dollar in international trade as a major barrier to economic self-determination in Africa and other developing regions. 'When everything is dollarized, it makes trade extremely difficult for us in the Global South. We have to convert to a third-party currency, which creates inefficiencies, additional costs, and vulnerability to external shocks,' he noted.
According to Bedzrah, BRICS offers a meaningful shift in that narrative by promoting multilateral trade in local currencies, a practice that could level the playing field for emerging economies. 'For instance,' he explained, 'if Ghana and Russia are both members of BRICS and we have a trade agreement, I should be able to pay in Ghanaian cedis while the other party receives payment in Russian rubles. That removes the unnecessary dependence on the dollar and makes trade more direct, competitive, and equitable.'
His remarks come amid renewed interest in the BRICS bloc, especially following its expansion in 2024 to include countries such as Egypt, Iran, Ethiopia, and the United Arab Emirates — signaling a broader realignment in the global economic architecture. The bloc has also revived discussions around the possibility of creating a BRICS-based payments system or common trading currency to further challenge the dollar's dominance.
'This shift isn't just economic — it's political,' Bedzrah added. 'It reflects a growing desire among developing nations to assert sovereignty over their economic destinies, to set fairer terms of engagement, and to stop being mere providers of raw commodities in a system that does not serve their long-term development.'
Analysts say BRICS' growing influence could offer developing economies new leverage in international negotiations, particularly in trade, energy, and finance — sectors often shaped by rules written in the Global North.
For Ghana and other African nations, Bedzrah's comments echo broader calls for a more inclusive, multipolar global order — one where the voices and interests of the Global South are not only heard but actively shape the future of global commerce.