After gaining independence, African nations remained economically tethered to the West, with Europe and the United States exerting control through institutions established after World War II, which eventually evolved into the International Monetary Fund (IMF) and the World Bank.
In 2010, South Africa joined Russia, China, Brazil, and India to challenge this economic dominance by becoming part of BRICS. This alliance has since played a crucial role in helping African nations reclaim economic sovereignty.
BRICS has provided African countries with an alternative perspective on economic development. By leveraging advanced technologies from BRICS nations, Africa has the potential to drive an ‘agricultural agrarian revolution’, unlocking the full potential of its vast natural resources. As the continent moves toward industrialization and de-dollarization, its economic transformation is becoming an increasingly significant global development.
