IEA backs government’s decision to join BRICS

The Institute of Economic Affairs (IEA) is backing the Government of Ghana’s decision to join BRICS, saying it must establish the necessary mechanisms to ensure the country derives maximum developmental benefits from this partnership. According to the institute, the decision aligns with Ghana’s foreign policy of “positive neutrality” and non-alignment, while also allowing Ghana to expand its economic and diplomatic partnerships.

In a statement, it said Ghana’s proposed engagement with BRICS is neither a rejection of its traditional international partners nor a departure from its longstanding commitment to constructive international cooperation. “Rather, it reflects a reasonable and necessary recognition that, in a changing world, countries must continually assess their options and build relationships that advance their development objectives.

Ghana must not only maintain its existing partnerships, but it must also explore more opportunities that could contribute to economic growth, industrial transformation, and sustainable development”. “In an international system that is fast evolving, with economic power becoming more widely distributed and developing countries seeking a greater access to the capital, technology and markets needed to transform their economies, strategic choices must be made.

In his address at the World Economic Forum in Davos on 20 January 2026, Canadian Prime Minister Mark Carney emphasised that the international system faces a definitive rapture as traditional collective problem-solving institutions are severely threatened and declared that middle powers must unite strategically”, the IEA pointed out. Given the size of the country and its economic circumstances, the IEA said Ghana cannot afford to approach international relations passively or assume that its future prosperity will be secured by relying on a narrow range of relationships.

“Strategic diversification is not an expression of hostility towards any country. It is an exercise in prudent statecraft. Dr. Nkrumah aptly noted, “We face neither East nor West; we face forward.” It urged Ghana to continue to engage constructively with different centres of economic and political influence while remaining guided by its constitutional principles, democratic commitments, and national development priorities Opportunities of BRICS Partnership IEA continued that the stated objectives of BRICS include strengthening its members’ standing in the global arena through active cooperation that advances inclusive economic growth, eradicates poverty, reduces unemployment, and promotes social inclusion, while enhancing the quality and sustainability of growth through innovation, technological advancement, and skills development.

Against this backdrop, it said a partnership with BRICS offers Ghana several potentially important opportunities. With a global population share of over 3.5 billion people, and the control of about 30% of global economic output, IEA said BRICS can expand Ghana’s trade and market access. “BRICS brings together major and emerging economies across Africa, Asia, the Middle East and Latin America.

Deeper engagement could therefore help Ghanaian businesses explore new markets, diversify export destinations, and build commercial relationships beyond established trading partners”. These benefits, however, it stressed, will depend on deliberate efforts to improve export competitiveness, meet market standards, and strategic support for Ghanaian firms to take advantage of new opportunities that increase both trade volumes and value.

It added that BRICS partnership could also support investment, industrialisation, and value addition, noting that Ghana needs to move beyond an economic model that depends on exporting unprocessed or minimally processed commodities. The full members of BRICS are 11, with an additional 10 partnership countries, including Nigeria, Thailand, Malaysia, Bolivia and Cuba.