An economist and finance lecturer at the University of Ghana Business School, Professor Godfred A. Bokpin, has said a potential partnership between Ghana and the BRICS bloc could create opportunities to expand trade and attract investment, but the country needs a clear national strategy to translate such engagements into tangible economic gains.
He said Ghana must take charge of its own development by strengthening indigenous businesses and implementing policies that would enable it to maximise the benefits of international economic partnerships.
Prof. Bokpin cautioned against the expectation that joining international institutions or economic blocs would automatically transform the economy, stressing that the country’s progress depended largely on its own policies and commitment to local enterprise.
Speaking at a policy dialogue organised by Wisconsin International University in Accra on Tuesday, he said “The best helping hand we can find is at the end of our own arm.”
He urged the government to prioritise indigenous businesses, irrespective of the political or religious affiliations of their owners.
Prof. Bokpin said the global economic order was increasingly shifting towards Brazil, Russia, India, China and South Africa (BRICS), which he said accounted for nearly 40 per cent of global gross domestic product (GDP).
He said the bloc’s growing economic influence offered Ghana opportunities to deepen trade and attract investment, but added that the country needed to position itself strategically to benefit from the changing global economic landscape.
According to him, BRICS member countries were expected to account for an increasing share of the world’s largest economies in the coming decades, with China projected to become the world’s biggest economy by 2050.
He, however, warned that a partnership with the bloc should not be mistaken for a guaranteed path to economic transformation.
“If BRICS was capable of doing that, South Africa would not be where they are. It’s been 16 years since South Africa joined,” he said.
The Chief Executive Officer of Dalex Finance, Mr Joe Jackson, also called on Ghana to develop a clear economic strategy to maximise the benefits of engaging with BRICS, rather than joining the bloc simply to add another international association to its membership.
He said the country risked missing out on potential economic gains without a deliberate plan to protect and advance its national interests.
Mr Jackson observed that Ghana had joined several international organisations but needed to assess how effectively it had used those memberships to achieve its development objectives.
He said BRICS comprised major economic powers with considerable financial and commercial influence, making it essential for Ghana to approach any partnership with a well-defined strategy.
BY PRINCE ADDO FRIMPONG AND HILDA NSAMI
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