ON October 6, 2026, Ghana announced that it would apply to engage with BRICS following Cabinet approval. Six days later, the Foreign Affairs Minister clarified that Ghana was seeking Partner Country status, not full membership. The distinction matters: Ghana is exploring a new avenue for international cooperation, not joining every BRICS institution or automatically gaining access to its benefits.
The move comes as the government seeks to consolidate macroeconomic stability and shift towards structural transformation. The New Economy programme promises jobs, wealth creation, industrialisation and sustainable growth. The central question is therefore not simply whether BRICS is a good diplomatic choice. It is whether Ghana can turn international relationships into productive capacity, stronger institutions, decent jobs and lasting economic resilience.
My argument is straightforward: a BRICS partnership could widen Ghana’s economic options, but opportunities do not produce results by themselves. Institutions, rules and implementation determine whether economic relationships deliver broad benefits. Ghana’s success will depend less on the announcement than on the quality of its governance.
Ghana’s trade challenge
Ghana’s trading relationships predate independence. Colonial economic structures concentrated on primary commodities such as gold, cocoa and timber, with networks oriented towards export markets. After independence in 1957, Dr Kwame Nkrumah’s government pursued industrialisation through factories, state-owned enterprises and infrastructure. However, political instability, external shocks, debt pressures and changing strategies prevented Ghana from establishing the broad, competitive manufacturing base it sought.
The pattern remains relevant. Ghana exports valuable commodities while importing manufactured goods, machinery, fuel, vehicles, pharmaceuticals, food and industrial inputs. World Bank WITS data put merchandise exports at approximately US$16.875 billion and imports at US$16.394 billion in 2023. The composition matters more than the totals alone. A country can earn substantial export revenue while retaining limited manufacturing, technology and employment benefits.
Imports are not inherently harmful. Machinery, processing equipment and technology can expand productive capacity. The policy challenge is to reduce avoidable dependence on finished goods while enabling Ghanaian businesses to produce, process, innovate and export competitively. Industrial transformation requires sustained coordination between government institutions and productive firms, not isolated projects. This should be the lens through which Ghana evaluates potential BRICS cooperation.
Connecting BRICS to the New Economy
The government’s New Economy programme is intended to move beyond stabilisation towards jobs, wealth creation and sustainable growth. President John Dramani Mahama has announced a planned US$10 billion investment in key sectors, with further details expected in the 2027 Budget. This should be treated as a stated ambition, not as evidence that the full amount has already been committed or disbursed.
Stability is necessary, but does not automatically create industrialisation. Ghana’s Accelerated National Reserve Accumulation Policy sets a target of 15 months of import cover by the end of 2028. Stronger reserves can help the country meet international payments and absorb shocks. Yet lasting foreign-exchange strength also requires a more diverse economy capable of earning export revenue.
BRICS engagement should therefore be tied to domestic priorities. Without a clear industrial strategy, new relationships could simply create additional channels for importing finished products. Negotiated well, they could support local manufacturing, agro-processing, technology transfer, skills development and export growth.
Potential cooperation might include pharmaceutical production with Indian firms, industrial equipment and manufacturing links with China, agricultural technology with Brazil, and financial or commercial partnerships with South Africa. These are possibilities, not guarantees; agreements must be commercially sound and local firms capable of using them.
Opportunities, not guarantees
One practical area is cross-border payments. The currency used to settle trade can affect access to foreign exchange, transaction costs and payment speed. In August 2026, Stanbic Bank Ghana announced direct access to China’s Cross-Border Interbank Payment System (CIPS) for eligible yuan transactions. The service was intended to reduce delays and reliance on intermediary banks for eligible payments.
For an importer purchasing eligible goods from China, this may provide an alternative to routing a transaction through US dollars. However, it does not eliminate exchange-rate risk or guarantee lower costs. Fees, conversion spreads, yuan liquidity, documentation and supplier arrangements will all matter. The service offers an option, not proof that Ghana’s broader foreign-exchange challenges are solved. Policymakers should assess whether any efficiency gains help firms invest, produce and export.
The New Development Bank (NDB), established to finance infrastructure and sustainable development, is another institution worth monitoring. But BRICS Partner Country status does not automatically make Ghana eligible for NDB financing. Ghana would need to examine the Bank’s membership rules, project requirements and approval procedures.
Any proposed borrowing should be assessed transparently against project viability, debt sustainability and measurable public benefit.
Gold, diversification and lessons from African peers
Gold remains central to Ghana’s export earnings and reserve strategy. Mineral revenues can strengthen external buffers and public finances, but excessive reliance on a single commodity exposes the economy to price changes and production disruptions.
The objective should not be to dismiss gold, but to use resource revenue strategically while developing other sources of foreign exchange. Cocoa processing, competitive manufacturing, agricultural exports, tourism and digital services could contribute to a broader and more resilient export base.
South Africa, Egypt and Ethiopia offer useful points of comparison. South Africa has been a BRICS member since 2011, while Egypt and Ethiopia joined in 2024. These relationships provide platforms for economic diplomacy and engagement with major emerging economies. Yet international alignment has not removed domestic constraints.
South Africa continues to face investment, infrastructure and regulatory challenges, illustrating that external partnerships cannot substitute for effective domestic reform.
Ghana should also avoid treating BRICS engagement as a choice between emerging and Western partners. Diversification can coexist with long-standing relationships with the United States, the United Kingdom and the European Union. The priority is to preserve room for diplomacy while pursuing Ghana’s commercial interests.
The experience of other African members does not prove that BRICS membership alone causes development gains; outcomes also depend on domestic policy, institutions and implementation.
The governance test
Ghana should treat its BRICS initiative as a governance process, not a one-off diplomatic event. First, government should publish a clear strategy identifying the economic outcomes it expects from Partner Country engagement.
Second, it should identify priority sectors and assess proposed projects against transparent criteria, including job creation, export potential, productivity, environmental and social effects, and value added within Ghana.
Third, agreements should include measurable commitments where appropriate: local supplier participation, skills transfer, technology sharing, training and realistic implementation milestones.
Fourth, government should publish progress reports so Parliament, businesses, researchers and the public can assess whether promises are being delivered.
Finally, independent evaluation should examine whether partnerships strengthen domestic firms and expand Ghana’s productive capacity, rather than merely increase trade volumes or announce investment intentions.
Partnership negotiations create risks as well as opportunities. Poorly prepared projects, opaque terms, weak oversight or unsustainable borrowing can limit public benefit. A coordinated approach across finance, trade, industry, foreign affairs and relevant regulators would help ensure that diplomatic engagement supports a coherent national development strategy.
Ghana does not need to choose between global engagement and domestic development. It needs to connect the two. BRICS may open doors to markets, finance, technology and alternative payment channels, but those doors lead somewhere only when Ghana has capable institutions, competitive businesses and clear priorities.
The decisive measure of success will not be the status Ghana secures; it will be the productive capacity, jobs, resilience and shared prosperity the country builds from it.
BY EBENEZER KWADWO BOAHENE ANNOH
The writer is a PhD Candidate, Leadership and Governance, Pentecost University.
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