Professor Godfred Bokpin, a renowned economist and Professor of Finance at the University of Ghana Business School, has expressed concerns that Ghana's decision to join the BRICS economic bloc should not be seen as a substitute for the domestic reforms needed to transform the country's economy. He emphasized that while joining BRICS could provide Ghana with new economic opportunities and strengthen its engagement with emerging global economies, membership alone would not automatically improve the country's economic fortunes.
Speaking on the Joy FM Super Morning Show, Prof Bokpin highlighted that Ghana should not expect BRICS membership to deliver an immediate economic transformation. He noted that the country must continue to focus on managing its economy competitively, regardless of its international affiliations. Prof Bokpin also pointed out that BRICS is still evolving, and its framework is yet to be fully defined, even among its original founding members.
Despite his caution, Prof Bokpin expressed support for the government's intention to join BRICS, citing the shifting global economic balance and Ghana's need to position itself accordingly. He noted that the combined economic output of BRICS member countries has become significant enough to rival or exceed that of traditional Western-led economic groupings. The bloc now accounts for almost 40 percent of the global GDP, with its member countries having higher growth potential than any other economic bloc.
Prof Bokpin highlighted the growing economic influence of BRICS, citing long-term economic projections that point to a growing role for BRICS countries in the global economy. He noted that China is projected to remain the world's largest economy by 2050, while the United States is expected to rank second. By 2050, three out of the top five biggest economies globally will be BRICS members, with China leading the way.
Looking further ahead, Prof Bokpin cited economic projections for 2075, which show an even stronger presence of BRICS countries among the world's largest economies. He noted that four of the five largest economies by then are projected to be BRICS members, with Nigeria also expected to be among the top five. Nigeria's growth is expected to be driven by its private sector and major entrepreneurs.
Prof Bokpin emphasized that Ghana is already experiencing the growing influence of emerging economies through its expanding economic relationship with China, even without being a member of BRICS. He noted that Ghana needs to recognize the changing patterns of global trade and position itself accordingly. The country's economic transformation will not depend solely on government but can also be driven by major Ghanaian entrepreneurs.
In conclusion, Prof Bokpin cautioned that Ghana should not expect BRICS membership to resolve its economic challenges. He emphasized that domestic reforms are crucial to transforming the country's economy and that BRICS membership is not a substitute for these reforms. While he supports the government's intention to join BRICS, he also highlights the need for careful consideration of the implications and potential benefits of membership.
Key points
- BRICS membership is not a substitute for domestic economic reforms in Ghana.
- The global economic balance is shifting in favor of BRICS countries.
- Ghana's economic transformation will depend on domestic reforms and a competitive economy.
