BAMPOURI INSIGHT

  BRICS and the Shifting Global Order The BRICS grouping, coined by Jim O’Neill of Goldman Sachs in 2001, includes Brazil, Russia, India, China, and, later, South Africa. This group represents key emerging economies, aiming to reshape global economic governance to better represent the interests of rapidly developing countries. Today, BRICS has evolved into a significant multilateral platform, accounting for over 40% of the global population and more than 30% of world GDP in purchasing power parity (PPP), along with a growing share of international trade. The group has established institutions like the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA), promoting infrastructure financing and providing support against financial shocks. At the 2023 Johannesburg Summit, BRICS expanded to include Saudi Arabia, the United Arab Emirates, Iran, Egypt, and Ethiopia, becoming "BRICS+" and signaling a goal of creating a more balanced global economic framework....

  Ghana's economy has hit some rocky roads with unstable monetary policies, fiscal mismanagement, and a financial sector crisis that saw several banks fold under the past administration. These hurdles have put a damper on growth, jobs, and investor trust. But President Mahama's leadership sparks hope! With a plan to tackle fiscal indiscipline, unsustainable monetary policies, and the financial sector meltdown, there's a promising future for stability and economic revival. The previous government's initiatives aimed to stimulate economic growth, but they led to macroeconomic challenges such as the depreciation of the cedi, increasing inflation, and a rising debt burden. The banking sector experienced a significant downturn, requiring the government to allocate GHS 29.9 billion for a financial sector cleanup, which some viewed as excessive and mismanaged. Fiscal spending increased with the excuse of COVID-19 and the Russia-Ukraine war, causing Ghana's debt to reach ...