The Institute of Economic Affairs (IEA) has backed Ghana’s application to join BRICS as a partner country, saying the move could expand export opportunities, attract investment and give the country greater economic and diplomatic flexibility.
In a statement issued on Monday, November 9, the think tank supported Cabinet’s decision to pursue partner-country status, while urging the government to put measures in place to secure the greatest possible development benefits.
The IEA said Ghana’s application represented an independent national decision.
“Ghana’s decision to join BRICS as a partner-country must therefore be understood for what it is: an exercise of sovereign choice, not an act requiring the permission, endorsement or validation of external powers,” it said.
The institute identified seven reasons for supporting the move.
First, membership could provide Ghanaian businesses with access to larger international markets. BRICS countries account for roughly 30 per cent of global economic output and have a combined population of more than 3.5 billion people. The bloc’s members and partners in Africa, Latin America, Asia and the Middle East could provide new customers for Ghanaian exporters.
The IEA also said closer ties could encourage investment in energy, manufacturing, agro-processing, mineral processing and transport infrastructure. Such investment could help Ghana move away from relying heavily on exports of raw commodities.
It added that joint ventures and cooperation on skills and technology could strengthen domestic production. This, in turn, could allow Ghana to retain more value from its natural resources.
A further benefit would be access to additional sources of development finance. The New Development Bank and BRICS member states could provide funding for infrastructure projects, giving Ghana more financing choices and improving its negotiating position.
The institute said using local currencies in trade with BRICS countries could also reduce foreign exchange conversion costs and lessen pressure on Ghana’s reserves. It argued that this could provide some protection for the cedi against exchange-rate fluctuations.
The bid, it said, was consistent with Ghana’s tradition of positive neutrality and its pursuit of greater economic and diplomatic independence. The IEA quoted Ghana’s first President, Dr Kwame Nkrumah, as saying: “We face neither East nor West; we face forward.”
It stressed that engagement with BRICS would complement, rather than replace, Ghana’s existing international relationships. The country would not need to abandon its ties with the United States, the United Kingdom, the European Union, the International Monetary Fund or the World Bank.
Citing Canadian Prime Minister Mark Carney’s January 20, 2026 Davos address on strategic unity among middle powers, the IEA said: “Strategic diversification is not an expression of hostility towards any country. It is an exercise in prudent statecraft.”
The institute warned, however, that turning new market access into actual export growth would require government support, improved competitiveness and compliance with international market standards.
BRICS currently has 11 full member states and 10 partner countries, including Nigeria, Malaysia, Thailand, Bolivia and Cuba. President John Dramani Mahama told reporters on Thursday, November 5 that the proposal to begin as a partner country came from an Akufo-Addo-era ministerial committee.
