The Institute of Economic Affairs (IEA) has expressed support for the Government of Ghana’s decision to pursue membership of the BRICS economic bloc, while calling for deliberate policies and institutional arrangements to ensure the country secures substantial economic and developmental gains from the proposed partnership.
The policy research organisation maintains that Ghana’s intended participation in BRICS is consistent with its longstanding foreign policy principles of positive neutrality and non-alignment. It argues that the initiative also presents an opportunity for the country to broaden its international economic relationships, strengthen diplomatic cooperation and explore alternative avenues for development.
In a statement addressing the proposed engagement, the IEA stressed that Ghana’s decision should not be interpreted as a repudiation of its established international allies or a departure from its commitment to constructive global cooperation. Rather, it described the move as a practical response to changing international circumstances, in which countries must continually reassess their diplomatic and economic relationships to identify opportunities that advance national development.
The institute emphasised that Ghana must preserve its existing international partnerships while simultaneously pursuing additional relationships capable of supporting economic expansion, industrial development and long term sustainability.
Drawing attention to the changing structure of global politics and economics, the IEA observed that economic influence is increasingly spreading across different regions, while developing countries are seeking improved access to financing, technological expertise and international markets to accelerate economic transformation.
It referenced remarks delivered by Canadian Prime Minister Mark Carney at the World Economic Forum in Davos on January 20, 2026, during which he highlighted what he described as a fundamental rupture in the international system, warning that established multilateral institutions responsible for collective problem solving were facing serious challenges.
According to the IEA, Carney’s message underscored the importance of strategic cooperation among middle powers as they navigate an increasingly uncertain international environment.
The institute further argued that Ghana’s economic circumstances and position within the international community make it necessary for the country to adopt a more diversified approach to international relations rather than depend excessively on a limited number of external partnerships.
It maintained that broadening diplomatic and economic relationships should not be understood as antagonism towards any particular country, but rather as a legitimate exercise in strategic national planning.
Reinforcing this position, the IEA invoked Ghana’s first President, Dr Kwame Nkrumah, recalling his famous declaration: “We face neither East nor West; we face forward.”
The organisation consequently urged the government to sustain constructive relations with different centres of global economic and political influence while ensuring that its international engagements remain consistent with constitutional principles, democratic values and national development objectives.
Economic and Developmental Opportunities of BRICS Membership
Examining the potential advantages of closer cooperation with BRICS, the IEA explained that the bloc seeks to strengthen the international influence of its participating countries through coordinated initiatives aimed at promoting inclusive economic expansion, eliminating poverty, reducing unemployment and advancing social inclusion.
It added that BRICS also places emphasis on improving the quality and sustainability of economic growth through innovation, technological progress and the development of relevant skills.
Against this background, the institute identified several areas in which Ghana could potentially benefit from deeper engagement with the grouping.
One significant opportunity relates to international trade and expanded access to markets. With BRICS representing a combined population exceeding 3.5 billion people and accounting for approximately 30 per cent of global economic output, the IEA believes the partnership could provide Ghanaian businesses with access to a considerably wider commercial environment.
The organisation noted that BRICS brings together major and emerging economies across Africa, Asia, the Middle East and Latin America, creating opportunities for Ghanaian enterprises to identify new commercial destinations, diversify their export markets and establish business relationships beyond their traditional trading partners.
Nevertheless, the IEA cautioned that these opportunities would not automatically translate into increased exports or stronger commercial performance. It explained that Ghana would need to deliberately improve the competitiveness of its products, satisfy international quality and regulatory requirements, and introduce targeted support measures to enable domestic businesses to penetrate the markets available within the bloc.
It further stressed that the country must pursue strategies capable of increasing not only the volume of international trade but also the value derived from its exports.
Another potential benefit identified by the institute concerns investment mobilisation, industrialisation and domestic value addition.
According to the IEA, deeper cooperation with BRICS could help Ghana attract investment and access opportunities that support industrial development, particularly as the country seeks to reduce its dependence on exporting raw or minimally processed commodities.
It argued that Ghana must progressively transform its economic structure by expanding domestic processing capacity, strengthening productive industries and retaining a greater proportion of the value generated from its natural resources.
The IEA’s position comes as BRICS continues to expand its international reach. The grouping currently comprises 11 full members, alongside partner countries that include Nigeria, Thailand, Malaysia, Bolivia and Cuba.
The proposed Ghanaian engagement therefore presents questions about how effectively the government can translate diplomatic cooperation into tangible outcomes for businesses, industries and the wider economy.
Ultimately, the IEA maintains that the benefits of Ghana’s participation will depend not simply on securing a place within the expanding international grouping, but on developing a clear national strategy that connects the partnership to trade expansion, investment, technology transfer, industrialisation and sustainable economic development.
