Least Dirty

Enlarged BRICS faces uphill battle to dethrone dollar as trading currency

By David Whitehouse

Reserved for subscribers

Posted on August 30, 2023 04:00

© REUTERS/Amr Abdallah Dalsh — REUTERS/Amr Abdallah Dalsh

BRICS countries have struggled to reduce their reliance on the dollar and the alternatives remain limited.

The expansion of BRICS to include new members including Egypt and Ethiopia is unlikely to shift the US dollar from its leading role in international trade, experts say.

There's more to this story

Get unlimited access to our exclusive journalism and features today. Our award-winning team of correspondents and editors report from over 54 African countries, from Cape Town to Cairo, from Abidjan to Abuja to Addis Ababa. Africa. Unlocked.

Subscribe Now

cancel anytime

Already a a subscriber Sign In

More Business

A person stacks cases of bottles containing alcohol at an informal a brewing facility that makes fake whisky, brandy, vodka and other spirits, in Harare, Zimbabwe March 23, 2023 REUTERS/Philimon Bulawayo

still traditional

Whisky or vodka? Study reveals Africans’ alcohol consumption habits Africa’s demographic growth is whetting the appetite of alcohol sector leaders Heineken, Diageo, and AB InBev.

Italians evacuated from Niger arrive at Ciampino Airport, near Rome

Cut off

Niger still isolated after airports reopening Air France, Turkish Airlines and pan-African airline Asky have not returned to Niamey, despite the reopening of Niger’s skies to commercial flights ea...

FILE PHOTO: FILE PHOTO: Cocoa beans are pictured next to a warehouse at the village of Atroni, near Sunyani © FILE PHOTO: FILE PHOTO: Cocoa beans are pictured next to a warehouse at the village of Atroni, near Sunyani, Ghana April 11, 2019. Picture taken April 11, 2019. REUTERS/Ange Aboa/File Photo/File Photo – RC2353A8341Z

Not enough

Ghana: Cocoa farmers still disgruntled despite hiked price The announcement on 9 September that cocoa price went up from GH¢800 to GH¢1,308 ($113) per bag evoked mixed responses from farmers.

jad20230905-eco-rdc-compagnies-minieres-dechues-1256×628-1693996369 © The Frontier copper mine at Sakania, on the border with Zambia in Haut-Katanga province. Gwenn Dubourthoumieu for JA

huge blow

DRC: Cancelling operating rights of 29 mining companies stirs controversy The Congolese government’s decision, for which no reasons were given, raises many questions, causing great concern in localities.