Former Lands and Natural Resources Minister Samuel Abu Jinapor has questioned claims that Ghana’s move towards BRICS partnership will automatically broaden economic opportunities, stabilise the cedi and reduce reliance on the US dollar.
Jinapor argued that the expected benefits needed closer examination, particularly because access to financing from the BRICS-backed New Development Bank may depend on conditions that include approval from the International Monetary Fund (IMF).
“I’m afraid, with the greatest of respect, it may be a bit simplistic,” he said on JoyNews’ Newsfile.
He explained that the New Development Bank was the main financial instrument through which BRICS offers development funding, but argued that Ghana did not necessarily need to join BRICS to access the bank.
“You don’t need to be a member of BRICS or even a partner member of BRICS in order to get membership of the New Development Bank, the NDB, and be able to draw funding from NDB,” he said.
Jinapor said this was one of several options that needed to be considered before the government settled on a course of action.
He acknowledged the value of expanding Ghana’s global partnerships, saying the previous administration had also considered the proposal. However, he maintained that the potential economic gains should not overshadow the conditions attached to accessing financing.
Jinapor said Ghana’s decision to pursue partnership status was welcome, but urged the government to establish whether the arrangement would deliver the benefits being promised.
