Formidable force

Augustin Fosu, a professor in the Institute of Statistical, Social and Economic Research of the University of Ghana, said the total population of the 11 countries will be more than half the world's population and will account for a quarter of the world's GDP, a fact that makes the new grouping a formidable global force.

A BRICS currency could also challenge the euro and the dollar in global trade, Fosu said, even though he does not believe that the greenback's days are numbered.

"This is because the grouping is quite heterogeneous in terms of economic interests. Thus, managing such a currency would be most challenging. Indeed, the euro has so far failed to significantly mitigate the importance of the dollar."

Iraki said there are fears that through BRICS the dollar will become weaker and that many countries are supporting "de-dollarization".

"There is a consensus across the globe for an alternative to dollar, whether through BRICS or any other forum. Having an alternative to the dollar will give countries choices on what reserve currency they want to use."

Adhere said BRICS countries should focus on settling trade using its members' own currencies.

Countries not aligned with the interests of the United States have been cut off from accessing the dollar, making international trade maneuvers very difficult, he said.

"If BRICS countries can promote their own currencies it would shorten the time that is taken to do international trade. It would also eliminate increased finances onto the debt because of the dollar inflation."

BRICS provides an opportunity for countries that have been underrepresented and punished or targeted by certain Western countries to overcome things such as sanctions, he said.

Some countries are collaborating within BRICS to offer financial services without involving the dollar, he said.

"The Egyptian government is considering a yuan dominated bond, so there is a possibility that once the dollar is out of the equation, sanction issues are diminished, and therefore it will not be used as a punishment tool, as has been the case."

With two more African countries joining BRICS from Jan 1, the continent has the opportunity to use them to make the most of development of the entire continent.

Fosu of the University of Ghana said Egypt and South Africa are two of the largest African economies in terms of GDP, the latter being a major trading partner in Africa, particularly in the Southern African Development Community, in which it accounts for about half the trade.

"The BRICS membership will be consequential for other African countries, especially in the light of the African Continental Free Trade Area, of which both Egypt and South Africa are members."

The three African countries nearly span the continent, north, south and east, which could be geopolitically strategic, Fosu said.

Iraki said that through BRICS African countries will be able to use their economic voices and will also be in a stronger bargaining position.

"We hope BRICS will serve as an umbrella to protect African countries from those who don't have good intentions on the continent. There has been a lot of imbalance in the world trade and business environment, so through BRICS I expect African countries to get economic and trade justice."

Iraki urged the African Union to consider partnering with BRICS to make the African market more vibrant.

Khan the investment banker said it is clear that the world is no longer unipolar, which the unipolar power is unhappy about.

Adhere said that geopolitically BRICS brings countries together and gives them an opportunity to reimagine their political destiny and bolster their political collaboration.

BRICS is enabling countries to widen their scope of collaborative opportunities, thereby becoming a geopolitical phenomenon that everyone will be watching, he said.

There have been fears that following the expansion, division and competing interests in BRICS could make it hard to reach consensus on key issues.