A new group has emerged to counter the financial dominance of Western banks over their economies. It’s called BRICS, meaning: Brazil, Russia, India, China and South Africa.
At the end of the sixth meeting in Brazil we find out that the first chair of the Board of Governors will be from Russia, the first chair of the Board of Directors from Brazil, The headquarters of the bank will be in China and the first President of the bank will come from India.
An African regional centre of the Bank will be in South Africa aimed at “mobilizing resources for infrastructural and sustainable development projects in BRICS and other emerging and developing economies.” So we have the lowest corporate post and surely the most resources to be developed.
The challenge to Western dominance is wonderful; however I don’t like how this looks. We have the Countries of China, India and Russia with billions in population and then there are two Black countries with a few millions making up this group. One on and one off the Continent. Why? I really don’t like this.
How can South Africa be the only African country in this so-called massive challenge to Western dominance in the region? Did they want, or did they try but was rebuffed at getting more African countries on board? What is the opinion of this group from other African leaders, even though most of them have no sense? The ANC has been totally useless to the African people.
Why couldn’t this group have at least 3 more African Countries, I really, really don’t like this. ….something is very fishy and I think Africa has nothing to gain but plenty to lose in this arrangement.