BRICS: Will More African Nations Join and Adopt BRICS Currency?

Source: Food Safety News

With the BRICS nations actively discussing expansion, could more African countries join the collective and adopt the BRICS currency? Currently made up of Brazil, Russia, India, China, and South Africa, various countries have submitted membership requirements to add to the ranks of the BRICS Alliance. Others, meanwhile, are publicly supporting the mission to deteriorate the US Dollar through de-dollarization.

BRICS African Nations
Source: The Embassy Of The Republic Of South Africa

Will More African Countries Join the BRICS Nations And Adopt BRICS Currency?

Currently, the only official member country of BRICS that is located in Africa is South Africa. Many African nations, however, have an interest in joining the BRICS bloc, including the following:

  • Algeria
  • Egypt
  • Iran
  • Afghanistan
  • Nigeria
  • Senegal
  • Sudan
  • Syria
  • Tunisia
  • Zimbabwe

Among all the nations, Algeria, Egypt, and Iran have formally applied to join the BRICS alliance. The other nations have only expressed their interest in joining the BRICS alliance.

As the US Dollar continues to suffer from inflation and new regulation, multiple African countries that use it in trade are looking for alternatives. A BRICS currency is a possibility, however, BRICS is also in support of its countries using their own native currencies, all in order to push the de-dollarization efforts against the USD.

Countries in the middle east are also looking to join BRICS as well, with some already handing in formal applications. At the upcoming BRICS Summit in August, talks of expansion will be high on the agenda, and multiple African nations will be up for discussion to join South Africa in the BRICS bloc.