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BRICS Lacks Ambitious Economic, Trade Liberalization Agenda—Lissovolik

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Yaroslav Lissovolik BRICS economic agenda

By Kestér Kenn Klomegâh

As stipulated by the guidelines, Russia takes over the rotating chairmanship of BRICS (Brazil, Russia, India, China and South Africa) from January 2024.

There are high hopes a lot more will change, especially towards widening its numerical strength and increasing support for the Global South.

In addition, there is also the expectation that BRICS will consolidate its role within the emerging geopolitical processes and global competition for Africa. China and Russia are currently making efforts to assert influence more aggressively, despite the challenges and obstacles, in cooperating with Africa.

According to authentic reports, a number of African countries such as Algeria, Angola, DR Congo, Gabon, Guinea-Bissau, Kenya, Nigeria, Senegal, Sudan, Tunisia, Uganda and Zimbabwe have expressed interest in joining BRICS. Egypt and Ethiopia have gained approval for full-fledged membership in BRICS during the last summit held in Johannesburg, South Africa.

In this insightful interview, our media executive, Kestér Kenn Klomegâh, attempted to find out more about the future evolutionary relationship of BRICS with Africa, and aspects of Russia’s policy towards Africa from Yaroslav Lissovolik, who is the founder of BRICS+ Analytics – a think-tank that explores the potential of the BRICS+ format in the global economy.

Lissovolik previously worked as chief economist and head of research at Deutsche Bank Russia, the Eurasian Development Bank as well and Sberbank. He also worked as an Advisor to Russia’s Executive Director in the International Monetary Fund. Here are excerpts of our wide-ranging discussion:-

As Russia prepares to take over the rotating chairmanship of the BRICS group in January 2024, what are some of the expectations?

The expectation is that Russia will likely pursue a broad agenda with closer connectivity of BRICS to Africa being one of its key items. One of the possible directions in Russia’s chairmanship may be the path of «integration of integrations» — the creation of a cooperation platform for the regional organizations of the Global South such as the Eurasian Economic Union and the Shanghai Cooperation Organization (SCO) as well as BRICS.

This may be complemented by efforts to add more economic weight to the BRICS grouping by developing the payment mechanisms within BRICS to conduct settlements in national currencies. There may also be the continuation of the BRICS expansion process with possible further steps to expand the core as well as to create a group of BRICS partners from among the leading members of the developing world community.

Can China and Russia (both BRICS members) halt the current U.S. global dominance? What mechanisms are available for effecting this process?

Within BRICS both China and Russia will likely cooperate towards creating those financial and economic mechanisms that are lacking in the global economy. The purpose of BRICS is not to undermine any economy, but to create cooperative platforms for economic cooperation among developing countries. In fact, the BRICS  and BRICS+ formats may in the future be complemented by what I call the BRICS++ format which could include the participation of developed economies, regional blocs and their development institutions.

My view is that BRICS will develop along a path of becoming the most inclusive and open platform in the global economy that may serve as the basis for a revitalized and more sustainable globalization effort. Such a platform may with time include the participation of the Bretton Woods institutions and other key players of the global economy from the Western world.

Overall, there are not too many economic mechanisms created thus far by the BRICS — the main economic contribution of the BRICS has been the creation of the New Development Bank (NDB) and the BRICS Contingent Reserve Arrangement (CRA).

The BRICS NDB is set to expand its membership to include more developing economies. There are also plans within BRICS to widen the mandate of the BRICS CRA to make it more effective in supporting member countries.

What is lacking at this stage is a financial mechanism that would facilitate the payments in national currencies among the BRICS economies — discussions on the creation of such a mechanism (widely referred to as BRICS Pay) have been ongoing since at least 2017, but progress in this area has been moderate at best. Furthermore, the issue of the creation of a common currency or an accounting unit for all BRICS countries has also progressed slowly.

What are your views about the key challenges confronting BRICS in pursuit of leading the emerging reconfiguration and new political and economic architecture?

The main challenges facing the BRICS grouping have to do with a lack of an ambitious economic agenda. Thus far the strong momentum exhibited by BRICS on the international stage is mostly political/geopolitical as reflected in the sizeable number of developing countries expressing their desire to join the grouping.

This widening of the ranks of the BRICS bloc renders the attainment of consensus even more difficult — something that will be critical in adopting decisions on economic cooperation. And on the economic front there are still a lot of issues that are yet to be addressed — apart from the financial track related to the common payment systems and a potential common currency/accounting unit, another crucial theme is trade liberalization among the BRICS economies and across the economies of the Global South more broadly.

The BRICS need an ambitious trade liberalization agenda that would favour developing economies, especially Africa. At this stage, import tariffs in BRICS countries are relatively high, especially on agricultural products — there is significant scope for the BRICS economies to lower trade barriers to support the modernization of Africa and other regions of the Global South.

There has been much talk on the Global South, and Africa is geographically located there. What are Africa’s weaknesses and strengths in this emerging multipolarity?

One of the most significant strengths wielded by Africa on the international stage is its rising solidarity and rising coordination of the continent’s economies on the international stage. This is vividly exemplified by the rising prominence of the African Union (AU) in some of the key international fora. The AU in 2023 became a member of the G20, while also becoming increasingly active in international mediation efforts and discussions on economic cooperation with other regional blocs.

The AU has been also successful in advancing the project of Africa’s regional integration via the African Continental Free Trade Area (AfCFTA). Again, the best way in which the BRICS could contribute towards the success of this regional integration project is via greater trade openness to African economies. The success of the AfCFTA would go a long way towards overcoming the limitations faced by Africa’s economy in terms of low intra-continental regional connectivity and trade.

Let’s finally talk about some specific tangible roles Africa could play in the geopolitical changes. Do you think the African Union also need some urgent reforms in order to perform effectively in these evolving processes?

In my view, Africa could play a crucial role in the coming years both at the level of the developing world and globally. In particular, the African Union given its membership in the G20 and South Africa’s presidency in the G20 in 2025 could launch important initiatives aimed at boosting the resiliency of the global economy.

 One such initiative could involve the creation of a platform for regional blocs such as the AU, MERCOSUR, ASEAN, EU and other blocs in which G20 countries are members. Such a platform for regional arrangements could be launched as a G20 engagement group, the R20 or regional 20 — in effect, it would represent a new level of global governance formed by regional integration arrangements and their development institutions.

Thus far, there is no mechanism for horizontal coordination of regional integration groups and their development institutions in the world economy.

A similar effort could be undertaken by the African Union within the realm of the Global South — the AU could lead the establishment of economic linkages with other regional blocs from the developing world, including MERCOSUR, SCO, EAEU and ASEAN. Such a platform could serve as a basis for an expanded BRICS+ circle that would encompass the majority of developing economies.

In the longer term, the AU could also participate in the reconstruction and the reform of the main global institutions and fora such as the WTO, the G20 and the UN Security Council.

With respect to the WTO, there may be a case for the African Union becoming a member of this organization, just like it did in the case of the G20 alongside the EU as a regional bloc.

In this scenario, the AU could represent the developing world in both the WTO and the G20 with initiatives countering protectionism and beggar-thy-neighbour policies that have become so prevalent over the course of the past decade.

As the role of the AU gains traction in the world economy, there may be a stronger case for Africa’s greater representation in the UN governing bodies such as the UN Security Council.

Overall, the main potential for Africa and the African Union in my view lies in pursuing the path of «integration of integrations, i.e. the building of cooperative linkages and platforms between Africa’s regional integration projects and development institutions with regional peers elsewhere in the world economy.

This process of greater cooperation among the regional integration blocs is only starting and the African Union could lead this important process that opens up new communication lines and possibilities for cooperation in the world economy.

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Irvine, Dreaminfluence Accelerate Growth of Africa’s $3bn Creator Economy

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Irvine Dreaminfluence $3bn creator economy

Irvine Partners, a leading creative communications agency with offices in Africa and Europe, has signed an exclusive licence with Dreaminfluence as their Africa partner. Dreaminfluence, an all-in-one platform that empowers brands to build and scale influencer marketing has executed 1,000s of influencer campaigns and worked with over 20,000 influencers.

This innovative platform’s digital capabilities will support the content creators who are driving Africa’s rapidly expanding $3.08 billion creator economy. Despite creators on the continent taking advantage of platforms like TikTok, African creators still earn significantly less than their counterparts in other regions, despite producing high-quality content. Furthermore, infrastructure limitations and a digital skills gap hinder the progress of the creator ecosystem.

Monetization should not be out of reach for African creators says Rachel Irvine, CEO of Irvine Partners. She adds that “Dreaminfluence provides digital infrastructure and connects creators to brands, backing their work so they too can unlock opportunities while brands can grow their reach with authentic content that resonates with audiences.”

Dreaminfluence CEO, Mads Wedderkopp, explains “We have worked with many leading brands in the Nordics and are excited to finally bring our platform to Africa through this exclusive partnership with Irvine Partners.”

“The decision to work with Irvine Partners as our Africa partner was a no-brainer, given the roster of clients they serve, and their continental and European footprint.”

Some of the leading brands that use Dreaminfluence for their influencer campaigns are Nivea, L’Occitane, and Estee Lauder Group.

How it works

Dreaminfluence was founded in 2018, to transform influencer marketing from being about affiliate links and discount codes to focusing on actual brand ambassadorship. This vision is translated into the features that Dreaminfluence offers, for both brands and influencers.

These brand features include: 

  • Discovery of influencers: Brands can find the right influencers for their campaigns, without wasting time on influencer outreach

  • Campaign analytics: Track campaign performance, report the value and identify the best-performing influencers

  • Building relationships: Influencers move from short-term brand campaigns to long-term brand ambassadorship

  • Campaign management: Manage influencer payments, product shipping and secure content usage rights

  • Paying multiple influencers at a time with one click

For influencers, the features are: 

  • Apply to join a brand team or campaign through the app

  • Be selected as part of the ambassador team

  • Join new campaigns when they are published 

  • Run all campaign admin including payments, content ideas, and approvals through the app

Sign up here

The Dreaminfluence difference

Irvine Partners is constantly working with influencers across Africa on different campaigns for its clients and Dreaminfluence provides an innovative way to streamline agency relations with leading and emerging content creators on the continent. 

Mohale Moloi, Content Director at Irvine Partners explains that “creator marketing studies tell us that more than 50% of brands plan to increase their spending on influencer marketing in 2025. But making sure these campaigns deliver results across the whole marketing funnel requires an in-depth understanding of market nuances, which is what we bring to the table.”

By working with a dynamic platform like Dreaminfluence, Irvine Partners will take influencer campaigns to the next level by combining local insights with a platform that makes everything from campaign selection to payments more efficient.

“We are most excited about the actionable campaign data and high ROI that Dreaminfluence offers,” says Moloi.

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Cameroonian Diaspora Congress: An Essential Vector for Cameroon’s Influence in Russia

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Cameroonian Diaspora Congress

By Louis Gouend

The Cameroonian diaspora in the Russian Federation, although relatively recent, constitutes an essential vector for Cameroon’s influence and the maintenance of strong ties with the nation. In this perspective, and following a fruitful video conference on January 27, 2024, with the Minister of Youth and Civic Education, it was decided to organize, on February 8 and 11, 2025, the first celebration of Youth Day within the Russian diaspora.

This unprecedented initiative, benefiting from the Minister’s valuable support, aimed to consolidate patriotism and the spirit of initiative among Cameroonian youth residing in Russia, by offering a framework for exchange and promotion of Cameroonian cultural wealth. It mobilized Cameroonian students, young professionals, and entrepreneurs established in Russian territory.

The commemoration of the 59th anniversary of Cameroon’s Youth Day took the form of a dual celebration: a physical meeting at the Cameroonian Embassy in Moscow on February 8, 2025, and a virtual meeting on Zoom on February 11, 2025. These events brought together a total of more than 150 participants from over 50 cities in Russia, representing diverse backgrounds, including presidents of Cameroonian associations, members of the Diaspocam executive council, deans, honorary guests, and embassy officials.

The diaspora had the honour of welcoming, via video conference, Mr Mounouna Foutsou, Minister of Youth and Civic Education, whose encouragement and vision were a source of inspiration. The Minister outlined the productive initiatives implemented by the Cameroonian government in favour of its youth in the diaspora in Russia, emphasizing the willingness to support projects led by young entrepreneurs through a specific support mechanism and the operationalization of the guarantee fund.

During his address, the Minister recalled the commitments made during the video conference of January 27, 2024, emphasizing the need for increased collaboration between the government and the youth of the diaspora. He stressed the immense potential represented by this youth and reaffirmed the government’s commitment to addressing their concerns.

Among the initiatives put in place to support the youth of the diaspora, he mentioned:

  • The Guarantee Fund for Young Entrepreneurs (FOGAJEUNE), which finances projects in four key sectors (agriculture, digital economy, industry/crafts and technological innovation).
  • The special DIALYJ window, designed to promote co-ventures between young people from Cameroon and the diaspora.
  • The Program to Aid the Return and Integration of Young People from the Diaspora (PARIJEDI), which facilitates the return and integration of young people in Cameroon.

“We express our deep gratitude to the Cameroonian government and personally to Minister Mounouna Foutsou for their support of our initiative,” said the President of Diaspocam, Louis Gouend. “Thanks to their assistance and the support of the Cameroonian Embassy in Russia, we were able to organize this important event, which has strengthened ties between the diaspora and Cameroon.”

Aware of the positive impact of this first celebration, we hope that this innovative initiative will be included in the calendar of activities of the Ministry of Youth and Civic Education for the years to come.

Diaspocam establishes a legal platform to come together, helps each other, interacts and establishes viable strategic networks and partnerships; presents, shares and expands proven diaspora business models; promotes and assists businesses and investments in Cameroon.

It strengthens a good image of Cameroon in Russia while maintaining close liaison with the Cameroonian and Russian governments and any other representative body pursuing objectives similar to those of the Association. Cameroonian Diaspora in the Russian Federation is a public organization which encourages participation, representation, diversity and cooperation between Cameroon, African diaspora and Russian society.

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African Union Launches Credit Rating Agency to Rival Fitch, Others

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African Union

By Adedapo Adesanya

The African Union has announced the launch of its rating agency, the African Credit Rating Agency (AfCRA) to provide accurate ratings for countries on the continent.

According to Kenya’s President, Mr William Ruto, while unveiling the new agency at an AU event held in Addis Ababa, Ethiopia on Friday, AfCRA will address biases by global rating firms.

Global firms like Moody’s, Fitch and Standard & Poor (S&P) are some of the ratings agency which provide insights into African countries to aid investors and stakeholders.

There have been criticisms that these ratings lead to higher borrowing costs for African countries and make it harder for them to access international financial markets.

“Global credit rating agencies have not only dealt us a bad hand, they have also deliberately failed Africa,” Mr Ruto stated during the launch.

“They rely on flawed models, outdated assumptions, and systemic bias, painting an unfair picture of our economies and leading to distorted ratings, exaggerated risks, and unjustifiably high borrowing costs.”

According to President Ruto, improving Africa’s rating by one notch could unlock $15.5 billion in additional funding for the continent, which could help replace a significant portion of official development assistance or be invested in Africa’s infrastructure needs.

Despite Africa’s abundant natural wealth, only two African nations are currently ranked as investment grade.

“It is time for Africa to use the right scale, one that reflects its true weight,” Mr Ruto added.

The African Union has previously criticized global rating agencies’ characterization of African economies. In January, the AU pointed out that Moody’s Ratings’ fluctuating assessment of Kenya’s outlook was flawed.

“As the continent continues its march towards economic integration and resilience, the establishment of the African Credit Rating Agency (AfCRA) represents a pivotal step in asserting Africa’s position on global financial governance.”

The agency aims to provide fair, transparent, and development-focused credit ratings that reflect the realities and potential of African economies.

The idea comes more than a year since the AU officially announced its plans to move forward with the project since September 2023.

The push for an African credit rating agency became viable in 2022 when Senegal’s former president Macky Sall, then the chairman of the AU, called for a new system to “end the injustices” faced by African countries.

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