Is Africa Shifting from US Dollar to Crypto Amid World Bank Funding Crisis?

• New Members to Join BRICS Alliance
• Argentina's Decline and Saudi Arabia's Position
• BRICS, Africa, and the US Dollar
• World Bank's Role
• Call for Change from Africa's Leaders
• The Impact of a Potential Shift

New Members to Join BRICS Alliance

In a significant development, six new nations were invited to join the BRICS alliance following the 15th summit held in Johannesburg last year. Out of the invited nations, the United Arab Emirates (UAE), Egypt, Iran, and Ethiopia have accepted the invitation, becoming the newest additions to the BRICS bloc.

Argentina's Decline and Saudi Arabia's Position

Interestingly, Argentina became the first country to decline this membership. On the other hand, Saudi Arabia has not yet confirmed its decision regarding the membership. Observers suggest that by incorporating Ethiopia, a rapidly developing economy in Africa, the BRICS alliance has made a strategic power move.

BRICS, Africa, and the US Dollar

There are growing concerns that the World Bank's neglect of Africa might lead to a shift away from the US dollar. This perceived neglect, coupled with BRICS' induction of Ethiopia, points to a possible strategy to capitalize on anti-US dollar sentiments prevalent in Africa.

World Bank's Role

According to geopolitical experts, the World Bank's lack of adequate financial support and attention to Africa has been a significant issue. This insufficient assistance is potentially prompting Africa to entertain BRICS' idea of de-dollarization. Introducing Ethiopia into the alliance might be BRICS' first step towards expanding its presence in Africa and encouraging a move away from the US dollar.

Call for Change from Africa's Leaders

President William Ruto of Kenya was the first African leader to publicly express support for BRICS and advocate for a change in currency use. He urged Africa to trade in local currencies, following the BRICS model, rather than relying on the US dollar. He emphasized the need for Africa to be more independent and less reliant on foreign currencies. President Ruto's speech on this topic received widespread approval from Kenyan lawmakers.

The Impact of a Potential Shift

These developments suggest that Africa is considering severing ties with the US dollar in favor of the BRICS currency when it is launched. This shift could affect many sectors in the US, should BRICS choose to abandon the dollar for trade.

Edited by Jonathan Stoker