World
Brazil Steps Down as BRICS Chairman After Six Months
By Kestér Kenn Klomegâh
The BRICS group—Brazil, Russia, India, China, and South Africa—has uniquely emerged as a geopolitical player. Since its establishment, it has transformed into an informal association, struggling to re-shape the global architecture. Noticeably the world is rapidly changing from rules-based unipolar to multipolar, which can be attributed to BRICS leadership. Under Russia’s chairmanship, it had seen several activities throughout 2024, and currently Brazil, despite escalating challenges rooted at home, still managed through with innovative strategies and with robust multilateral collaborations. Brazil hands over its presidency in July (from Jan. 2025 to July 2025) after taking the baton during the BRICS Summit in Kazan, Tatarstan. Comparatively Kazan witnessed more engaging BRICS programmes and activities, both from the public and private sectors, than under Brazil’s half-a-year (six-months) leadership. The was, historically, the first time in terms of leadership duration.
At the request of Brazil, Russia headed BRICS in 2024. Brazil had proposed and Russia assumed this role in 2024. In turn, Brazil leads, but only half-way into the chairmanship in 2025. “Brazil has formally asked Russia to change the order of the BRICS presidency as an exception to Brazil’s plans to lead the G20 in 2024. Of course, we have responded positively to the Brazilian partners’ request. The agreement was supported by other members of the bloc and secured through an exchange of diplomatic notes,” the Russian ministry explained at that time.
Under Russia in 2024, significant developments, in the first place, was the expansion of BRICS, with the inclusion of Ethiopia, Egypt, Iran, and United Arab Emirates. And the re-titling BRICS+ (BRICS Plus). Reports indicated that over 30 countries were interested in joining BRICS. Russia’s chairmanship emphasized advancing multifaceted cooperation, promoting the idea of a unified BRICS financial system and a new digital currency to rival the US dollar. Despite a few controversies, the group adopted the final declaration.
In an entirely different geopolitical context, Brazil’s presidency of BRICS (Brazil, Russia, India, China and South Africa) abruptly ends in July due to multitude of internal economic and political hurdles that need to smart attention. After making unique headlines these past months, Brazil indicated the necessity to undertake explicit blend of economic reforms to preserve its political status and adopt grassroots innovation to save further nation-wide depreciation. The negative economic narratives combined with an increasing social discontent among the population also show the growing political complexities on its landscape. The assertive, and at the same time, contradictory message relates to disillusionment over unexpected handing over of BRICS chairmanship midway of the scheduled one-year period and the scaling back of admirable tasks including development priorities and future policies for BRICS set at the end of its historic administration by Russia in December 2024.
With tectonic symbolism, Brazil took over, for the fourth time, the baton of BRICS chairmanship from January 2025, pledged to assertively work towards a broader equitable economic cooperation. The leadership rotates annually among member countries. It is done in a set order, promoting equal representation and participation. The leadership transition is significant for shaping the agenda and priorities of the group. Brazil, like other BRICS members, repetitively spoken to end dollar dominance, create a single BRICS currency, express passion for dealing with critical challenges and build a multipolar world. Luiz Inácio Lula da Silva, both in tone and policy approach, have made a few changes, rolled back the association’s aggressive promotion of its laid down posture in building strategic common objectives.
For the past six months, Brazil at the helm of BRICS, has observed the ‘status quo’ – leveraged on the traditional main stream of operations including pushing for reforms in global governance and made attempts, mostly with official rhetoric, promoting sustainable development. Right from the initial stage, this ambitious agenda raised a fundamental question: whether the alliance would advance its alternative global governance vision, or would it remain primarily a forum for economic cooperation Recollecting the facts in the documents, one particular focus was set at strengthening cooperation among Global South countries. Under the theme is “Strengthening Cooperation in the Global South for More Inclusive and Sustainable Governance”, Brazilian leader, Luiz Inácio Lula da Silva, has pursued various activities within the existing constraints. In the latest, and most possibly, the last activity, as part of steps toward July’s handover, Brazil hosted from June 30 to July 7 one key event BRICS+ Open Science Week, — the Decade of Science and Technology declared by President Vladimir Putin in Russia. It was within the framework of the federal project Popularization of Science and Technology of the Scientific and Technological Development of the Russian Federation State Programme. The project aimed at promoting scientific and technical knowledge among the general public and helping people discover the wonderful world of science and establish a community of science popularizers. The main themes relate to the priority spheres of BRICS activities, namely, food security and agriculture, energy security and sovereignty, healthcare, sustainable development, AI technologies, and space exploration.
As stipulated in its documents, BRICS has set one more of the primary goals as counteracting rules-based order and western hegemony, dismantle the political and economic architecture of the United States and Europe. The group’s remarkable growing attraction and unwavering commitment to reshaping the global economic landscape offer the basis for south-south alliance. At, least, majority of the developing countries in the south are, more or less, rattles that rhetoric in theory, but in practical terms are seemingly ready to strengthen cooperation with United States and Europe.
The Global South have devoted extensive attention to food security issues, underlined cooperation with non-Western countries as a guarantors of food stability. Experts however emphasized this goal of ensuring food security is rather distinctively marked by food imports, especially developing countries including Africa. Sustainable alliances and new principles of cooperation are emerging, but developing countries are trapped in the multilateral financial networks such as the International Monetary Fund (IMF) and World Bank.
Reading further through media reports in June, Russia’s Foreign Minister Sergey Lavrov has outlined comprehensive future vision for BRICS, sounded consistently optimistic over collective collaboration based on mutual interests and equality, contrasting it with Western organizations lacking fair rules and genuine consensus. Then also the establishment of a BRICS Pay system for settlements in national currencies between the group’s members represented one more step in its economic architecture. This includes the possibility of creating a cross-border payment system and an electronic depository and clearance system (BRICS Clear), and a unified mechanism for exchanging trade and economic information.
Foreign Minister Sergey Lavrov has his own interpretation to BRICS expansion. He advocated for a little pause in further expansion, in order to accommodate the work and the new composition of BRICS − so that the group can smoothly get into the new situation with increased membership. According to Lavrov this was the common opinion. “The aspirations of many countries were taken into account when the category of partner countries was established and it is understood that the partner countries would be priority candidates for full membership,” explained Lavrov, summing up the outcomes of the BRICS Foreign Ministers Council meeting, Rio de Janeiro, April 29, 2025.
At the Kazan summit, BRICS leaders emphasized the possibility of expanding the membership of the New Development Bank (NDB). They also proposed bank’s operational portfolio. The NDB has transformed into an institution for mobilization of resources for infrastructure and sustainable development in its member countries and other emerging economies. The NDB has made some impact, but there is much room for improvement and for strengthening its model of operations.
The latest developments concerning the NDB’s operations were discussed on the sidelines of the St Petersburg International Economic Forum (SPIEF) in June 2025. Russian President Vladimir Putin held a working discussion with Dilma Rousseff, President of the New Development Bank (NDB). That discussion pointed out a few challenges and, at the same, underlined the pathways into the future. According to official reports made available by the Kremlin, Putin urged the bank to consider seriously the adoption of new financial payment systems and the possibility of settlements in national currencies. Putin further underlined the state of operations, stated that the NDB has, so far, financed approximately 120 projects worth US$39 billion.
Established in 2015 by the BRICS leaders, the New Development Bank (NDB) has since faced multitude of challenges, especially now with geopolitical changes and emerging economic hurdles. “Of course, we face a number of challenges,” Dilma Rousseff replied in her brief response. Rousseff, in addition, referred to the second very important issue, that is the expansion of membership and stakeholders, partners of the bank. As at June 2025, two countries were selected as new members: Uzbekistan and Colombia. And two more countries are still under consideration: Ethiopia and Indonesia.
According to media reports, other multilateral development institutions, including the World Bank, have expressed an intention to work together with the NDB. In May 2023, Saudi Arabia expressed its intention to join the NDB. The bank is headquartered in Shanghai, China. The first regional office of the bank was opened in Johannesburg, South Africa in 2016. Subsequently, regional offices were established in São Paulo in Brazil, Ahmedabad in India and Moscow in the Russian Federation.
Its historical records show that Brazil, Russia, India, and China held their first leaders’ summit in Yekaterinburg, Russia, in June 2009 under the name BRIC. Then South Africa joined the group in 2010. That however, Ethiopia, Egypt, Iran, Saudi Arabia, and the United Arab Emirates were invited to the 2024 summit in Russia. With the second expansion in Kazan, the acronym BRICS+ (in its expanded form BRICS Plus) is currently used reflecting newly transformed membership. In addition, it has 13 countries in the ‘partner state’ category, boosting its numerical strength and collective power.
Unbelievably the potential of BRICS has benefited greatly from expansion. The BRICS countries represent nearly half of the world’s population, and their aggregate GDP makes up about 40 percent of global GDP in terms of purchasing power parity, more than that of the G7, which means that the Global South is becoming a new pillar of support for growth. On the other side, and it must be noted that more than 60% of the population of these BRICS members have unimagineable levels of poverty, despite the enormous resources both human capital and natural resources. Considering this, it stands to reason that BRICS continues to attract the Global South and Global East countries that seek mutually beneficial partnerships and jointly raised the level of development and standard of living. Hopes are still rising high that after the 17th BRICS summit in Rio de Janeiro on July 6-7, the Global South and Global East countries continue steadfastly to contribute to the collective efforts of BRICS association in the coming years ahead, and new leadership (with its three key strategic partnership areas: politics and security, the economy and finances, culture and the humanitarian ties) would broadly create new prospects, uphold the tenets of multilateralism and open new horizons for BRICS+ group—Brazil, Russia, India, China, and South Africa.
Kestér Kenn Klomegâh has a diverse work experience in the field of business intelligence and consultancy. His focused research interest includes geopolitical changes, foreign relations and economic development related questions in Africa with external countries. Klomegâh has media publications, policy monographs and e-handbooks
By Kestér Kenn Klomegâh
One year after launching a continental initiative designed to make excellence in public governance the foundation of a new drive to transform Africa, LEAD, the Africa CEO Forum’s pan-African leadership programme, takes stock of its first cohort and announces the launch of its second class. Built around a community of senior public decision-makers committed to modernising the state and to the continent’s digital transformation, this new cohort gathers for three days, from 28 to 30 August 2026, on the campus of Mohammed VI Polytechnic University (UM6P) in Rabat, Morocco.
A second cohort that confirms the programme’s durability
For its second class, LEAD brings together 50 fellows, senior public decision-makers engaged in the design and implementation of the continent’s economic and social policies. Over three days, participants take part in collective and collaborative working sessions, peer exchanges and meetings with figures from the public, business and academic spheres, in order to compare their practices and build shared responses to the major challenges of governance.
Speakers include Mehdi Jomaa, former Head of Government of Tunisia, Donald Kaberuka, Managing Partner & Founder, SouthBridge Group, and former President of the African Development Bank, Serge Ekue, President of the West African Development Bank (BOAD), Sanjay Jain, co-creator of India Stack and Director of Digital Public Infrastructure, Gates Foundation, and Mauricio Cardenas, Professor of Professional Practice in Global Leadership, Columbia SIPA, and former Finance Minister of Colombia (2012-2018).
They share their reform experience, their public policy trade-offs and their view of continental priorities. Throughout the programme, the cohort benefits from the dedicated support of Mohammed VI Polytechnic University, Asafo & Co, BOAD, BCG and the African Development Bank, LEAD partners that have chosen to invest in the transformation of African public action.
LEAD, a pan-African community serving public action
Created by the AFRICA CEO FORUM, LEAD is a leadership programme whose ambition is to reposition Africa’s administrative elite as a driver of reform, of performance and of dialogue with all the continent’s stakeholders.
Designed for senior African public decision-makers, LEAD sets out to build a lasting community of public officials able to share their experience, compare their practices and build common solutions to the major economic, technological and institutional transformations under way in Africa. That community is structured around three pillars: modernizing the state, improving public services, and strengthening cooperation between governments, development institutions and private-sector players.
From fellows to alumni: a long-term initiative
Made up of 36 fellows drawn from a range of administrations and institutions and representing 24 countries across the continent, LEAD’s first cohort demonstrated the quality and the potential of this community from its very first year. In less than twelve months, six of its members have taken a significant step forward: two have been appointed ministers, two have moved into strategic positions at the highest level of the state and two have been promoted to chief executive roles. These moves, which account for 16.7% of the first class, show the role LEAD plays as an accelerator of impact within African administrations.
By bringing together a new cohort of fellows every year, each of them joining the LEAD alumni community, the initiative follows a long-term trajectory: in time, to unite several hundred African public decision-makers around a shared culture of transparency, performance and regional cooperation.
A first year devoted to public service and digital public infrastructure
Throughout the year, the fellows devoted their work to strengthening African public action, to make excellence in public governance a central lever of transformation. An awareness campaign, run as part of Africa Public Service Day, brought to light those who, within the continent’s administrations and institutions, are concretely transforming public policy and improving the services offered to citizens.
Members of the cohort also took part in a special round table held in Kigali during the ACF 2026, in order to carry their thinking to a wider community of public and private leaders. That forum reinforced LEAD’s role as a platform for dialogue between the administrative elite and the continent’s economic players. Digital public infrastructure (DPI) formed the main thread of this first year of work.
Discussions covered issues at the heart of the digital sovereignty of African states: digital identity, payments, secure data exchange, interoperability, governance and the protection of citizens. This work examined the conditions under which African states are developing, in some cases, and can develop, in others, shared, open infrastructure robust enough to improve the quality of public services while supporting local innovation and preserving the capacity of public authorities to set the rules of the game.
A white paper to move from consuming technology to creating value
This year of work concludes with the publication, in collaboration with BCG, LEAD’s Knowledge Partner, of a white paper on Africa’s place in the digital economy and in artificial intelligence. With the digital economy still accounting for around 5% of African GDP, against close to 15% worldwide, the paper calls on the continent to shift from a logic of technology consumption to one of value creation.
The white paper identifies three structuring priorities for African public actors:
- Building shared digital infrastructure that serves as the backbone of public services and private innovation.
- Pooling investment in order to reach critical mass and avoid the fragmentation of efforts across the continent.
- Favouring open and interoperable architectures, with trust and governance built in by design, so as to protect citizens while stimulating the entrepreneurial ecosystem.
The white paper is available here to all public decision-makers, technical partners and institutions concerned.
“LEAD’s first cohort confirms a simple conviction: Africa already has the women and men capable of profoundly transforming public action. Our responsibility, either with our partners, is to give them, at pan-African level, a space in which to compare experience, build common solutions and bring forward a new generation of public policy. With this second cohort, we want to accelerate the move from ambition to execution, in particular on digital public infrastructure and artificial intelligence, two decisive issues for sovereignty, for the effectiveness of the state and for value creation across the continent,” says Amir Ben Yahmed, President of the Africa CEO Forum.
By Kestér Kenn Klomegâh
Africa is set to make history as it hosts the World Public Summit for the first time, with Addis Ababa, Ethiopia, welcoming global leaders and changemakers from July 29–30, 2026, for the landmark gathering under the theme “New World: Africa in Shaping a Shared Future.”
The inaugural African edition of the World Public Summit marks a significant milestone in the continent’s growing role in shaping international dialogue on governance, sustainable development, human-centred leadership and global cooperation.
Hosted by the World Peoples Assembly in partnership with African and international organisations, the summit will convene government officials, diplomats, business leaders, academics, journalists, youth representatives, civil society organisations and cultural leaders from across Africa and around the world.
According to Andrey Belyaninov, General Secretary of the World Peoples Assembly, “the Summit is not just a meeting—it is a space for unity. A space where the ‘values that unite us’ come to life: respect for people, openness to the world, responsibility for the future, and a commitment to creation.
“Today, we understand more clearly than ever: the future cannot be built alone. It is born in dialogue, in trust, in the ability to listen to one another and to act together.”
The programme begins on July 29 with a series of high-level roundtables and expert discussions covering Pan-African economic integration, civil society, education, scientific cooperation, cultural diplomacy and humanitarian partnerships.
The opening plenary, “Values, Development and Partnership as the Basis of a Sustainable and Just World,” will explore how African values—including Ubuntu—can help shape a more inclusive and sustainable global future. Discussions will also focus on youth leadership, innovation, civil society, ethical AI, public initiatives and international partnerships.
The summit will also showcase Africa’s creativity and innovation through the “Innovations for the Future” exhibition, the contemporary African art exhibition “Unity,” and the international exhibition “The World Paints Happiness.”
Another featured initiative is “The Zambezi River: Economy, Society, Soul,” an international interdisciplinary project exploring the river’s socioeconomic importance across Angola, Botswana, Mozambique, Namibia, Zambia and Zimbabwe, highlighting the shared heritage and development potential of one of Africa’s most important waterways.
The event will conclude with the adoption of the African Communiqué, reflecting the summit’s shared vision for stronger international cooperation, sustainable development and people-centred leadership.
Tsegaye Chama, General Secretary of the Global Black Centre, promised that, “The Summit will be delivered with exceptional distinction, reflecting the magnitude and spirit of the World Peoples Assembly. It embodies a unity that is not transactional, but purposeful and conscious, a unity that shapes new contours for a world that works for all peoples of the World.”
As delegates prepare to arrive in Addis Ababa, anticipation continues to build for what promises to be one of Africa’s most significant international gatherings of 2026—one that will place the continent firmly at the centre of global conversations about the future.
By Adedapo Adesanya
Nigeria regained its position as Africa’s leading destination for equity startup investment in the first half of 2026, raising $214 million in equity financing and a total of $254 million across equity and debt, according to the latest Africa: The Big Deal report.
The report, titled H1 2026: Mapping the Money, showed that Nigeria ranked second on the continent in total funding, behind Egypt, which attracted $327 million, while Kenya and South Africa followed with $126 million and $83 million, respectively.
However, the report noted that Egypt’s top position was largely driven by a single fundraising by electric mobility company Spiro, which secured $327 million, including $270 million in equity and $57 million in debt. Excluding debt financing, Nigeria emerged as Africa’s largest equity funding market in the first six months of the year.
According to the breakdown by Africa: The Big Deal, Nigeria’s equity funding of $214 million was higher than Egypt’s $183 million, while South Africa and Kenya attracted $66 million and $46 million, respectively.
Beyond funding value, Nigeria also led the continent in the number of startups that raised at least $100,000 during the review period, reclaiming the top spot after what the report described as an “underwhelming” second half of 2025.
The publication observed that Nigeria’s fundraising performance has remained relatively stable over the past few years and exceeded the $250 million mark for the first time since 2022, pointing to renewed investor confidence in the country’s startup ecosystem.
It also found that while the Big Four startup markets—Nigeria, Egypt, Kenya and South Africa—continued to dominate Africa’s investment landscape, their combined share of total funding stood at 58 per cent in the first half of 2026.
“Zooming back on the Big Four (110 out of 190 $100k+ deals, i.e. 58%), Nigeria is head and shoulders above its peers, with Egypt and Kenya almost tying, and South Africa in fourth position again,” the report noted.
The report highlighted contrasting performances among the continent’s largest startup ecosystems. While Nigeria and Egypt maintained strong funding momentum, Kenya recorded its weakest funding performance since early 2021 after a strong second half of 2025, and South Africa failed to attract $100 million in funding during the period despite leading the continent a year earlier.
Africa: The Big Deal also noted a broader shift in investor behaviour, with funding increasingly concentrated in larger transactions while early-stage investments continued to decline. According to the publication, the drop in smaller funding rounds reflects growing concerns about limited capital available for early-stage startups across Africa.
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