World
BRICS Lacks Ambitious Economic, Trade Liberalization Agenda—Lissovolik
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.
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.
