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Expanding BRICS for Numerical Strength or Ensuring Qualitative Geopolitical Influence

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BRICS Geopolitical Influence

By Professor Maurice Okoli

As stipulated by the guidelines, Russia will take over BRICS [Brazil, Russia, India, China and South Africa] from January 2024.  With the heightening of geopolitical tensions, Russia’s priority focus is on the group’s possible enlargement to counter U.S. hegemony. It plans to push seriously for critical reforms in the international financial architecture and create a solidified platform for building an equitable multipolar world order.

In the past few years, the BRICS group has taken a number of broad initiatives that aim at countering hegemonic policies and against the collective West for imposing the ‘rules of the game’ on the world majority. There have been explicit indications that Russia’s BRICS presidency from January 2024 will constitute another clear chance towards entering into forming alliances with Africa, Asia and Latin America.

Deputy Foreign Minister Sergey Ryabkov said in early October that BRICS had agreed on a list of candidates for partner-state status ahead of the upcoming summit in Kazan in 2024. According to Ryabkov, during the Russian BRICS chairmanship, special attention would be expanding the “circle of BRICS friends,” including in Latin America.

Many Latin American countries have expressed their desire to join the group. African countries, particularly Burkina Faso, Chad, Mali, Niger and Central African Republic have appeared on Russia’s list as potential members. In addition, Angola, Kenya, Nigeria, Senegal and Zimbabwe have appeared in media reports, striking membership deals with Russia, hoping to secure their ultimate accession to BRICS status during Russia’s chairmanship.

Currently, Russia is supporting African countries in their fight against trends of growing neocolonialism, forging close cooperation in preserving their sovereignty and political independence. Russia has persistently been confronting Europe and the United States over dominating and exploiting Africa. The relationship between China and Russia is strengthening. Nevertheless, China and Russia still have their approaches to some global issues. China promotes cooperation even with the United States, while Russia insists on confrontation. Creating divisions and partitions is simply not the right path to global peace and development. Why not attempt to reach ‘consensus’ – the catchword of BRICS? This fierce political confrontation is sharpening disunity across Africa, and impacting the prospects of the African Continental Trade Area [AfCFTA], the African Union’s flagship program under the Agenda 2063.

Despite the continental instability, African countries still seriously consider the traditional markets in the United States and Europe for their revenue products, and the recent Johannesburg summit witnessed in-depth discussions relating to new agreements between the AfCFTA and the African Growth and Opportunity Act [AGOA] which will presumably be extended for another 16 years, until 2041. It offers certain broad conditions as a stepping-stone to address regional and global challenges, especially for Africa’s young and entrepreneurial population. That expected leverage will strengthen trade relations with Africa.

South Africa and BRICS

South Africa has so far displayed pragmatism. It deals with global players without discriminating. Moreover, South Africa has adopted ‘neutrality’ and further taken non-aligned positions on many issues in its foreign policy, thus fulfilling the promise of strategically working on the bilateral relationship with all countries. Research establishes noticeable facts, for instance, that South Africa’s export trade to the United States, United Kingdom and the European Union account for a combined 35%, and with China around 9%. United States trade with South Africa totalled $25.5 billion in 2022. Exports were $9.3 billion; imports were $16.2 billion. Russia’s trade was $1.3 billion with South Africa in 2023.

With an estimated population of 58 million, South Africa [BRICS member] is the southernmost country in Africa. Energy deficit has crippled industrial operations and supplies for domestic use have largely been reduced. Social discontent, as a result of the multiple crises, has engulfed every corner of South Africa. The World Bank has approved a $1 billion loan to support South Africa’s energy sector which is currently experiencing worse conditions including inadequate funds for overhauling, renovation and upgrading.

At the end of the 15th BRICS summit held in South Africa, the leaders called for a more active use of national currencies in financial transactions as part of the adopted declaration. But the basic arguable question here remains that the well-established BRICS+ format and many new members joining BRICS in 2024 have, over a long period, had profitable trade ties with the United States and Europe.

For fresh members, it is the significance of trade and economic partnership between them and BRICS. In fact, balancing the economic interests of these African countries is as important for this sustainable world order as lasting peace and indivisible security. Therefore, Russia’s leadership has to provide that platform and step-by-step to advance their development-oriented aspirations and streamline the effective full-scale operational activity with BRICS.

Application process

Discussions about the expansion and entry of new members were little addressed until the early 2020s. The leaders and top-ranking diplomats of the founding bloc began the discussions for the expansion of the group, most often referring to 2010, the year South Africa joined after accepting an invitation from China. BRICS is the acronym composed of the first letters of the countries’ names in English. The term BRIC was originally coined in 2001 by Goldman Sachs economist Jim O’Neill at the University of Manchester, and with South Africa, it was renamed BRICS.

Until today, there is no formal application process as such to join BRICS, but any hopeful government must receive unanimous backing from all existing BRICS members – Brazil, Russia, India, China, and South Africa – to receive an invitation. In a rush to overcome Western imperialist-economic hegemony on the path of strengthening economic integration and developing economic activities, BRICS members, particularly Russia set to indiscriminately ask for applications it termed ‘friendly allies’ from around the world.

While sharing positive concerns for the group’s expansion, existing conflicting issues among new members have to be taken into serious account, as it may likely influence future genuine policy partnerships. The BRICS bloc has not set any concrete criteria, admission of new candidates is determined by a simple ‘consensus’ – a general agreement at the summit. But experts, as the situation over expansion is increasingly evolving, have beamed warning lights over indiscriminate admission of new members.

In August 2023, it was reported that more than 40 countries had shown interest in joining BRICS, including 22 that had formally applied to join. Historically, since 2017 it was China that insisted on promoting the BRICS+ format to attract a large number of non-participating countries to the organization. BRICS’ scope of activities has indeed widened to include issues relating to education and culture, health and living standards, science and technology, finance and politics. Now, of course, many appreciate others joining in building a partnership with BRICS. But now so frequently, and often asked – quality or quantity?

Monitoring various discussions and developments, Alexander Shokhin, head of the Russian Union of Industrialists and Entrepreneurs (RSPP), in early November suggested that BRICS countries should agree on the rules of the game ‘for the five’ before expanding the organization. The BRICS countries have not yet sufficiently formed a common economic policy, whose most important element should be a new monetary and financial system, in order to accept new countries into the organization.

“Considering BRICS as such an alternative [to the Western model of the global economy], to be honest, is that we have not succeeded in rendering BRICS an effective mechanism for forming new rules of global trade, payment and settlement relations, an alternative financial system, and so on, in order to have begun to engage in expansion,” Shokhin said at the plenary session of the International Financial University Forum.

“For me, it would be better for the five [countries] to develop the rules of the game, and to incorporate new members as members joining not the organization, but the rules of the game,” Shokhin added.

Shokhin noted that the process of coming to a consensus is difficult even with the current BRICS composition, “Even when talking about the interests of India and China in creating an alternative monetary and financial system, we see that this is not an easy matter.” In addition, it will be even more difficult to form common rules with such participants as Iran or Ethiopia.

“With the presence of Ethiopia, for example, Iran and a number of other countries, of course, it will be rather difficult to do [to develop new ‘rules of the game’]. In fact, it would be good for us to have Indonesia as a member of BRICS, because Indonesia is one of the examples of a growing economy, based on a combination of the old principles of inexpensive labour resources and technological progress, among other matters, on the latest technological solutions, including robotics, artificial intelligence, and so on,” Shokhin said, describing the preferred vector to expand BRICS.

“BRICS chairmanship should rather aim at trying to make maximum progress in forming the rules of the game within the organization, so that alternative systems could be proposed; and above all, of course, an alternative monetary and financial system, as well as a payment and settlement system,” Shokhin said, summarizing his position regarding the tasks facing BRICS.

Arguments for Expansion

According to Russia’s Ministry of Foreign Affairs, Africa should be an essential part of the BRICS expansion, and form the necessary part of the platform for dealing with growing neocolonialism in the continent. South Africa was considered as a conduit and entry point into Africa when it was admitted as the fifth member in 2010. Despite showing large-scale varying rates of economic development, and unresolved long-standing conflicts between them, Ethiopia and Egypt stand as new members on the recommendation by Russia backed by South Africa and China.

Minister of Foreign Affairs Yusuf Tuggar said in an interview with Bloomberg that Nigeria would seek to become a member of the BRICS group within the next two years as part of a new foreign policy push to have its voice heard in important global organizations.

Nigeria, Africa’s most populous nation, is seeking to assert its leadership role on the continent after years of playing a subordinate in international politics. “Nigeria has come of age to decide for itself who her partners should be and where they should be, being multiple aligned is in our best interest, and therefore it is necessary to transfer cooperation to a new strategic level on the globe,” Tuggar said.

“We need to belong to groups like BRICS, like the G-20 and all these other ones because if there’s a certain criterion, say the largest countries in terms of population and economy should belong, then why isn’t Nigeria part of it?” Tuggar said.

Nigerian President Bola Tinubu, who was invited to attend the G-20 summit in India in September, has said he would push to join as a permanent member. South Africa, the continent’s most industrialized nation, is already a member of the Group of 20 and joined BRICS in 2010, a year after it was formed.

South Sudan’s Ambassador to Moscow Chol Tong Mayay Jang also said that his country is studying the possibility of joining BRICS. The diplomat noted that “given the current geopolitical situation in the world, you see, there are many people who see that BRICS may be the best option.”

The envoy pointed out that “even most of the allies from the Middle East, allies of the West, have already expressed interest to join BRICS.” “Saudi Arabia, which is a very close ally to the US, is now a member of BRICS,” he stressed, adding: “It means that there is something, which is making people now seek a refuge.”

Before we even delve further into the complexity of the possibilities that could happen if those African countries listed to join BRICS, it is important to know what the BRICS agenda has for them or say simply as a show of solidarity, as reports indicated that Central African Republic (CAR) plans to submit an official application to BRICS. Russian Ambassador to the CAR Alexander Bikantov acknowledged in an interview that the CAR continues to develop its relations with the BRICS member states, both at the bilateral level and on various international platforms. “In August 2023, CAR President Faustin-Archange Touadera participated in the [15th] BRICS Summit in Johannesburg,” the diplomat noted. “Contacts were established with the International Alliance of BRICS Strategic Projects. As well, the joint intention for opening representative offices in Moscow and Bangui was declared.”

From various points of view, it is convincing to conclude that the aim of the latest irreversible expansion is touted as a large part of the plan for building a ‘multipolar’ world order that will definitely put weight on hitherto subdued voices of the Global South and brings them up to the centre of the world agenda. Russian President Vladimir Putin said at the St Petersburg International Cultural Forum – Forum of United Cultures on November 17 underlined this fact that the flexible admission of new members to the BRICS association presents an example of “how a compromise can and needs to be sought and achieved without imposing any viewpoint.”

“These are the organizational principles of BRICS, which is not a bloc, all the more so, it is not a military bloc but it creates conditions for achieving mutual understanding,” Putin underscored the principles for enrolling new members.

President Xi Jinping said at the extraordinary BRICS online summit on the Middle East in November that China, along with other BRICS members, would support Russia’s chairmanship of the organization next year. Xi described the BRICS cooperation mechanism as “an important platform for emerging markets and developing countries to strengthen unity and cooperation and safeguard common interests.”

At the Primakov Readings international forum held in late November, Foreign Minister Sergey Lavrov remarked the trends shaping the multipolar order are new realities. The unbalanced and unfair model of globalization is becoming a thing of the past. The emergence of new global development centres, the increasing self-awareness of many developing countries and their refusal to blindly follow former colonial powers.

Today, new players representing the Global South and Global East have stepped onto the international political stage. The geopolitical ambitions of the new global players are buttressed by their economic potential. Their numbers are growing, according to Lavrov, and to support his argument referred to President Vladimir Putin who said at the G20 extraordinary summit on November 22, that a “significant portion of global investment, trade and consumer activity is shifting to the Asian, African and Latin American regions, which are home to the majority of the world’s population.”

“Proceeding from the principles of equality and mutual respect, they are reaching a balance of interests via consensus. It’s no surprise that dozens of states want to get closer to BRICS. The number of BRICS members will double. Another 20 states have made similar inquiries or would like to establish special, privileged relations with this association. Next year, Russia will be chairing BRICS. We will do everything we can for BRICS to strengthen its stature in the international arena and to continue playing an increasingly greater role in creating a fair world arrangement,” underlined Lavrov at the Primakov Readings international forum, which is held yearly for politicians, diplomats, experts and academics, originally initiated since 2015.

Lavrov noted a bit earlier, in mid-Autumn, that “the weight, prestige and role of an individual candidate country and, of course, its position in the international arena” were taken into account in decision-making on accepting new members to expand BRICS. An updated list of candidate countries for BRICS membership will be prepared for consideration at the group’s next annual summit in Kazan under Russia’s one-year chairmanship.

South Africa holds the rotating presidency of BRICS until December 2023 and will pass it on to Russia. According to official sources, BRICS members [Brazil, Russia, India, China and South Africa] have decided to invite Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to join as full-fledged members of the group from January 1, 2024.

Professor Maurice Okoli is a fellow at the Institute for African Studies and the Institute of World Economy and International Relations, Russian Academy of Sciences. He is also a fellow at the North-Eastern Federal University of Russia. He is an expert at the Roscongress Foundation and the Valdai Discussion Club.

As an academic researcher and economist with a keen interest in current geopolitical changes and the emerging world order, Maurice Okoli frequently contributes articles for publication in reputable media portals on different aspects of the interconnection between developing and developed countries, particularly in Asia, Africa and Europe. With comments and suggestions, he can be reached via email: markolconsult (at) gmail (dot) com

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Abebe Selassie to Retire as Director of African Department at IMF

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Abebe Aemro Selassie

By Kestér Kenn Klomegâh

The International Monetary Fund (IMF) has announced the retirement of its director of the African department, Abebe Aemro Selassie, on May 1, 2026. Since his appointment in 2016, Abebe Selassie has served in this position for a decade. During his tenure, IMF added a 25th chair to its Executive Board, increasing the voice of sub-Saharan Africa.

As a director for Africa, he has overseen the IMF’s engagement with 45 countries across sub-Saharan Africa. Abebe and his team work closely with the region’s leaders and policymakers to improve economic and development outcomes. This includes oversight of the IMF’s intensified engagement with the region in recent years, including some $60 billion in financial support the institution has provided to countries since 2020. Reports indicated that under his leadership, his department generally reinforces the organization’s role as a trusted partner to many African countries.

Abebe Selassie has worked with both the regional economic blocs and the African Union (AU) as well as individual African states. The key focus has been the strategic articulation of Africa’s development priorities in reshaping economic governance, mobilizing sustainable investments, and addressing systemic financial challenges.

It is important noting that the IMF has funded diverse infrastructure projects that facilitated either export-led growth or import substitution industrialization models of development. Further to that, African states have also made numerous loans and benefited from much-needed debt relief.

Summarizing the IMF’s key focus areas, among others, for Africa: (i) reforming the global financial architecture in an effort to improve the structure, institutions, rules, and processes that govern international finance in order to make the global economy more stable, equitable, and resilient.

Concessional financing to counter rising borrowing costs, with Africa paying up to 5 times more in interest than advanced economies (AfDB, 2023). Fair representation, pushing for IMF quota reforms to reflect Africa’s $3.4 trillion collective GDP—yet the continent holds less than 5% of voting shares in Bretton Woods institutions.

(ii) Unlocking Investments for Jobs and Sustainable Growth. With Africa’s working-age population set to double to 1 billion by 2050, the African states spotlight: The African Continental Free Trade Area (AfCFTA), projected to boost intra-African trade by 52% and create 30 million jobs by 2035 (World Bank, 2024).  Infrastructure partnerships, targeting sectors such as renewable energy, where Africa receives only 2% of global clean energy investments despite its vast solar and wind potential (IEA, 2024).

(iii) Climate Finance and Debt Relief for Resilience: Africa contributes less than 4% of global emissions but bears the brunt of climate shocks, losing 5–15% of GDP per capita to climate-related disasters annually (African Development Bank, 2024). These are strictly in alignment with Agenda 2063’s aspirations for inclusive growth, maximizing multilateral cooperation and enhancing global engagement with the continent.

“I am deeply grateful for Abe’s visionary leadership, dedication to the Fund’s mission, and unwavering commitment to the members in the region,” Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF). “The legacy he leaves on the Fund’s work in Africa is one of alignment with the aspirations of people, especially the youth, for good governance, strong economies and lasting prosperity. His trusted advice has been invaluable to me personally, and his leadership has strengthened our mission.”

“A national of Ethiopia, Selassie first joined the IMF in 1994. Over his remarkable 32-year career, he held senior positions including Deputy Director in AFR, Mission Chief for Portugal and South Africa, Division Chief of the Regional Studies Division, and Senior Resident Representative in Uganda. Earlier, he contributed to programs in Turkey, Thailand, Romania, and Estonia, and worked on policy, operational review, and economic research.”

Under his ten-year leadership and as director of the African Department (AFR), Abebe Selassie helped to reinforce the Fund’s role as a trusted partner with sub-Saharan African members. The International Monetary Fund (IMF) is an international organization that promotes global economic growth and financial stability, encourages international trade, and reduces poverty.

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Africa Squeezed between Import Substitution and Dependency Syndrome

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Dependency Syndrome

By Kestér Kenn  Klomegâh

Squeezed between import substitution and dependency syndrome, a condition characterized by a set of associated economic symptoms—that is rules and regulations—majority of African countries are shifting from United States and Europe to an incoherent alternative bilateral partnerships with Russia, China and the Global South.

By forging new partnerships, for instance with Russia, these African countries rather create conspicuous economic dependency at the expense of strengthening their own local production, attainable by supporting local farmers under state budget. Import-centric partnership ties and lack of diversification make these African countries committed to import-dependent structures. It invariably compounds domestic production challenges. Needless to say that Africa has huge arable land and human resources to ensure food security.

A classical example that readily comes to mind is Ghana, and other West African countries. With rapidly accelerating economic policy, Ghana’s President John Dramani Mahama ordered the suspension of U.S. chicken and agricultural products, reaffirming swift measures for transforming local agriculture considered as grounds for ensuring sustainable food security and economic growth and, simultaneously, for driving job creation.

President John Dramani Mahama, in early December 2025, while observing Agricultural Day, urged Ghanaians to take up farming, highlighting the guarantee and state support needed for affordable credit and modern tools to boost food security. According to Mahama, Ghana spends $3bn yearly on basic food imports from abroad.

The government decision highlights the importance of leveraging unto local agriculture technology and innovation. Creating opportunities to unlock the full potential of depending on available resources within the new transformative policy strategy which aims at boosting local productivity. President John Dramani Mahama’s special initiatives are the 24-Hour Economy and the Big Push Agenda. One of the pillars focuses on Grow 24 – modernising agriculture.

Despite remarkable commendations for new set of economic recovery, Ghana’s demand for agricultural products is still high, and this time making a smooth shift to Russia whose poultry meat and wheat currently became the main driver of exports to African countries. And Ghana, noticeably, accepts large quantity (tonnes) of poultry from Russia’s Rostov region into the country, according to several media reports. The supplies include grains, but also vegetable oils, meat and dairy products, fish and finished food products have significant potential for Africa.

The Agriculture Ministry’s Agroexport Department acknowledges Russia exports chicken to Ghana, with Ghanaian importers sourcing Russian poultry products, especially frozen cuts, to meet significant local demand that far outstrips domestic production, even after Ghana lifted a temporary 2020 avian flu-related ban on Russian poultry.

Moreover, monitoring and basic research indicated Russian producers are actively increasing poultry exports to various African countries, thus boosting trade, although Ghana still struggles to balance imports with local industry needs.

A few details indicate the following:

Trade Resumed: Ghana has lifted its ban on Russian poultry imports since April 2021, allowing poultry trade to resume. Russian regions have, thus far, consistently exported these poultry meat and products into the country under regulatory but flexible import rules on a negotiated bilateral agreement.

Significant Market: In any case, Ghana is a key African market for Russian poultry, with exports seeing substantial growth in recent years, alongside Angola, Benin, Cote d’Voire, Nigeria and Sierra Leone.

Demand-Driven: Ghana’s large gap between domestic poultry production and national demand necessitates significant imports, creating opportunities for foreign suppliers like Russia.

Major Exporters: Russia poultry companies are focused on increasing generally their African exports, with Ghana being a major destination. The basic question: to remain as import dependency or strive at attaining food sufficiency?

Product Focus: Exports typically include frozen chicken cuts (legs and meat) very vital for supplementing local supply. But as the geopolitical dynamics shift, Ghana and other importing African countries have to review partnerships, particularly with Russia.

Despite the fact that challenges persist, Russia strongly remains as a notable supplier to Ghana, even under the supervision of John Mahama’s administration, dealing as a friendly ally, both have the vision for multipolar trade architecture, ultimately fulfilling a critical role in meeting majority of African countries’ large consumer demand for poultry products, and with Russia’s trade actively expanding and Ghana’s preparedness to spend on such imports from the state budget.

Following two high-profile Russia–Africa summits, cooperation in the area of food security emerged as a key theme. Moscow pledged to boost agricultural exports to the continent—especially grain, poultry, and fertilisers—while African leaders welcomed the prospect of improved food supplies.

Nevertheless, do these African governments think of prioritising agricultural self-sufficiency. At a May 2025 meeting in St. Petersburg, Russia’s Economic Development Minister, Maxim Reshetnikov, underlined the fact that more than 40 Russian companies were keen to export animal products and agricultural goods to the African region.

Russia, eager to expand its economic footprint, sees large-scale agricultural exports as a key revenue generator. Estimates suggest the Russian government could earn over $15 billion annually from these agricultural exports to African continent.

Head of the Agroexport Federal Center, Ilya Ilyushin, speaking at the round table “Russia-Africa: A Strategic Partnership in Agriculture to Ensure Food Security,” which was held as part of the international conference on ensuring the food sovereignty of African countries in Addis Ababa (Ethiopia) on Nov. 21, 2025, said: “We see significant potential in expanding supplies of Russian agricultural products to Africa.”

Ilya Ilyushin, however, mentioned that the Agriculture Ministry’s Agroexport Department, and the Union of Grain Exporters and Producers, exported over 32,000 tonnes of wheat and barley to Egypt totaling nearly $8 million during the first half of 2025, Kenya totaling over $119 million.

Interfax media reports referred to African countries whose markets are of interest for Russian producers and exporters. Despite existing difficulties, supplies of livestock products are also growing, this includes poultry meat, Ilyushin said. Exports of agricultural products from Russia to African countries have more than doubled, and third quarter of 2025 reached almost $7 billion.

The key buyers of Russian grain on the continent are Egypt, Algeria, Kenya, Libya, Tunisia, Nigeria, Morocco, South Africa, Tanzania and Sudan, he said. According to him, Russia needs to expand the geography of supplies, increasing exports to other regions of the continent, increase supplies in West Africa to Benin, Cameroon, Ghana, Liberia and the French-speaking Sahelian States.

Nevertheless, Russian exporters have nothing to complain. Africa’s dependency dilemma still persists. Therefore, Russia to continue expanding food exports to Africa explicitly reflects a calculated economic and geopolitical strategy. In the end of the analysis, the debate plays out prominently and the primary message: Africa cannot and must not afford to sacrifice food sovereignty for colourful symbolism and geopolitical solidarity.

With the above analysis, Russian exporters show readiness to explore and shape actionable strategies for harnessing Africa’s consumer market, including that of Ghana, and further to strengthen economic and trade cooperation and support its dynamic vision for sustainable development in the context of multipolar friendship and solidarity.

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Coup Leader Mamady Doumbouya Wins Guinea’s 2025 Presidential Election

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Mamady Doumbouya

By Adedapo Adesanya

Guinea’s military leader Mamady Doumbouya will fully transition to its democratic president after he was elected president of the West African nation.

The former special forces commander seized power in 2021, toppling then-President Alpha Conde, who had been in office since 2010.

Mr Doumbouya reportedly won 86.72 per cent of the election held on December 28, an absolute majority that allows him to avoid a runoff. He will hold the forte for the next seven years as law permits.

The Supreme Court has eight days to validate the results in the event of any challenge. However, this may not be so as ousted Conde and Mr Cellou Dalein Diallo, Guinea’s longtime opposition leader, are in exile.

The election saw Doumbouya face off a fragmented opposition of eight challengers.

One of the opposition candidates, Mr Faya Lansana Millimono claimed the election was marred by “systematic fraudulent practices” and that observers were prevented from monitoring the voting and counting processes.

Guinea is the world leader in bauxite and holds a very large gold reserve. The country is preparing to occupy a leading position in iron ore with the launch of the Simandou project in November, expected to become the world’s largest iron mine.

Mr Doumbouya has claimed credit for pushing the project forward and ensuring Guinea benefits from its output. He has also revoked the licence of Emirates Global Aluminium’s subsidiary Guinea Alumina Corporation following a refinery dispute, transferring the unit’s assets to a state-owned firm.

In September, rating agency, Standard & Poor’s (S&P), assigned an inaugural rating of “B+” with a “Stable” outlook to the Republic of Guinea.

This decision reflects the strength of the country’s economic fundamentals, strong growth prospects driven by the integrated mining and infrastructure Simandou project, and the rigor in public financial management.

As a result, Guinea is now above the continental average and makes it the third best-rated economy in West Africa.

According to S&P, between 2026 and 2028, Guinea could experience GDP growth of nearly 10 per cent per year, far exceeding the regional average.

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