PARIS Faced with the dollar's continuing hegemony, the BRICS bloc of non-Western nations Brazil, Russia, India, China and South Africa have been loudly calling for an alternative in recent months. First, it was Brazilian President Luiz Inacio Lula da Silva in April, after the appointment of Brazil's former president Dilma Rousseff to |
The creation of a new common currency will be one of the main questions on the agenda at the BRICS summit in South Africa in August. But there are still many obstacles to overcome before breaking free from the almighty dollar.
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Africa is among the least diversified regions in the world with regard to exports. Commodities account for more than 60 per cent of total merchandise exports in 45 of the 54 countries in Africa, leaving them highly vulnerable to global commodity price shocks and undermining the continent’s inclusive growth and development prospects.