By Peter Sinkamba

Zambia Now Set to Join BRICS in 2026 under the UKA Government

The Green Party has in the last five years advocated for Zambia to join the BRICS economic bloc. There is now some glimmer of hope for Zambia joining the BRICS as the party will press it alliance partners in United Kwacha Alliance (UKA) to support joining BRICS when we form government in 2026.

The BRICS is no doubt a formidable economic force in the new world economic order, and therefore an imperative for Zambia to join.

Amid the BRICS ongoing de-dollarization initiative, the US Central Bank has officially hit more than $1 trillion in losses, which could have a massive impact on the dollar. Indeed, the Federal Reserve has seen its paper losses actualized into more than $100 billion in actual losses. Moreover, there appears to be no relief on the doorstep.

The country has consistently been fighting off mounting national debt. With many forecasting a debt crisis in 2030, there have been rumblings about what this could mean for the dominant global reserve currency. This is especially concerning as the country has yet to navigate through its ongoing interest rate dilemma.

The U.S. dollar is facing threats and competition from BRICS who want to uproot it from the world’s reserve currency. The alliance is aiming to put local currencies ahead of the USD and make their native economies stronger. The bloc has been successful in its quest as several trade deals have been settled without the U.S. dollar recently. BRICS is aiming for more such deals where the USD will be sidelined for cross-border transactions.

The BRICS alliance is looking to launch a gold-backed currency to topple the U.S. dollar. The announcement about the formation of a new currency could be unveiled at the upcoming summit in October 2024. The goal of BRICS is to create a multipolar financial world where developing countries will limited connection to the U.S. dollar.

Global trade will mainly be settled in the new BRICS gold-back currency or local currencies of other developing countries. This would help them safeguard their native economies as hoarding the U.S. dollar in reserves comes at a risk. The growing debt in the U.S. touched $34.4 trillion this month and developing nations want to distance themselves from the dollar.

BRICS comprises Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia and the United Arab Emirates. It is considered the foremost geopolitical rival of the G7 bloc, with member countries accounting for around 45 per cent of the world’s population and 28 per cent of the global gross domestic product.