Finance minister Enoch Godongwana says there is no reason the Brics summit in SA should have a negative effect on markets.
“It is beyond our expectations in terms of the attention [SA has received globally] and in terms of content that has emerged out of [the] Brics summit. Heads of state are flocking in from [the] Global South. Market reaction should not be negative. We are just talking about the outcomes of SA being in Brics for … 13 years now,” Godongwana said in an interview with Business Day.
He moved to quell any further currency fluctuations or the weakening of government bonds as a result of SA’s proximity to Brazil, Russia, India and China, saying all the country was pushing for was a fair, transparent, equitable and inclusive global economy.
This as the group appears to have reached consensus on the need for the expansion of Brics.
The opening up of Brics, which accounts for almost half the world’s population and whose economies make up a third of global GDP, paves the way for a formidable voice in global politics with great influence and representation to challenge US hegemony and the power to reshape global institutions and financial systems.
“Protectionism is condemned even in Europe … it is a global problem that we all need to tackle for global economic prosperity,” Godongwana said.
Leaders of Brics are calling for reform of global governance institutions and financial systems, saying they are being used as instruments of geopolitical contestation.
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