》Posted 22 Aug 2023 via; https://twitter.com/MacMungy/status/1694015825768775692?t=gi9nTxEDhsNZhpll_I1gHA&s=19
Expecting big things this #BRICS summit, most paramount, a currency that facilitates the developing world's trade environment in a more equitable & fast tracked manner.
If China & some of the bigger players within #BRICS fail to exploit this space in ample accord (in favor for a multi-polar-world that promotes their personal currenc-y/-ies), then they would've missed an opportunity to exploit a derivatives market largely exclusive to western issue/financial-print.
Promoting the Yuan for example in contention to the dollar's global financial market share fails to seek unexploited pastures in LDC's for one.
These least developed countries, attuned to selling source materials for the much more popular USD and euro-market prints would proceed with business as usual, as opposed exploring the Yuan's trade value in purchase of brand goods/products accustomed to.
Additionally, embargoed economies will too be an opportunity missed for countries looking to exploit this space (fx multipolarity) via contesting existing local currencies.
If the #BRICS2023 summit fails to suffice a roadmap to a new currency that seeks to alleviate business as usual & draw in economic players tired of western bureaucracy from left right & centre, then the #AfricanUnion (and economic contingents under; AfCFTA, EAC, ECOWASP SADC, etc.) need look towards personal financial institutions in facility of exploits that match the pace of globalmarket participation & resources of avail (local manpower, intellectual property, capital assets - machines, etc).
Awaiting a dollar influx, or a Yuan influx into these countries to have resources exploited at paces that do not meet development objectives at satisfactory levels (and worse yet, influxes that soley look to yield a return) due to financial instrumentation in triggering the working capacity at satisfactory levels is an argument no longer acceptable. Unless ofcourse, the human capital in Africa is still at levels that can only conduct odd-jobs, agricultural & mining basics, etc.
#PanAfrican #Socialist #Business #GlobalMarket #Economy
