President Cyril Ramaphosa says they will continue to advocate for the use of local currencies when BRICS countries do business with each other. He was speaking during the BRICS’s Africa Roundtable at the 15th BRICS Summit underway at the Sandton Convention Centre north of Johannesburg.
The expansion of the BRICS club and the de-dollarisation debate are among the key issues on the agenda of the three-day meeting.
But the president says this is still subject to a thorough discussion with their BRICS finance ministers.
He says the global payment system is being weaponised against developing countries.
“We are concerned that the global and financial and payment systems are being used as instruments of geopolitical political contestation. Global economic recovery relies on predictable global payment systems and the smooth operation of banking, supply chain, trade, tourism as well as financial flows. We will continue discussions on practical measures to facilitate trade and investment flows through the increased use of local currencies. This is the matter we believe that further discussion has to take place amongst our finance ministers.”
Ramaphosa says the summit will advance the course of common prosperity and help achieve a humane global community.
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