West Supremacy Is Over As 34 Countries Join BRICS.

If there’s one word that can accurately describe the global financial system, it is the word unfair. The current global financial system has been and is still unfair to developing countries that have no power and no choice but to live by the rules set by the powers that be. It is unfair because the system is biased towards countries of the West who for example need to pay only one percent interest rate when they borrow form the World Bank or IMF, meanwhile, African countries have to pay about 5, 8, or even 10 per cent interest rate when they need to borrow because they are apparently riskier. This unfair financial system has contributed to the current developmental status of developing countries because instead of focusing on development, these countries spend a huge bulk of their revenue on financing debt. The countries that control this unfair system, especially the USA, have used it time and time again to push their ideals across the world, and when it is resisted, it has been used to punish countries, like in the case of Russia. All these have led to a clamour for a change in the global order and the answer to this seems to be BRICS. Although it was formed in 2009, BRICS started gaining prominence after the COVID-19 pandemic. Today, this bloc, initially made up of five-member countries, has grown to include six countries making it eleven in total. In addition, according to South Africa’s Foreign Minister Naledi Pandor, 34 countries have expressed interest to join this bloc. Now, why is BRICS important? Why do so many countries want to join this bloc? Why is the West scared about BRICS? And what does it mean for Africa? To answer all this, we first need to understand what BRICS is all about.