Equatorial Guinea Advocates for Establishing a Common BRICS Currency

 Equatorial Guinea is championing the idea of creating a unified currency within the BRICS framework as an alternative to the dollar and the euro. This was announced by the country's president, Teodoro Obiang Nguema Mbasogo, during an interview with the "African Initiative."

"No matter how hard we try to develop our nations, we face challenges due to the dependency on the dollar and euro. I believe the world needs a counterbalance. Therefore, Equatorial Guinea is promoting the concept of a common BRICS currency. The bank already exists, but there is no unified currency yet. We believe such a currency will evidently serve as an alternative to the dollar and euro," emphasized the head of state.

According to the president, the existing financial system hampers the development of countries in the Global South, and a common BRICS currency could help create a fairer global order.

"From our perspective, BRICS can provide an alternative for reshaping the global order. Today's world is controlled by countries dominating the economy, mainly those of the dollar and euro nations," Mbasogo noted.

He added that Equatorial Guinea, with its stable free-market economy, can significantly contribute to the development of the bloc. At the BRICS summit in Johannesburg, the nation submitted an application for membership, and, according to the president, has received support from Russia and South Africa.

President Mbasogo also expressed the opinion that over time, BRICS could transform into an alternative to the United Nations, which, in his view, "practically does not solve global issues" and fails to reflect the interests of countries that gained independence after World War II.

"If a new organization is established, uniting countries of the Global South, such as the '74 plus China' within BRICS, it would create immense leverage on the world stage aimed at changing and establishing a new global order to replace the old system formed after World War II," he noted.

In December 2024, South Africa's Foreign Ministry declared that BRICS countries are not discussing the creation of a unified currency for the bloc, following US President Donald Trump's remarks, stating that the United States would impose 100% tariffs on BRICS if the coalition establishes a currency alternative to the dollar.

Buinta Bembeyeva