Business Reporter

Zimbabwe is pursuing a path to sustainable economic growth and transformation through continental integration, as The country has set its sights on joining the New Development Bank (NDB), an institution established by the BRICS economic bloc.

BRICS is an acronym for Brazil, Russia, India, China, and South Africa. The BRICS countries operate as an organisation that seeks to further economic cooperation amongst member nations and increase their economic and political standing in the world.

In an interview with this publication, renowned economist and member of the Reserve Bank of Zimbabwe’s (RBZ) monetary policy committee, Persistence Gwanyanya, said Zimbabwe is committed to pursuing sustainable economic growth through working with the BRICS and being able to implement Zimbabwe’s market integration objectives.

“Zimbabwe, like many other countries in Africa, is committed to pursuing a path to sustainable economic growth and transformation through continental integration. We are pleased to be working with the BRICS partners to successfully implement our market integration objectives,” Gwanyanya said.

Gwanyanya added that Zimbabwe’s aspiration to join the NDB does not affect the country’s aspirations to join the BRICS, whose membership it applied for last year.

Meanwhile, the BRICS alliance itself recently expanded, welcoming Ethiopia, the United Arab Emirates, Saudi Arabia, Iran, and Egypt as new members on January 1, 2024.

Recently, the Minister of Finance, Economic Development, and Investment Promotion, Professor Mthuli Ncube, said joining the BRICS bank would diversify Zimbabwe’s sources of credit.

“Joining the BRICS bank is critically important for Zimbabwe, so Zimbabwe can then diversify its sources of credit finance in order to develop the country.

“Hopefully, beyond joining the bank, we can then move on as a country and join the entire BRICS, which again augers well for Zimbabwe and positioning among the nations that are growing and growing pretty fast,” said the Minister.

Meanwhile, the BRICS nations have for years been ranked among the world's fastest-growing emerging market economies. This growth is attributed to low labour costs, favourable demographics, and abundant natural resources at a time of a global commodities boom.