Golden Guvamatanga
The recent unveiling of a BRICS+ currency by Russian President Vladimir Putin at the bloc's summit in Kazan last week brings a wealth of opportunities for Zimbabwe, promising to unlock the country’s widely recognized but largely untapped potential.
The BRICS+ alliance, whose mission includes challenging the dominance of Western-led unipolarity has been gaining momentum with the addition of countries like Zimbabwe and Saudi Arabia.
Both nations possess key resources that could be instrumental in ending the dominance of the US dollar, a core objective of BRICS+ in its quest for a multipolar global order.
Zimbabwe is joining the bloc not as a peripheral player but as a key participant, bringing to the table a range of investment opportunities, particularly in the mining and energy sectors.
The country’s vast mineral wealth and strategic location make it an attractive partner within BRICS+. Furthermore, as BRICS+ strengthens and grows, positioning itself as a counter to Western hegemony, Zimbabwe stands to benefit from access to new sources of funding through the New Development Bank (NDB).
These funds could prove critical in revitalizing sectors such as manufacturing, which have been severely affected by illegal economic sanctions that limit access to capital.
Representing over 40% of the world’s population and a quarter of global GDP, BRICS+ offers Zimbabwe the potential to elevate its role in global trade and increase its economic output significantly.
One of the most promising benefits of the BRICS+ currency for Zimbabwe is the potential reduction in reliance on the US dollar, a dependency that has driven up business costs within the country.
Zimbabwe’s vast lithium reserves also position it to benefit from the anticipated rise in lithium prices by 2025, driven by increasing demand for electric vehicles.
This surge could provide Zimbabwe with a lucrative opportunity to capitalize on one of its key natural resources. Politically, Zimbabwe’s involvement in BRICS+ aligns with its ongoing engagement and re-engagement efforts on the international stage, fostering relationships with both allies and previously distant nations.
The strategic value of Zimbabwe’s resources is underscored by recent developments, such as the United Kingdom’s acknowledgment in March of the importance of Zimbabwean lithium and the Cluff Group’s acquisition of the Sandawana Mine in Mberengwa.
These events highlight Zimbabwe’s promising prospects for development within the BRICS+ framework.
