BRICS Summit decided central bank governors should consider use of various currencies: Ramaphosa

President Cyril Ramaphosa says the BRICS Summit took a decision that central bank governors of member state should consider the use of various currencies in international trade.

He was addressing the nation on the outcomes of the summit held last month in Johannesburg..

Ramaphosa says the another significant outcome of the summit was the decision to expand the membership of BRICS to include Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.

He added that BRICS leaders agreed that the value of BRICS extends beyond the interests of its current members and also agreed that BRICS could be more effective and have a greater impact by building partnerships with other countries that share its aspirations and perspectives.

“Through an expanded BRICS, we will be able to better align the voices of those countries that seek a fairer global governance, financial, investment and trading system based on clear rules that apply equally to all countries. An expanded BRICS also means that we will be able to export more of our products to major markets and, as a result, we will be able to produce more and create more jobs. While an expanded BRICS will be an important champion for the Global South, South Africa stands to benefit from its relationship with these countries. Together, these countries make up nearly a third of the global economy and are together home to 46% of the world’s population.”

Allegations of supplying arms damaging

Ramaphosa says allegations that South Africa is supplying arms to Russia at the time where there’s a war between Russia and Ukraine have tarnished the image of the country, its economy and the currency.

The US ambassador to South Africa Reuben Brigety said in May that South Africa had provided arms to Russia and this prompted President Ramaphosa to appoint a panel to investigate the allegations.

Ramaphosa says the panel report has vindicated South Africa.

“The allegations levelled against our country had a most damaging effect on our currency, on our economy and our standing in the world.”

Video: President Ramaphosa to address the nation on conclusion of Lady R vessel investigation:

Additional reporting by Ditaba Tsotetsi