Finance

BRICS makes Major De-Dollarization announcement

Economic ministers of leading BRICS member countries have announced that they are in the final stages of completing complete de-dollarization. The bloc’s goal is for its multipolar international monetary system to mark the end of the US dollar as the sole global reserve currency. A new payment system has been rumored and discussed for a significant time, but now the BRICS alliance has officially confirmed its development and first target: the US Dollar.

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BRICS De-Dollarization Mission Continues Following Huge Announcement

brics de dollarization us dollar usd currency
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The BRICS economic alliance has sought to challenge the global economic status quo for the last two years. The bloc has sought increased resistance from the Western-dominated financial order. Those efforts have come in the form of increased de-dollarization practices and the promotion of the bloc’s own local currencies.

Furthermore, the BRICS alliance initiated this two-day meeting with 20 countries in attendance to discuss expansion and economic cooperation. Foreign Ministers of countries belonging to the bloc are currently in the Russian city of Nizhny Novgorod. Topics at hand included the upcoming expansion of the BRICS+, de-dollarization efforts, and building further economic and trade relations with one another. Now, its work in developing its BRICS currency has also been discussed.

BRICS aims to cut ties with the US dollar and use local currencies for all cross-border transactions among member nations. The move is attracting other developing countries to join BRICS in 2024. The idea of ditching the US Dollar for local currencies and a new global reserve has become more popular. The alliance’s gold-backed currency concept and CBDCs are considered worthy alternatives.

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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