Measuring BRICS in single decades, in 2001, BRIC started as an acronym for Brazil, Russia, India, and China; Goldman Sachs economist Jim O’Neill claimed that by 2050 the four BRIC economies would come to dominate the global economy. So South Africa was added to BRIC in 2010. The following countries are now expressing interest in joining: Afghanistan, Algeria, Argentina, Bahrain, Bangladesh, Belarus, Egypt, Indonesia, Iran, Kazakhstan, Mexico, Nicaragua, Nigeria, Pakistan, Saudi Arabia, Senegal, Sudan, Syria, the United Arab Emirates, Thailand, Tunisia, Turkey, Uruguay, Venezuela, and Zimbabwe. Is this now the awakening of BRICS+ or BRICS power?

BRICS+ by 2030 will add dozen new members and carve new indices, and by 2040, it will lead to new intellectualism on geopolitics and socio-economies for the super complex 2050 age of smart living.  

Historically, BRICS nations pushed on their people-power agenda over super-power titles. They made extreme value-creation economic models over focusing on powerful military-industrial complexes. They focused on nation-building and avoided special mandates to manage global affairs. They have been on a quest to upgrade them. They were feeding hungry mouths, as they were population rich, constantly up-skilling, and improving value creation as they were SME rich. They kept a steady watch to create multilateralism to uplift humankind.

They, too, made mistakes, as did the rest of the world

In the third decade of the third millennium, come 2020, three transformations erupted. First, futurism changed the rules on the ‘physicality of work’ and created a new imbalance with the ‘mentality of performance’; this has divided the workforce of world; the old system of over a billion commuting daily to the center of a complex maze to arrive daily at the sanctum of the company and create climate change. So now, in response, some 50% of the world’s workforce has chosen to stay away and work remotely in the surroundings of wide-open choices. Furthermore, technology uplifted micro-power-nations and exposed Western economies now stripped naked in bubble baths on slippery floors, they tippy-toe practicing conga-lines

Newly magnified economy: Behold, what microscopes exposed the magnified inner workings of the body. Similarly, the integrated networks have exposed the digital connectivity and working of millions of villages, cities, and nations with additional billions of people to interact, trade, improve grassroots prosperity and create a well-informed and opinionated citizenry. Some 100 years ago, if only 1% of the world’s population knew what was happening, today it is a dozen times more, and by 2030 double again. Why would these numbers change the global economic matrix when translated into micro-trading, micro-manufacturing, and micro-exporting? International opinion today is already strong enough to crush any national opinion of any nation still lingering under the illusion of a self-promoted victory.

When the SME sector already exists within each nation, the global markets are always hungry for good quality goods and services, and the rains of almost free digital technologies make such transformation a quick turnaround. Therefore, mindsets are critically essential; the need to define the difference between the job seeker mindset that builds the organizations and the job creator mindset that originates and creates that organization in the first place.

So what are the lessons, key features, and blueprints in sight?

Mistakes and new lessons: Last many decades, as the new world was rising, Western citizens felt like China experts, and their regular visits to local China towns restaurants in each city misguided them that Laundromat trained Chinese could only produce some chicken fried rice. Ever since the advent of the camera, the East was always projected as poor and dysfunctional; mesmerized by the media coverage during the last many decades, the West was equally convinced that India, a land of only snake charmers and fakirs, finally someday speak better English. The general perceptions about Asia, besides eating rice, if they could ever make cheaper products for the West. The rest is history, mistakes, and lessons.

After the big ding-dong nights of 2000 New Year’s Eve, today’s new story starts from the 20th chapter. Now China and India alone have created some 500 million new entrepreneurs, not by a magic pill or meta-crypto-wand but by National Mobilization of Entrepreneurialism, a slow, painful deployment of SMEs across the nation, and by creating mobilization protocols to identify, classify, and digitizing based on multiple factors from type and size to the evaluation of their “respectable” role in future communities and economic factors. This methodology was far more advanced in strategy and stern management over the globalization frenzy from the West, where sudden exporting of manufacturing of the industrial plants to kill manufacturing and destroying the middle class out of the West already declared globalization a great success.

The other mistake is to assume this is an economic or an academic study, at best, like an Oscar Slap on sleepy rotundas occupied with endless printing of money across the Western economies. Instead, this is an entrepreneurial response for the entrepreneurial nations to awaken hidden entrepreneurial talents in up-skilling SMEs and re-skilling manufacturers at national levels.

Recommendations and warnings: No airline can survive with only Flight Engineers and Frequent Flyers stuffed inside the cockpits; that space is only reserved for highly trained pilots. Henceforth, across the world, any economic development of any size, shape, or authority may find other more suitable alternate paths of occupation if they still cannot demonstrate any levels of understanding, applicable skills, or mobilization mastery on the National Mobilization of Entrepreneurialism to up-skill exporters and re-skill manufactures and uplift national SME sector as the most prominent economic contributor of the nation. Study the biggest error of economic thinking  

Underestimating the hidden powers of early thinking and starting a tiny unknown SME is a mistake of mindsets; here, entrepreneurialism like a saga unfolds, like a voluminous piece of literature but demanding literacy, understanding the job seeker mindsets and the ability to differentiate with entrepreneurial job creator mindset is already winning half the battle. Study the Mindset Hypotheses

Nations failing to realize the power of the billion SME rising in Asia and still unable to declare a national agenda of national mobilization of SMEs now must acquire an understanding of the 4B Factor: a billion displaced due to the pandemic, a billion replaced due to technology, a billion misplaced in wrong jobs now a billion on starvation watch. Furthermore, this 4 billion ever digitally connected mass of people ever in the history of humankind is now the most significant force of global opinion. Notice nations are already intoxicated with joy over the popularity of their national public opinion while having just an opposite international opinion on the world stage.

Recommendation; everyone is born an entrepreneur; our system chips away at this talent. Nevertheless, 10% to 50% high potential SMEs of any nation once are identified, classified, and digitized within 100 days. The uplifting digital platforms of up-skilling exporters and re-skilling manufacturers will result in 10% to 50% quadrupling their performance, productivity, and profitability. Imagine how much-regimented efforts will activate a positive national economic revolution based on real value creation, uplifting grassroots prosperity. How soon is a nation ready for a significant change? The rest is easy.

The stability and well-being of people, communities, and countries are critically dependent on economic security. It covers a range of topics, such as access to necessities, work opportunities, stable incomes, and defense against economic shocks. The need of guaranteeing economic security has increased significantly in the modern world, which is characterized by technical developments, geopolitical shifts, and unexpected disasters. The importance of economic security is examined in this article, along with important tactics for promoting adaptability and preserving people’s quality of life.

The value of economic security to individuals, communities, and countries cannot be overstated. By fostering an atmosphere where people and families can achieve their basic needs without suffering undue stress, it promotes stability. Because of this stability, people can recuperate and start over after severe shocks like economic downturns, natural disasters, or health crises.

Furthermore, economic security contributes to social cohesion by reducing inequality and fostering inclusivity. When individuals feel economically secure, they are more likely to actively participate in society, contribute to their communities, and engage in productive endeavors. This sense of security leads to greater social harmony and a collective feeling of prosperity.

Moreover, economic security is vital for long-term sustainable development. It enables individuals and societies to invest in education, healthcare, infrastructure, and innovation. These investments drive economic growth, improve overall well-being, and create the foundation for a prosperous future. By ensuring economic security, countries can build resilient and sustainable economies that benefit their citizens and contribute to global progress.

To enhance economic security, several key strategies can be implemented. Firstly, governments and businesses should prioritize diversifying their economies by promoting sectors with growth potential and resilience. By reducing reliance on a single industry or market, countries can mitigate the impact of economic downturns and build a more robust and diversified economy.

Investing in education and skills development is another crucial strategy. Governments and organizations must focus on providing quality education, vocational training, and lifelong learning opportunities. Equipping individuals with the necessary tools and knowledge enables them to adapt to changing economic landscapes and remain competitive in the job market.

Strong social safety nets are necessary to protect people during times of economic upheaval. The most disadvantaged populations should be given priority in the design and implementation of comprehensive social welfare systems by the government. Creating a safety net for all citizens entails implementing programs for income support, healthcare coverage, and unemployment benefits.

Promoting entrepreneurship and innovation can create new opportunities for economic growth and job creation. Governments can support aspiring entrepreneurs by providing access to capital, mentorship programs, and favorable regulatory environments. Embracing technological advancements and fostering a culture of innovation further enhances economic security, particularly in an increasingly digital world.

International cooperation is essential since economic security is a global issue. Cooperation between nations is necessary to advance ethical business practices, lessen economic inequality, and improve financial stability. Initiating discourse, coordinating policy, and assisting nations in economic crises are all important functions of multilateral organizations.

Societies can improve their economic security and create a more secure and prosperous future by putting these strategies into practice: diversifying the economy, investing in education and skills, creating social safety nets, encouraging entrepreneurship and innovation, and fostering international cooperation.

Having economic security is crucial in a world that is uncertain and changing quickly. Governments, corporations, and individuals may all work together to create an environment that promotes economic security by putting a priority on stability, resilience, and inclusivity. We can create a more resilient and prosperous future for everybody through diversity, education, social safety nets, entrepreneurship, and international cooperation. By making investments in financial stability, we build a more just and sustainable world.

After several negotiations, the International Monetary Fund (IMF) has finally granted approval for a Special Drawing Rights of 2.242 billion, equivalent to $3 billion, to the Republic of Ghana. Its democracy and economic development down the years have been considered as model for Africa, but surprisingly under the current administration headed by Nana Addo Dankwa Akufo-Addo, due to gross mismanagement and inappropriate use of budgetary funds have created deep economic crisis. The government has consistently blamed Covid-19 and Russia-Ukraine crisis for its economic predicament.

As part of the IMF deal, committed to implementing a number of post-pandemic programmes to build resilience and lay the foundation for stronger economic growth, including “an ambitious structural reform agenda” to reinvigorate private sector-led growth by “improving the business environment, governance and productivity.”

Historically the Government of Ghana has contracted various loans from People’s Republic of China (PRC) purposely to undertake various projects, since it took over political administration from the sustainable economic development committed National Democratic Congress (NDC), as President of the Republic Ghana in 2017. As world-wide business rules, it offered its part of its resources as collateral security, failure to repay contracted loans requires seizure of the property.

Reports have now emerged May 23, making authentic reference to the IMF that China would take over Ghana’s mineral revenue and electricity sales in default of four (4) loans. The report by the IMF on Ghana’s external debts shows that should Ghana fail to honour obligations under the loan agreement with China, it could lose revenue from its mineral resource and electricity sales.

Details of Ghana’s collateralised loans from China show that the Asian country could have the right to use proceeds from Ghana’s oil, cocoa, bauxite or even the sales from electricity to settle the debt China owns about two-thirds of all of Ghana’s external loans, making the Asian superpower an important party in discussions about Ghana’s loans.

The IMF has published details on Ghana’s four collateralised Chinese loans in a report compiled in connection with the $3 billion bailout programme. The report shows that should Ghana fail to honour obligations under the loan agreement with the Asian economic superpower, it could lose revenue from its mineral resource and electricity sales. 

According to the report by Joy News, in about 20 years, Ghana has borrowed close to $5 billion from, at least, 41 Chinese loan facilities. Per data released by the IMF, China would also have the right to use proceeds from Ghana’s oil, cocoa, bauxite or even the sales from electricity to settle the debt. This is because Ghana contracted the loans by collateralising some eight national assets. Ghana owes China $1.9 billion, but $619 million of this amount is collateralised. 

An outspoken TV personality Captain Smart predicted that Ghana could lose some critical national assets to China over a huge debt to the Asian country. The outspoken journalist mentioned the Tema Harbour, Ghana Broadcasting Corporation (GBC), Kotoka International Airport (KIA) and the Electricity Company of Ghana (ECG) as the likely assets that Ghana could lose. It owes China billions of dollars, which represents about a third of all its foreign debts. Captain Smart of Onua TV said a similar takeover of national assets by China has occurred in Uganda, Zambia and Sri Lanka. 

In another media report monitored by this author, Finance minister Ken Ofori-Atta has visited China for debt support talks. He said, at the time, that the visit to China was important because amid Ghana’s financial and economic challenges, China represents about a third of the $5.7 billion Ghana owes externally. The loans granted by the IMF, $600 million represents the first disbursement out of the $3 billion loan hit the accounts of the Bank of Ghana last week. 

In any case, there are a few important facts President Nana Akufo-Addo has said about IMF bailout. Monitoring media reports, for instance, YEN.com.gh reported in a related story that President Nana Akufo-Addo spoke for the first time about the IMF bailout during a mammoth rally held in the city Kumawu located in the Ashanti Region. 

According to him, it is not true that he mismanaged the economy and run to the IMF because 29 other countries have signed up for various programmes with the Fund. He also promised that before he concludes the end of his tenure in 2024, he would have fulfilled all his promises to Ghanaians and put the economy in a much better shape with the leverage to the IMF $3 billion.

Bank of Ghana (BoG) Governor Dr. Ernest Addison has informed that a comprehensive strategy to revive the nation’s financial sector is being readied for the end of June, as part of the $3 billion facility being provided by the International Monetary Fund. The proposed reforms aim to strengthen the sector, restore market confidence and promote lending to the private sector – while commercial banks, special deposit-taking institutions and other regulated entities must submit plans for recapitalisation. 

As of 2019, Ghana was the 7th largest producer of gold in the world. It is a leading producer and exporter of cocoa to Europe. It is the 2nd largest producer of cocoa globally. According to the President Nana Akufo-Addo, Ghana was “the first sub-Saharan African country to achieve the goal of halving poverty, as contained in Goal 1 of the Millennium Development Goals.” The Republic of Ghana, with a population of over 32 million, is located on the coast of West Africa.