Brics day two: Ramaphosa concerned about financial systems used in wars, stresses use of local currencies

23rd August 2023 By: Thabi Shomolekae - Creamer Media Senior Writer

Brics day two: Ramaphosa concerned about financial systems used in wars, stresses use of local currencies

President Cyril Ramaphosa

President Cyril Ramaphosa noted on Wednesday that global financial and payment systems are increasingly being used as instruments of geopolitical contestation.

Ramaphosa was speaking during the second day of the fifteenth Brics Summit, currently underway in Johannesburg, where he said global economic recovery relies on predictable global payment systems and the smooth operation of banking, supply chains, trade, tourism and financial flows.

He highlighted that peace and stability were preconditions for a better, more equitable world.

Ramaphosa said South Africa was deeply concerned about global conflicts that continued to cause great suffering and hardship.

This came as Russia continued its onslaught on Ukraine and as African countries faced violence.

Brazilian President Luiz Inácio Lula da Silva stated that everybody was suffering the consequences of the Russian war, adding that it showed the limitations of the United Nations Security Council.

Lula said Brazil was ready to join efforts to effect and contribute towards an immediate ceasefire, while Ramaphosa reiterated South Africa’s position that diplomacy, dialogue, negotiation and adherence to the principles of the United Nations Charter were necessary for the peaceful and just resolution of conflicts.


Meanwhile, Ramaphosa said South Africa would continue discussions on practical measures to facilitate trade and investment flows through the increased use of local currencies.

He highlighted that new economic, political, social and technological realities call for greater cooperation between nations and for a fundamental reform of the institutions of global governance for better representation and to be able to better respond to the challenges that confront humanity.

“While firmly committed to advance the interests of the Global South, Brics stands ready to collaborate with all countries that aspire to create a more inclusive international order,” he said.

He said South Africa was confident that the fifteenth Brics Summit would advance the cause of common prosperity and progress, explaining that over the past decades the bloc had been a major driver of global growth, trade and investment.

“Brics stands for solidarity and for progress. Brics stands for inclusivity and a more just, equitable world order. Brics stands for sustainable development,” said Ramaphosa.

He said South Africa was also confident that the Summit would enrich and inspire the country’s work towards the achievement of a more humane global community.

“We are an inclusive formation of developing and emerging economies that are working together to benefit from our rich histories, cultures and systems to advance common prosperity. We do so because we know that poverty, inequality and underdevelopment are the biggest challenges facing humankind,” said Ramaphosa.

He stressed his determination that the Brics partnership be harnessed to drive an inclusive global economic recovery.

Ramaphosa is supported by Deputy President Paul Mashatile and a few of his Ministers including Minister in the Presidency Khumbudzo Ntshavheni, Minister of International Relations and Cooperation Naledi Pandor, Minister of Mineral Resources and Energy Gwede Mantashe, Minister of Trade, Industry and Competition Ebrahim Patel and Minister of Higher Education, Science and Technology Blade Nzimande.