Taking inspiration from the BRICS Alliance, three West African countries of Burkina Faso, Mali and Niger, last year announced it would launch a new currency last year to be released from the US dollar and franc clutches that it inherited from French colonies. The former French colonies have experienced several coups and are now controlled by military regimes.
Last year, three non-brick countries discussed launching new currencies to abandon the US dollar and franc. “Currency is the first step to being freed from the legacy of colonization.” General Abdulmame, General Tiani, who is the head of the ruling military regime of Niger. They also formed a defence group called the Sahel Alliance (AES).
What happened to the idea of launching a new currency in non-brick countries?
West African countries Burkina Faso, Mali and Niger have not been offered updates for new BRICS style currencies. It is doubtful that the three regimes are closely linked to the formation of currency. Launching a new currency in a global market is easier than you would say, as the requirements are immeasurable.
Apart from meeting the criteria, gaining trust in the new currency is Hercules’ challenge. Their own local currency is under the water and cannot save themselves from drowsing. Therefore, speeches on the launch of new currency can be viewed mostly as rhetoric and can be viewed as unfounded in reality. Even BRICS, which is made up of a larger economy and greater financial strength, cannot realize a new currency.
One thing about leaders in developing countries is that they’re all talking and there’s no show. The statement is made entirely with little or no work done on the ground. Leaders rarely follow up statements, most are forgotten over time. Like BRICS, even Burkina Faso, Mali and Niger are dominated by leaders who talk big but don’t show their work.
