Taking inspiration from the BRICS alliance, three West African countries – Burkina Faso, Mali, and Niger had announced…

Taking inspiration from the BRICS alliance, three West African countries – Burkina Faso, Mali, and Niger had announced to launch a new currency last year in a bid to break free from the clutches of the US dollar and the Franc, which they inherited from the French colonization. The former French colonies have experienced several coups and are currently governed by military regimes.

Also Read: After Pausing BRICS, Saudi Arabia Eyes $100 Billion Deals With the US

The three non-BRICS countries held a discussion last year about launching a new currency to abandon the US dollar and the franc. “The currency is a first step toward breaking free from the legacy of colonization,” said General Abdourahmane Tiani, head of Niger’s ruling military junta. They also formed a defense group called the Alliance of Sahel States (AES).

Also Read: BRICS: Only 33% of Trade Settled in US Dollars

What Happened To the Non-BRICS Nations’ Idea of Launching a New Currency?

No update has been provided by the West African countries Burkina Faso, Mali, and Niger about the BRICS-style new currency. It is doubtful that the three regimes are even working closely on the formation of the currency. Launching a new currency in the global market is easier said than done, as the requirements are immense.

Also Read: BRICS Alliance: 2 New Countries Apply to Join Before 2025 Summit

Apart from meeting the criteria, gaining trust in the new currency is a herculean task. Their own local currencies are under water and unable to save themselves from drowning. Therefore, the talks about launching a new currency can mostly be seen as rhetoric and not grounded in reality. Even BRICS, which consists of bigger economies and larger financial power, is unable to bring its new currency to life.

The one thing about leaders in developing countries is that they’re all talk and no show. Statements are given all across the board, with little to no work done on the ground. Leaders rarely follow up with their statements and are mostly forgotten over time. Similar to BRICS, even Burkina Faso, Mali, and Niger are ruled by leaders who talk big but show no work.