President Hakainde Hichilema Urges BRICS Countries to Reform Global Capital Costs for Africa


President Hakainde Hichilema, in his role as Chairperson of the Common Market for Eastern and Southern Africa (COMESA), has called upon the BRICS countries to support the reform of the global order concerning the cost of capital for African nations. His appeal was made during the BRICS – Africa Outreach and BRICS Plus Dialogues held on the sidelines of the 15th BRICS Summit in Johannesburg, South Africa.

The BRICS group comprises five prominent emerging economies: Brazil, Russia, India, China, and South Africa, who have convened for discussions at the summit.

Under the theme “Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism,” President Hichilema highlighted the pressing issue of Africa paying a disproportionately high cost of capital compared to other continents globally.

President Hichilema emphasized the importance of the BRICS platform in expediting reforms surrounding the cost of capital, with the ultimate goal of supporting Africa’s development. This disproportionately high cost, he stated, hinders Africa’s ability to create job opportunities and stimulate business growth, particularly among the continent’s burgeoning youth population.

Furthermore, President Hichilema urged the BRICS countries to facilitate access to technology for African nations. This access, he believes, would enable beneficial partnerships that drive economic growth on the continent and contribute to the global economy.

President Hichilema also commended the summit for offering African countries the opportunity to collaborate with BRICS nations in pursuit of development goals. He noted that the forum facilitates partnerships aimed at overcoming various challenges faced by African nations.

In his address, President Hichilema underscored the significance of BRICS as a community representing over 42% of the global population, 30% of the world’s territory, 23% of global GDP, and 18% of global trade. He expressed Zambia’s eagerness to strengthen partnerships that are mutually beneficial and to bolster economic ties with like-minded countries, based on resource complementarity.

The President advocated for a revitalized international order that is fair, inclusive, and rule-based. He emphasized the importance of addressing global opportunities and challenges in solidarity to achieve outcomes that benefit all.


    • HH and Ramaphosa are doing great on leading Africa. Very solid presidents. With these leaders South Africans will stop burning humans in streets.

  1. Is Auntie HH attending the summit online olo he also traveled to South Africa? Because the way I know Auntie HH, he can’t attend anything that seeks to counter the influence of the darling Americans and EUm

  2. Why do get excited over nothing. Joining BRICS or something else will not give us progress. Each country wants to benefit. Obviously the already powerful ones stand to reap more.

  3. In opposition the Supreme leader Ayatollah Hakainde Hichilema had all the answers but now he sounds like a broken record….blah blah blah blah…You cant experiment with leadership….under 5 politician has failed now he is busy smuggling Gold

  4. It is now difficult to be unpatriotic. During pf, I revoked my zambian citizenship and burned my passport during the winter. I have now bestowed my citizenship. New Dawn is doing well. I can’t complain anymore

  5. It is now difficult to be unpatriotic. During pf, I revoked my zambian nationalitiy and burned my passport during the winter. I have now bestowed my nationality
    New Dawn is doing well. I can’t complain anymore

    • Another one trying to discredit me in favour of a troll, just because I support what he doesn’t support. I am non partisan but if a party is doing good for country, I will support them. Grow up

  6. If HH has seen that BRICS is a credible institution, what are we waiting for in joining the organization?
    Don’t cling to Biden and do his bidding, BRICS is encouraging countries with raw materials to process them internally and derive maximum benefits. America and other Western powers won’t allow you to do that but externalize raw materials to their countries.

    • Don’t be a political ignoramus…you just don’t join these economical groupings they way you join a table of drinkers in a bar. You have to be invited!
      Just like why he has not yet gone to China, again, you don’t just travel as president they way you visit your grandmother in Matero, you have to be invited…

    • He can’t join because he is being used by the imperialists to spy on his own brothers and sisters. He is our own version of that Niger leader Bazoum.

Comments are closed.