Uganda will now become the fourth country from the African continent to be a part of BRICS, a bloc of emerging economies in the global south, including the world's second-largest economy, China.

BRICS is seeking to expand its reach and influence in global politics and trade and to reduce the global dominance of the US Dollar as a reserve currency and in terms of Dollar-denominated debt. T

he bloc has started lending to member states in their local currencies which is seen as a plus to reducing high levels of indebtedness which tend to be exacerbated by the exchange rate. On January 1st, Uganda became an official member of this bloc, along with eight other countries that have now joined.

Ayanda Mkhwanazi spoke with Dr Benjamin Musiita, Head of the Policy and Economic Data Centre at Timbarara University of Science and Technology in Uganda...