- The BRICS trading system launched a new precious metals exchange in October 2025, enabling trade in Gold, platinum, and rare earth minerals without using the U.S. dollar.
- BRICS countries now control approximately 72% of global rare earth mineral reserves, giving Africa significant influence in the new trade system.
- In 2025, about 68% of BRICS trade occurred outside the dollar, with the U.S. dollar declining 11%—its steepest drop since 1973.
- African nations are boosting local mining and processing, with projects aimed at supplying 10% of global rare earth demand by 2030.
- The changes provide African countries new opportunities to increase value from their resources, while both BRICS and Western countries compete for crucial mineral supplies.
The BRICS trading system introduced a precious metals exchange in October 2025 that allows member nations and partners to settle trades in gold, platinum, and rare earth minerals instead of using the U.S. dollar. This initiative aims to support a shift away from the dollar in international trade, giving countries new options for settling accounts. With this exchange, nations now use physical assets for payment.
According to official statements from the Moscow Financial Forum, BRICS members manage about 75% of the world’s rare earth mineral processing, essential for products like smartphones, electric vehicles, and military technology. As of 2025, 68% of BRICS trade bypassed the dollar. Financial analysts from Morgan Stanley reported the U.S. dollar dropped 11% during the year, marking the largest annual decline in over five decades.
Africa’s participation plays a central role. Countries including Angola, Nigeria, South Africa, and Namibia are increasing their extraction of rare earth minerals, targeting 10% of global demand by 2030. Local processing plants are under construction, intended to capture more economic value on the continent rather than exporting raw materials. Rwanda, for example, is developing innovations in coltan processing, focusing on exporting finished products rather than raw ore.
During the same period, U.S. policy actions sparked international responses. In July 2025, the U.S. announced 10% tariffs on nations participating in the BRICS system. This move prompted reactions from Brazil and China, who criticized the policy and called for emergency discussions. These events have further accelerated efforts among BRICS nations to rely less on the dollar.
Analysts and officials note that Africa’s strategic resource position is reshaping global trade dynamics. BRICS and Western powers must now compete for African mineral supplies, with the success of the trade currency reforms relying on Africa’s continued active participation. Experts suggest that African nations can further benefit by building domestic refineries, encouraging intra-African trade, and leveraging competition from multiple trading partners.
The introduction of the BRICS exchange marks a shift in the global financial system, providing Africa a rare opportunity to increase its influence in resource-backed international trade.
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