Ramaphosa says Brics central banks aligned on local currency payments

President Cyril Ramaphosa says the central banks of the Brics countries are working towards a local currency payment system and that no member has raised an objection to it. He said agreement is within reach, and he described the arrangement as a way to increase trade between the member states rather than a move against any existing currency or payment system.

He was speaking to journalists after the 18th Brics summit in New Delhi, in a press conference published by The Presidency of South Africa (YouTube) on 14 September 2026.

Asked directly whether any Brics member was reluctant to link up central banks for local currency payments, Ramaphosa answered that none were, and that the members are aligned. He said he had already used the system himself, paying for books in rupees with a card transaction that went through without a problem and would be settled in rand.

What South Africa says it brought home

Ramaphosa put the economic case first when a South African broadcaster asked what the country had concretely gained. His answer was that the benefits are not immediately visible but are countable in investment.

He cited the Brics business council, which brings together companies from member states, and a South Africa to India business round table held alongside the summit. He said the multinational businesses at that table were appreciative of the reforms and transformation under way in South Africa and that this encouraged them to invest. He linked that investment directly to job creation, and said South African businesses were able to sell their goods to trading partners present at the summit.

He also said South Africa intends to learn from India’s support for startups, and to use those ideas to improve the local startup ecosystem.

The summit produced a declaration, which Ramaphosa said many had doubted would be agreed. He credited India with hosting the event, noting roughly 350 meetings across 30 cities, and with providing the focal point that carried members to consensus. He said the gathering was joined by partner countries and by the secretary general of the United Nations, the director general of the World Trade Organization and the director general of the World Health Organization.

His summary of the membership was that Brics countries represent 50% of the world’s population and 25% of global GDP.

AI safeguards, and where government sits

South Africa used the summit to argue that governments must involve themselves in artificial intelligence rather than leave the ecosystem uncontrolled. Ramaphosa said the technology offers real gains for economies and social life, and that its own developers warn of dangers if it is not managed. He named cyber security and biological weapons among the risks, and said governments need to understand what AI is and to put safeguards around it. South Africa also argued that Brics should raise the issue internationally.

India, trade and a flight that takes 18 hours

Ramaphosa met Prime Minister Narendra Modi on the sidelines. He described the relationship as special and strategic, dating to the Red Fort declaration signed in 1997, and said he had invited Modi to South Africa next year to mark 30 years of the partnership, suggesting Nelson Mandela’s birthday as a possible occasion. He also referred to the Gandhi Mandela scholarship.

On trade, he was blunt that the current level is too low. He said both leaders agreed there is huge scope for improvement and identified food security, infrastructure, renewable energy and road building among the sectors where the two countries could do more. He thanked India for its support during the struggle against apartheid, and congratulated it on its space programme and on its work with small scale farmers, particularly women.

One practical item came up from the floor. Asked whether a direct South Africa to India flight is coming, Ramaphosa said it is under discussion along with trade negotiations between India and the Southern African Customs Union. He noted the journey currently takes about 18 hours when it should take eight.

Ukraine, the UN Security Council and the next summits

Ramaphosa confirmed that his bilateral with President Vladimir Putin covered trade and investment, and Ukraine. He recalled South Africa’s participation with other African countries in a peace mission to Russia and Ukraine, where the message was that the conflict should be negotiated to a settlement. He said Putin briefed him on processes under way with various parties, and that he took comfort from those discussions. He added that the war affects South Africa directly through the cost of fertiliser and grain, and that an end to it would ease the cost of living.

On the United Nations Security Council, he said South Africa and India are aligned in advocating expansion and reform, and that the two countries speak with one voice on the matter. He pointed to their joint work during COVID to amend WTO rules so that developing economies could manufacture vaccines.

China hosts Brics in 2027 and South Africa in 2028.