AFRICA, Sept. 15 -- AFRICA needs more capital to finance power, transport, industry and digital infrastructure. Yet many governments continue to face high borrowing costs, currency risks and limited access to long-term investment.

That financing gap sits at the centre of BRICS latest push to reshape global finance. At a September 10 meeting in Mumbai, BRICS finance ministers and central bank governors backed reforms to the IMF and World Bank, greater use of local currencies, connected payment systems, an expanded New Development Bank and guarantees designed to attract private capital.

The agenda goes beyond gaining greater voting power. BRICS is seeking more influence over how capital is raised, moved and invested.

The stakes for Afric...