France, Oct. 10 -- Joining Brics would open up Ghana's economic options, Foreign Minister Samuel Okudzeto Ablakwa said when he announced plans to formally apply for membership on Wednesday.

"It] will diversify our base and our partnerships and will also allow us to have more cooperation within the Global South framework," he said.

Seeking deeper engagement with other emerging powers, Accra says joining Brics would complement, rather than replace, its existing relationships with the International Monetary Fund, World Bank and other traditional partners.

Formally established in 2009 by Brazil, Russia, India and China, Brics was founded on the premise that international institutions such as the World Bank and the IMF were overly dominated...