As the BRICS are set to launch a guarantee fund to attract private capital to emerging markets, a new geoeconomic balance is taking shape. De-dollarization, the rise of protectionist policies, and the strengthening of South-South mechanisms are all signals of a gradual shift in global financial power. This keynote dissects the major macroeconomic trends at play and examines Africa’s room for maneuver in the face of these transformations.