South Africa will use its Group of Twenty (G20) Presidency to build a more inclusive and prosperous Africa and a better world, ensuring no one is left behind.
This is according to President Cyril Ramaphosa who was speaking during the official launch of South Africa’s G20 Presidency in Cape Town on Tuesday.
South Africa assumed the Presidency of the G20 on 1 December, marking a historic milestone as the first African country to lead this influential group of the world’s largest economies.
President Ramaphosa outlined South Africa’s ambitious agenda under the theme ‘Solidarity, Equality, and Sustainability’.
“The G20 Presidency is a valuable opportunity for South Africa to advance efforts towards greater global economic growth and sustainable development. It is an opportunity to place the needs of Africa and the rest of the Global South more firmly on the international development agenda,” said Ramaphosa.
“Through South Africa’s G20 Presidency, we will work to build a better Africa and a better world, and to ensure that no one is left behind.”
He announced that the Department of International Relations and Cooperation (DIRCO) Minister Ronald Lamola, Treasury Minister Enoch Godongwana, and The Presidency led by Director-General Phindile Baleni will be tasked with leading and making the G20 process a success.
The President acknowledged the enormous responsibility of leading the G20 group, which includes the world’s major economies, representing 85% of global Gross Domestic Product, over 75% of international trade, and about two-thirds of the world population.
“The grouping therefore plays a critical role in influencing global policy-making and fostering global economic stability. Decisions taken by the G20 have a direct impact on the lives of all members of the global community,” Ramaphosa said.
“It has a wide agenda that now includes trade, sustainable development, health, agriculture, energy, the environment, climate change and anti-corruption.”
The G20 is an international forum of developing and developed countries which seeks to find solutions to global economic and financial issues.
It comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom, and United States and two regional bodies, namely the European Union and the African Union.
Benefits and challenges
The G20 is expected to have significant economic benefits for South Africa, notably for the tourism, transport, restaurant, entertainment and hospitality industries.
South Africa will host approximately 130 meetings, both virtual and in-person, from 1 December 2024-30 November 2025 across the country and on the margins of international conferences and meetings.
Ramaphosa said the presidency came at a challenging time marked by global crises, from climate change to inequality, poverty, geopolitical conflicts, and sluggish economic growth.
“While the challenges we face are common, their causes and consequences are unevenly distributed across and between countries.
“Working together with G20 members, and building partnerships across society, South Africa will seek to harness global will and capabilities to confront these challenges. The G20 provides us with a platform to pursue these collective goals.”
Key priorities
The President outlined four key priorities, namely strengthening disaster resilience; ensuring debt sustainability; mobilising finance for a just energy transition and harnessing critical minerals for inclusive growth.
The country’s G20 Presidency aims to escalate discussions on climate-induced disasters, advocating for enhanced global support for post-disaster reconstruction, particularly for vulnerable nations.
Ramaphosa stressed the need for sustainable debt solutions for low-income countries, highlighting Africa’s struggle with high debt levels that hinder development. The G20 will explore extending debt relief and ensuring fair and transparent sovereign credit ratings.
“Building on G20 initiatives undertaken in recent years, we will seek to advance sustainable solutions to tackle high structural deficits and liquidity challenges and extend debt relief to developing economies.
“We will also seek to ensure that the sovereign credit ratings are fair and transparent and to address high risk premiums for developing economies,” the President said.
The Presidency aims to mobilise finance for a just energy transition by securing agreement on increasing the quality and quantity of climate finance flows to developing countries. It also seeks to harness critical minerals for inclusive growth and development.
South Africa plans to champion the responsible use of critical minerals, ensuring local communities and resource-rich countries benefit equitably.
“As minerals extraction accelerates to match the needs of the energy transition, it is crucial to ensure that the countries and local communities endowed with these resources are the ones to benefit the most,” the President said. – SAnews.gov.za
