President Cyril Ramaphosa has officially launched South Africa’s Group of Twenty (G20) Presidency at a media briefing held on Tuesday in Cape Town.
Accompanied by Minister of Finance, Enoch Godongwana, and Minister of International Relations and Cooperation, Ronald Lamola, Ramaphosa told journalists that South Africa’s G20 Presidency takes place at a moment in which the world is facing severe challenges.
“The climate change crisis is worsening. Across the world, billions of people are affected by underdevelopment, inequality, poverty, hunger and unemployment. The outlook for global economic growth remains subdued, and many economies carry the burden of unsustainable levels of debt,” said Ramaphosa.
“Geopolitical instability, conflict and war are causing further hardship and suffering. This is all happening at a time of great technological change, which presents both opportunities and risks. 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, Ramaphosa said South Africa will seek to harness global will and capabilities to confront these challenges.
“We all seek to achieve more rapid, inclusive and economic growth. We all seek a more just and equal world, and a world in which poverty and hunger are eradicated. We all seek to avert the worst effects of climate change and to preserve our planet for future generations,” he said.
“The G20 provides us with a platform to pursue these collective goals.”
South Africa has adopted the theme ‘Solidarity, Equality and Sustainability’ for its G20 Presidency.
On December 1, South Africa assumed the Presidency of the G20 group of countries. The G20 comprises many of the world's largest developing and developed economies, including the People’s Republic of China, the Russian Federation, the United Kingdom and the United States of America.
The G20 was established to tackle pressing global economic and financial issues. Together, G20 members account for around 85% of global gross domestic product and 75% of international trade.
“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. It has a wide agenda that now includes trade, sustainable development, health, agriculture, energy, the environment, climate change and anti-corruption,” said Ramaphosa.
In line with South Africa’s theme, Ramaphosa said South Africa will seek to strengthen and advance the international effort to achieve the Sustainable Development Goals by 2030.
South Africa’s Presidency will be the first time an African country has presided over the G20.
“We will use this moment to bring the development priorities of the African continent and the Global South more firmly onto the agenda of the G20. In this regard, we will build on the work of the most recent G20 presidencies of Brazil in 2024, India in 2023, and Indonesia in 2022. We will use our G20 Presidency to secure urgent progress on shared goals through a number of priority actions,” said Ramaphosa.
Among the priority actions, Ramaphosa highlighted that the G20 countries must take action to ensure debt sustainability for low-income countries.
“A key obstacle to inclusive growth in developing economies, including many in Africa, is an unsustainable level of debt which limits their ability to invest in infrastructure, healthcare, education and other development needs,” he said.
“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,” said Ramaphosa.
He also highlighted the need to mobilise finance for a just energy transition.
“We will seek to secure agreement on increasing the quality and quantity of climate finance flows to developing countries. This would include strengthening multilateral development banks, enhancing and streamlining support for country platforms such as the Just Energy Transition Partnership and more effectively leveraging private capital,” he said.
South Africa’s G20 Presidency will pursue progress on cross-cutting issues through the establishment of three dedicated task forces.
The first task force is on Inclusive Economic Growth, Industrialisation, Employment and Reduced Inequality.
The second task force is on Food Security.
The third task force is on Artificial Intelligence, Data Governance and Innovation for Sustainable Development.
“It is critical for South Africa that the G20 remains focused on its core responsibilities, to address global economic and financial challenges. It should not replace existing international institutions and platforms, such as the United Nations and associated bodies,” he said.
To ensure that the G20 remains focused, Ramaphosa said South Africa will not create any new working groups or permanent structures.
Over the course of the year, there will be more than 130 meetings held across all provinces.
Ramaphosa said tens of thousands of people from nearly 30 countries and representatives from over 20 regional and international organisations will arrive in South Africa over the course of South Africa’s G20 Presidency.
“The G20 Presidency is an opportunity to present to the world the great opportunities and experiences that South Africa has to offer. We look forward to welcoming our friends and partners to our beautiful country,” he said.
“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 said that in the year 2025, South Africa will “easily” be having around 40 heads of State and their delegations visiting the country at the same time.
“So, 2025 is going to be a very busy year for us as South Africa. I would like to call on all of us to work together to make this the most successful G20,” he said.
“We say with open arms, we welcome the world to come to South Africa, and let the games begin,” said Ramaphosa.
The G20 presidency operates on a troika system made up of the current, previous and next holders.
IOL