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.
On 01 December 2024, South Africa assumed the Presidency of the G20, 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.
"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," the President said.
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 (GDP), 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.
"It has a wide agenda that now includes trade, sustainable development, health, agriculture, energy, the environment, climate change and anti-corruption," the President said.
The G20 is an international forum of both developing and developed countries which seek to find solutions to global economic and financial issues.
It comprises 19 countries including: 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 addressing challenges
The G20 is expected to have significant economic benefits for South Africa, notably for the tourism, transport, restaurant, entertainment and hospitality industries, with global visibility in all nine provinces.
South Africa will host approximately 130 meetings (both virtual and in-person) from 01 December 2024 - 30 November 2025, across the country, and on the margins of major international conferences and meetings.
The President noted that South Africa's Presidency comes at a challenging time, with global crises ranging from climate change to inequality, poverty, geopolitical conflicts, and sluggish economic growth.
President Ramaphosa underscored the need for collective action to tackle these pressing issues, ensuring that solutions are inclusive and equitable.
"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
President Ramaphosa outlined four key priorities for South Africa's G20 Presidency - 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.
Debt solutions and inclusive growth
President 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.
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The Presidency also seeks to mobilise finance for a just energy transition by securing 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," the President said.
Lastly, the G20 Presidency seeks to harness critical minerals for inclusive growth and development.
South Africa plans to champion the responsible use of critical minerals, ensuring that 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. We will use this G20 to champion the use of critical minerals as an engine for growth and development in Africa," the President said.
The G20 Presidency will culminate in the Leaders' Summit in Johannesburg in November 2025, where world leaders will adopt a declaration outlining collective actions to address critical global challenges.
READ | President Ramaphosa to launch South Africa's G20 Presidency
