South Africa outlines G20 Presidency plans
South Africa is officially at the helm of the G20 Presidency, and it said that priorities of the African Continent and the Global South are set to be placed at the center of the global stage.
The Group of Twenty (G20) is an intergovernmental economic forum comprising 19 countries and two regional unions – the European Union (EU), and recently the African Union (AU).
The G20 countries include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK and the US, as well as the EU and AU.
They represent 85% of the global economy, 75% of world trade, and 67% of the global population and plays a critical role in influencing global policy and fostering global economic stability.
On 1 December 2024, South Africa assumed the Presidency of the G20 and adopted the theme ‘Solidarity, Equality and Sustainability.’
The United Nations said that “South Africa’s leadership of this group presents a unique opportunity to shape global policies and advocate for Africa’s interests on the world stage.”
On 3 December, President Cyril Ramaphosa detailed some of South Africa’s plans for its Presidency.
“South Africa’s G20 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,” said Ramaphosa.
During his speech, he set out that some of South Africa’s key priorities for its Presidency include:
- Strengthening disaster resilience;
This includes the need for increased global cooperation and action to enhance disaster preparedness and response.
South Africa aims to “elevate this issue to leader level, calling for the global community, including international financial institutions, development banks, and the private sector, to scale up post-disaster reconstruction”.
- Ensuring debt sustainability for low-income countries;
Ramaphosa emphasised the burden of unsustainable debt levels on developing economies.
South Africa’s G20 Presidency seeks to “advance sustainable solutions to tackle high structural deficits and liquidity challenges and extend debt relief to developing economies”.
Additionally, he said that they aim to “ensure that the sovereign credit ratings are fair and transparent and to address high-risk premiums for developing economies”.
These efforts indicate a desire to reform existing financial systems and practices to create a more equitable and sustainable global financial architecture.
- Mobilising better financing for a Just Energy Transition;
Ramaphosa emphasised the need to increase climate finance flows to developing countries to support their transition to cleaner energy sources.
This includes “strengthening multilateral development banks, enhancing and streamlining support for country platforms such as the Just Energy Transition Partnership and more effectively leveraging private capital,” said the South African president.
- Harnessing critical minerals for inclusive growth;
Ramaphosa said that there needs to be an acknowledgement of the need for responsible and equitable management of critical minerals, which are essential for the energy transition.
South Africa intends to “champion the use of critical minerals as an engine for growth and development in Africa”, suggesting a focus on reforming current practices to ensure that resource-rich countries and communities benefit fairly from their extraction.
What’s next?
Over the course of the year, there will be more than 130 meetings held across all provinces.
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 our G20 Presidency for these.
South Africa’s Presidency will culminate in the G20 Presidency Leaders’ Summit, which will take place in Johannesburg in November 2025.
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