Godongwana lays out South Africa’s G20 ambitions
A major focus during South Africa’s upcoming G20 Presidency is on advancing the interests of the African continent and the Global South.
This was shared by Finance Minister Enoch Godongwana, when he addressed G20 members, invitees, and international organisations at the Finance and Central Bank Deputies Meeting in Sandton, Johannesburg on December 11, the first meeting of South Africa’s G20 Presidency.
The G20 is an intergovernmental economic forum consisting of 19 countries and two regional unions (the European Union and the African Union) that represents a significant portion of the global economy, world trade, and population.
South Africa officially assumed the G20 Presidency on December 1, 2024, with the theme of “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.”
G20 goals: Advancing Africa
Godongwana emphasised South Africa’s commitment to advancing an African agenda during its presidency.
“To further this agenda and ensure that we strengthen the manner in which the G20 respond to the social and economic needs of our continent, we intend [to] establish a G20 Africa Expert Panel to support the G20 Finance Track,” he stated.
The G20 Africa Expert Panel will consist of leading African experts in economics, development, and finance. These experts will be drawn from the public sector, think tanks, academia, and international financial institutions.
Godongwana outlined that one of the key areas the expert panel will advise on is strengthening various African initiatives, including the Compact with Africa, for the benefit of the continent.
Former Finance Minister Trevor Manuel was announced as the head of the panel.
The Finance Minister also addressed the need for a stocktake of the G20 finance track, a proposal put forward by South Africa.
He said that the objective is to ensure that the G20 remains “agile, responsive and fit for purpose.”
Reforming the international financial architecture to address urgent challenges such as sustainable development, climate change, and poverty eradication was another key point raised by the minister.
Godongwana also highlighted the importance of the upcoming 5th Finance in Common Summit (FiCS) and the 4th International Conference on Financing for Development (FfD4) in closing the development financing gap and investing in the Sustainable Development Goals (SDGs).
These events will take place in Cape Town, South Africa, and Spain, respectively, in the first half of 2025.
Debt sustainability, particularly for countries facing acute liquidity challenges, was also a focal point of Godongwana’s address.
He stressed the need for a comprehensive approach to address these challenges, saying that there is no one-size-fits-all solution.
“Debt sustainability cannot be solved through the Common Framework alone,” stated Godongwana.
“But must be solved through a focus on putting in place the measures for countries to make the right investments and undertake appropriate reforms to support sustainable and inclusive economic growth,” he added.
The finance minister concluded his remarks by underscoring the crucial role of private sector partnerships in scaling up finance and achieving the G20’s goals.
He affirmed South Africa’s commitment to working with businesses and stakeholders to unlock the global economy’s full potential.
“The global challenges ahead are formidable,” Godongwana said.
“But the G20 has the will, capacity and determination to address them. In 2025 let us execute our work program with urgency, ambition and confidence. Let us work together to ensure strong, sustainable, balanced and inclusive growth.”
“There is an African proverb that reads: ‘If you want to go fast, go alone. If you want to go far, go together,” added the Minister.
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.
The country’s Presidency will culminate in the G20 Presidency Leaders’ Summit in Johannesburg in November 2025.
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