Taking over the G20 presidency, according to President Cyril Ramaphosa, is a chance to draw in investment and generate employment.
When various heads of state and their ministers visit South Africa, he said, they should make sure to leave at least some cash behind to support SA’s economic development.
Taking over from Brazil, Ramaphosa inaugurated South Africa’s G20 presidency in Cape Town on Tuesday. This is the first time an African nation has assumed this responsibility.
He stated that the G20 agenda will more prominently feature the development of the African continent and the Global South.
According to Ramaphosa, the G20 was established to address pressing global economic and financial issues and is made up of many of the biggest developed and developing economies in the world.
Roughly 75% of international trade and 85% of the world’s gross domestic product are represented by the G20 countries.
Wide-ranging agenda
Ramaphosa claimed that as a result, the group is essential in influencing international policy and advancing global economic stability.
He emphasised that the G20’s agenda is wide-ranging, covering topics like trade, sustainable development, health, agriculture, the environment, climate change, and anti-corruption.
He also claimed that the decisions made by the group directly affect people’s lives all over the world.
“South Africa’s G20 presidency takes place at a moment in which the world is facing severe challenges,” Ramaphosa said.
“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.
“Geopolitical instability, conflict and war are causing further hardship and suffering.”
According to him, there are both opportunities and challenges associated with the substantial technological change that is taking place at the moment.
He observed that while the challenges are similar, their causes and effects vary widely between and within nations.
More inclusive growth
He clarified, though, that South Africa’s partnership with G20 members aims to mobilise international resources and will to address these issues.
Among other things, he emphasised that the shared objective is to attain faster, more inclusive growth and to work towards a more just and equitable world free from hunger and poverty.
“The disparities in wealth and development within and between countries are unjust and unsustainable.
“By promoting equality, we strive to ensure fair treatment and equal opportunities for all individuals and nations.
“We aim to break down divisions of economic status, gender, race, geography or any other characteristic.
“In line with our theme, we will seek to strengthen and advance the international effort to achieve the Sustainable Development Goals by 2030.”
