South Africa makes historic leap as first African nation to head the G20

Source: @g20org/X

Assuming the presidency from Brazil, the summit will bring together the leaders of the G20 countries, African Union and European Union to address the most important challenges facing the world today.

Addressing the nation on Tuesday, 3 December 2024, President Cyril Ramaphosa said South Africa aims to use this historic moment to bring the development priorities of the African continent and the Global South to the forefront of the G20 agenda.

South Africa's presidency will focus on solidarity, equality, and sustainability, aiming to address climate change, poverty, and global economic instability, Ramaphosa said.

He highlighted the nation's key priorities including strengthening disaster resilience, ensuring debt sustainability for low-income countries, mobilising finance for energy transition, and harnessing critical minerals for growth. South Africa, Ramaphosa noted, will advocate for Africa's development priorities and establish task forces on economic growth, food security, and AI.

Fostering global collaboration

The president emphasised that amid global geopolitical instability and conflicts, South Africa seeks to foster diplomatic collaboration to mitigate their impacts, which have exacerbated poverty and global insecurity. He noted that South Africa will remain part of Troica—an alliance dedicated to advancing global cooperation on economic, social, and environmental goals—for an additional two years.

"This position will bolster South Africa's neutral position on issues like Gaza and enhance its leverage in conflict resolution, fostering bilateral agreements, thereby mitigating addressing the needs of one country to the exclusion of the other," Ramaphosa said.

"To this end, 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, and embed South Africa’s continued participation in trade deals like AGOA, which benefits both Africa and partner nations, particularly in the context of economic, social, or environmental goals."

Driving climate action

A key focus of the G20 in 2025 will be stronger global co-operation on climate change and sustainability. Ramaphosa said South Africa aims to elevate climate action by securing commitments for sustainable development and tackling the worsening climate crisis. This includes promoting a just energy transition, securing finance for developing countries, and addressing disaster resilience.

"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."

Securing debt sustainability and economic stability for low-income countries is another priority. The G20 is expected to focus on ensuring that developing economies, particularly in Africa, can access debt relief and sustainable financing, Ramaphosa said.

This will include advancing solutions to address unsustainable debt burdens, enabling these countries to invest in critical sectors like healthcare, education, and infrastructure.

Advancing debt relief

"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," Ramaphosa 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."

Furthermore, inclusive economic growth and poverty eradication will also be tackled. Concluded Ramaphosa, "By promoting equality and job creation, the G20 is expected to foster a more just world, ensuring fair opportunities for all nations, particularly the Global South."

South Africa's G20 presidency will continue until November 2025. Over 130 meetings across South Africa will address global challenges like economic growth, climate change, and sustainable development, culminating in the G20 Leaders' Summit in Johannesburg.