Cape Town: African perspectives and priorities are in full view this week as South Africa plays host to the G20 Finance and Central Bank Deputies meeting held at the Cape Town International Convention Centre (CTICC).
According to South African Government News Agency, Director-General of National Treasury, Dr. Duncan Pieterse, highlighted the importance of the G20 Finance Track as a global platform where Finance Ministers and central bank governors convene to discuss the global economy and its structure. Leaders also present issues their countries aim to advance.
Dr. Pieterse emphasized that this meeting provides a unique opportunity for important discussions, with Africa at the core of the agenda during South Africa’s presidency. Key topics include the reform of multilateral development banks, infrastructure development, and financing options. These discussions aim to boost African voices in these areas.
The technical details from the deputies’ meetings will inform Finance Ministers’ deliberations starting
Wednesday. These details include fund replenishment for African development, cost of capital, and debt issues, all of which are discussed in various G20 working groups. The outcomes are then presented to Ministers and governors, culminating in a statement summarizing the discussions.
One pressing issue for developing countries, especially in Africa, is rising debt burdens, exacerbated by high borrowing costs and interest rates. To address this, an Africa Panel chaired by former Minister of Finance Trevor Manuel has been established. The panel will explore ways to help African countries tackle debt challenges, focusing on governance, fiscal policy, and economic growth to manage debt better.
The G20 Finance and Central Bank Deputies meeting continues in Cape Town on Tuesday.