Davos-Klosters: President Cyril Ramaphosa has highlighted the significance of South Africa’s G20 Presidency and the economic priorities of the South African Government of National Unity during a special address to the 55th World Economic Forum in Davos-Klosters, Switzerland.
According to South African Government News Agency, the President told world leaders that South Africa will focus its G20 Presidency on three themes – namely solidarity, equality and sustainable development. He emphasised the country’s commitment to advancing a just energy transition, fostering inclusive growth and addressing global inequalities.
‘As a leading forum for international economic cooperation, the G20 plays an important role in shaping and strengthening global architecture and governance on major international economic issues,’ the President said. He pointed out that the G20 is being hosted on the African continent for the first time in history. ‘This is a moment of great significance for South Africa, the African continent and the world in that it was in Africa where humans developed the capacity and the impulse for cooperation.’
He referred to former President Nelson Mandela’s speech at the WEF annual meeting 33 years ago, when Tata Madiba said: ‘Our interdependence, bringing us together into a common global home, across the oceans and the continents, demands that we all combine to launch a global offensive for development, prosperity and human survival.’
President Ramaphosa said South Africa’s G20 Presidency is aimed at pursuing the objective of fostering solidarity, equality and sustainable development. ‘It is South Africa’s firm view that these themes can best be taken forward through the collective actions of institutions like the G20 and various multilateral institutions of the world, especially the United Nations, the WTO [World Trade Organisation] and global financial institutions, which should be reformed and be more representative and responsive to the needs of the citizens of the world.’
He emphasised that the rights and freedoms of one people cannot be separated from the rights and freedoms of all peoples. The President said that this is the foundation on which solidarity is built. He said one of the greatest impediments to growth, development and stability is the persistence of inequality within and between countries.
Mobilising Finance for a Just Energy Transition is another of South Africa’s priorities for its G20 Presidency. President Ramaphosa underscored the need for enhanced climate financing, urging global financial institutions to redirect unused Special Drawing Rights to support developing economies, particularly in Africa and the Global South.
With the increasing frequency of climate-induced natural disasters, President Ramaphosa said South Africa has therefore made the strengthening of disaster resilience as one of the priorities of its G20 Presidency. He called for special financing and insurance mechanisms to support post-disaster reconstruction, particularly in vulnerable regions.
President Ramaphosa said another priority is to harness critical minerals for inclusive growth and development. ‘We need a G20 framework on green industrialisation and investments to ensure progress towards a grand bargain that promotes value addition to critical minerals close to the source of extraction.’
President Ramaphosa highlighted Africa as the next frontier of global growth, with its abundant natural resources, young population and expanding markets. He called for G20 support for the African Continental Free Trade Area (AfCFTA) Adjustment Fund, investments in infrastructure, youth skills development, and women’s economic empowerment.
President Ramaphosa praised South Africa’s inclusive governance under the Government of National Unity, which he credited with fostering stability and investor confidence. ‘The Government of National Unity, made up of 10 political parties, has been vital to stability and inclusive governance, and has contributed to greater interest among investors in South Africa’s economic prospects,’ he said.
Concluding his address, President Ramaphosa extended an invitation to world leaders to attend the G20 Summit in Johannesburg later this year. He said the seeds of human progress were sown in Africa, where the earliest forms of cooperation were forged and developed.