Cape Town: President Cyril Ramaphosa will open the first meeting of the Group of 20 (G20) Finance Ministers and Central Bank Governors under South Africa’s Presidency. The meeting is set to focus on key areas such as the global economy, debt, infrastructure, joint finance and health task force, international taxation, finance sector issues, and sustainable finance.
According to South African Government News Agency, this engagement will take place at the Cape Town International Convention Centre on Wednesday, 26 February 2025. The meeting is hosted by the Minister of Finance Enoch Godongwana and Governor of the South African Reserve Bank, Lesetja Kganyago, under South Africa’s G20 Presidency theme of ‘Solidarity, Equality and Sustainability.’
The Finance Ministers meeting is preceded by the second meeting of the Finance and Central Bank Deputies, which took place on 24 and 25 February 2025. South Africa’s G20 Presidency commenced in December 2024, and the Finance Ministers and Central Bank Governors’ meeting is part of a series of 23 ministerial and approximately 130 working groups meetings that will take place during the course of 2025. The year-long deliberations will culminate in a G20 Leaders’ Summit in November 2025.
The G20 was originally established as a meeting of Finance Ministers in response to the Asian financial crisis of 1997-99, with the aim of coordinating policies to promote international financial stability. This initiative was elevated to a Heads of State and Government Leaders Meeting in 2008 after the global financial crisis of 2007. Together, G20 members account for around 85% of global Gross Domestic Product (GDP) and 75% of international trade. It comprises 19 countries including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Trkiye, United Kingdom, and United States, and two regional bodies, namely the European Union and the African Union.
The grouping therefore plays a critical role in influencing global policy making and fostering global economic stability.