South African Reserve Bank Governor Lesetja Kganyago has called on the G20 to refine its priorities and streamline its processes, warning that the forum risks becoming bogged down by complexity.
Delivering a keynote address at the Brookings Institution in Washington during the Spring Meetings of the IMF and World Bank, Kganyago expressed concern that the G20 tends to lose momentum outside of periods of global crisis.
“The G20 works best when the world is in crisis—then we find purpose and move quickly,” he said. “But in calmer times, the agenda becomes overcrowded, and the forum struggles to stay focused.”
Reflecting on the group’s past successes, such as its coordinated responses to the 2008 financial crisis and the COVID-19 pandemic, Kganyago warned that attempting to address every global issue—however important—dilutes the forum’s effectiveness.
With South Africa currently holding the G20 presidency, Kganyago proposed that the group adopt a more focused approach by selecting only a few core priorities each year. This, he argued, would enable deeper dialogue and more tangible outcomes.
“We need to focus less on ticking boxes and more on building consensus,” he emphasized.
He also proposed the creation of a permanent G20 secretariat to preserve institutional memory and reduce redundancy as the presidency rotates annually.
“What we need are clear decisions and simple, direct communication,” Kganyago said, cautioning against lengthy, vague statements that fail to inspire action.
Despite the challenges, Kganyago reaffirmed the G20’s ongoing significance. “Even in disagreement, this forum remains our best hope for meaningful cooperation,” he concluded. “The alternative—fragmentation and inaction—is not an option.”
VOC News
Photo: X/@SAReserveBank
