By: Sayed Ridhwaan
President Cyril Ramaphosa addressed the crucial opening of the G20 finance ministers and central bank governors meeting held at the Cape Town International Convention Centre on Wednesday morning. Reflecting on the recent gathering of G20 Foreign Ministers in Johannesburg, he highlighted the importance of international cooperation.
Speaking at the conference, President Ramaphosa underlined the collective responsibility of the G20 in ensuring effective stewardship of the global economy for sustainable and inclusive growth. He acknowledged the pivotal role the G20 Finance Track has played over the past 25 years, citing its instrumental actions during critical periods in history, including the response to the global financial crisis in 2008 and the challenges posed by the Eurozone crisis and the COVID-19 pandemic.
Recognizing the necessity of forging consensus and taking bold actions to build a global economy that is resilient, sustainable, and equal, President Ramaphosa emphasized the need for cooperation between the Finance Track and the Sherpa Track. He emphasized that cooperation and a rules-based international order are essential in addressing global challenges, such as slow and uneven growth, rising debt burdens, persistent poverty, inequality, and climate change.
In his address, President Ramaphosa stressed the urgency of focusing on inclusive growth, particularly in responding to the UN Sustainable Development Goal of reducing inequality. He highlighted the importance of equal access to opportunities for all, regardless of gender, race, or economic status, and the need for deliberate and coordinated efforts to promote responsive trade and investment to benefit the poorest nations and individuals in society.
As South Africa assumes the G20 Presidency, President Ramaphosa reiterated the country’s commitment to promoting solidarity, equality, and sustainability. Ramaphosa added that the Summit’s location underscores the need for African voices to be heard on critical global issues like sustainable growth, the digital economy, and green industrialization. He emphasized the need to focus the world’s attention on the opportunities for more rapid, inclusive, and sustainable growth in Africa.
The opening of the G20 finance ministers and central bank governors meeting underscored the importance of international collaboration in tackling global economic challenges and fostering growth that benefits all nations and individuals.
Images: Sayed Ridhwaan
