President Cyril Ramaphosa has implored on G20 countries to unite to fight global challenges, unequal growth, debt, climate change and poverty amongst others. Ramaphosa was addressing the opening of the first meeting of the G20 Finance Ministers and Central Bank Governors in Cape Town. He said the world is facing uncertainties and escalating tensions, and the time is now crucial for G20 members to work together.
“We’re not moving quickly enough or boldly enough to address these global challenges. We must collectively target a step-change in our efforts to improve the lives of all our people and to protect future generations.One of the greatest impediments to growth, development and stability is the persistence of inequality within and between countries.The pursuit of the UN Sustainable Development Goal on reducing inequality is as much of an economic imperative as a social imperative,” said Ramaphosa.
The president emphasised that the G20 needs deliberate and coordinated efforts to focus on inclusive growth based on responsive trade and investment to grow the incomes of poor nations and the poorest in society.Ramaphosa said at this time of global uncertainty and escalating tension, it is now more important than ever that the members of the G20 work together.
“The erosion of multilateralism presents a threat to global growth and stability.We know from the experience of past decades that a fair, transparent and inclusive rules-based international order is an essential requirement for economic stability and for sustained growth.At this time of heightened geopolitical contestation, a rules-based order is particularly important as a mechanism for managing disputes and resolving conflict,” explained the president.
Ramaphosa highlighted that in line with Pretoria’s G20 Presidency and the original mandate of G20 to promote strong, sustainable, balanced and inclusive growth, South Africa has identified four priorities.
“Our first priority is to take action to strengthen disaster resilience and response.Our second priority is to ensure debt sustainability for developing economies.The third priority of South Africa’s G20 Presidency is to mobilise finance for a just energy transition. The fourth priority of our G20 Presidency is to harness critical minerals for inclusive growth and sustainable development,” remarked Ramaphosa.
