At the 55th annual World Economic Forum (WEF) meeting in Davos, Switzerland, President Cyril Ramaphosa brought a critical message to the forefront, calling for urgent reform of multilateral finance institutions that govern global development finance. Addressing an international audience, Ramaphosa stressed the importance of providing emerging economies with fair access to development finance, highlighting a pressing need for equity in the global financial system.
Ramaphosa’s address was timely, as he stood not only as South Africa’s representative but also in his new role as president of the Group of Twenty (G20) for the year. In this dual capacity, he took the opportunity to promote South Africa’s accomplishments, including the significant suspension of load-shedding by Eskom, which has persisted for nearly ten months, signifying strides towards enhanced energy stability in the nation.The South African leader underscored three key themes for the upcoming G20 meetings: solidarity, inequality, and sustainable development.
He firmly believes that addressing these themes is essential for fostering a more inclusive global economic landscape where “no person and no country should be left behind.”
“These themes can best be taken forward through the collective actions of institutions like the G20 as well as various multilateral organisations such as the UN, the World Trade Organisation, and the World Health Organisation,” he stated.
Ramaphosa called for recalibrating these institutions to become more representative and responsive to the needs of the global citizenry, particularly those in emerging economies.In a world still grappling with the socio-economic repercussions of the COVID-19 pandemic and the ongoing challenges of climate change, the call for enhanced solidarity through collective efforts is timely.
Ramaphosa’s efforts to galvanise support at the WEF signal a commitment to ensuring that the voices of developing nations resonate strongly in the corridors of global decision-making.