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African perspectives and priorities are in full focus this week as South Africa hosts the G20 Finance and Central Bank Deputies meeting at the Cape Town International Convention Centre (CTICC).
This is according to the Director-General of National Treasury, Dr Duncan Pieterse, who spoke to SAnews on the sidelines of the meeting.
The G20 Finance Track is one of the few global platforms where Finance Ministers and central bank governors convene to discuss the global economy and its framework. Leaders also present key issues their respective countries seek to advance.
“[It’s] a very unique and important opportunity for key discussions to take place. Of course, for our Presidency, we have placed Africa at the core of our agenda.
“There are many different issues we are discussing this week that impact the future of the continent. These include the reform of multilateral development banks and increasing African voices in that space, infrastructure development, and financing options,” Pieterse said.
He further explained how the technical discussions will now feed into preparations for the Finance Ministers’ deliberations, which begin on Wednesday.
“There are many technical details associated with matters such as quotas, replenishment of funds for African countries, and issues around the cost of capital and debt. These impact Africa’s developmental challenges and financing needs.
“All these areas are covered by different G20 working groups. Each group focuses on a specific area, and when we meet as Deputies, we consolidate these discussions before presenting them to Ministers and governors. A statement is then released to capture the essence of these deliberations,” he said.
One of the pressing issues for developing countries, particularly in Africa, is the growing debt burden. Rising borrowing costs and increasing interest rates contribute to economic instability.
“To address this, we have established an Africa Panel, chaired by former Finance Minister Trevor Manuel. One of its key mandates is to examine ways to assist African nations in managing their debt challenges.
“This includes governance, fiscal policy, and better financial management, as these factors influence borrowing costs. Additionally, economic growth is crucial to ensuring countries can service their debts. The G20 Africa Panel will play a significant role in integrating these concerns into the broader G20 agenda,” Pieterse stated.
The G20 Finance and Central Bank Deputies meeting continues in Cape Town on 25 February 2025.
