President Ramaphosa to Open G20 Finance Meeting

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President Cyril Ramaphosa will officially open the first meeting of the Group of 20 (G20) Finance Ministers and Central Bank Governors under South Africa’s Presidency.

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“The first G20 Finance Ministers and Central Bank Governors Meeting in South Africa will focus on key thematic areas, including the global economy, debt, infrastructure, the joint finance and health task force, international taxation, financial sector issues, and sustainable finance,” the Presidency stated on 25 February.

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This high-level engagement is set to take place at the Cape Town International Convention Centre on, 26 February 2025.

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The meeting is hosted by Finance Minister Enoch Godongwana and South African Reserve Bank Governor Lesetja Kganyago, under the G20 Presidency theme of “Solidarity, Equality and Sustainability.” It follows the second meeting of the Finance and Central Bank Deputies, held on 24 and 25 February 2025.

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“South Africa’s G20 Presidency commenced in December 2024, and the Finance Ministers and Central Bank Governors’ meeting is part of a series of 23 ministerial meetings and approximately 130 working group sessions scheduled throughout 2025. The discussions will culminate in the G20 Leaders’ Summit in November 2025,” the Presidency added.

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The G20 was initially established as a platform for Finance Ministers in response to the Asian financial crisis of 1997-99, with the aim of coordinating policies to promote international financial stability. Following the global financial crisis of 2007, the initiative was elevated to a Heads of State and Government Leaders Meeting in 2008.

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Collectively, G20 members account for approximately 85% of global Gross Domestic Product (GDP) and 75% of international trade. The group comprises 19 countries—Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, the United Kingdom, and the United States—alongside two regional bodies, the European Union and the African Union.

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The G20 continues to play a critical role in shaping global policy and fostering economic stability worldwide. – SAnews.gov.za

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