South Africa is selected to host the G20 Presidency this year, in 2025. It will hold a great number of important meetings that will be conducted around the country. The G20 Presidency meetings will be held under the theme – ‘Solidarity, Equality, Sustainability’.
South Africa G20 Presidency
South Africa assumes that the G20 Presidency to be held for five years from Dec 2024 to Nov 2025, before the deadline of the United Nations (UN) 2030 Agenda.
The UN Secretary-General – Antonio Guterres succinctly captured the gravity of the crisis when he noted with the concern during the launch, the Special Edition of the Sustainable Development Goals (SDGs) Progress Report on April 25, 2023 that just 12% of the SDG targets were on track, progress on 50% was weak and insufficient, and on more than 30% of the SDGs the international community has stalled or gone into reverse.
To meet the 2030 SDGs deadline a paradigm shift is necessary and practical solutions are needed. It is also critical that the next five Presidencies of the G20 will have to prioritise accelerating progress on the attainment of SDGs.
What will G20 Presidency South Africa 2025 consider?
South Africa is proposing the establishment of a Cost of Capital Commission during its G20 Presidency. The commission will deliver a comprehensive expert review on the issues impacting the cost of capital for developing economies which could help in addressing future debt sustainability issues and the related fiscal space challenges.
Additionally, these dedicated contributions of South Africa will also seek to take forward advances achieved under the previous presidencies. Particularly, recognising the centrality of advancing work on increasing fair financing for development, including scaling up the Multilateral Development Banks (MDBs), taking forward global financial architecture reform, improving pandemic preparedness, achieving fair international taxation regimes, including taxation of the super-rich.
All these priorities, as well as the overall theme will influence the priorities and work plans of the Working Groups. The initial issue notes of each Working group will reflect on how their work relates to these high-level priorities and the agendas for Working Group meetings that should take these priorities into account. The task force will establish closer working relations with Working Groups mostly connected to each of the priority areas.
SA G20 will be guided by the spirit of Ubuntu, decision-making and governance in traditional African societies, mainly operated by way of consensus for what is in the best interest of all. Consistent with this wisdom, South Africa views the diversity of the g20 nations as a strength rather than a source of division and will preserve the unity of the Group in pursuit of the priorities outlined.
What the Theme Depicts?
Following the theme of G20 Presidency to be held in South Africa in 2025: ‘Solidarity, Equality, Sustainability’.
Through Solidarity, we can create an inclusive future centred on people. Solidarity will allow us to develop our societies in a way that reflects our shared humanity. In our interconnected world, the challenges faced by one nation impact all nations.
By promoting Equality, we strive to ensure fair treatment and equal opportunities for all individuals and nations, regardless of their economic status, gender, race, geographic location or any other characteristic.
Sustainability, involves meeting the needs of the present without compromising the ability of future generations to meet their own needs.
Reportedly, nineteen (19) of the world’s largest economies as well as the EU and AU will descend on South Africa to address the critical economic and financial challenges.
About G20
G20 was formed in 1999 and began as a forum for finance ministers and central bank governors to discuss global economic stability. The G20 member countries together represent 85% of global GDP and 75% of global trade.
The group has expanded its focus to trade, climate change, sustainable development, health, agriculture, energy and anti-corruption. Numerous engagement groups will meet around the G20. This will also include the B20, which connects the business community from G20 countries and beyond.
The B20 first convened at the 2010 Toronto Summit, strengthening the private sector engagement in global economic reform. By hosting these engagements South Africa will present a unique opportunity for the Western Cape and South Africa to showcase many opportunities for tourism, trade and investment that will also contribute to economic growth and job creation.