In a keynote address at the World Economic Forum in Davos, President Cyril Ramaphosa set an ambitious agenda for South Africa’s upcoming G20 presidency, culminating in a landmark summit in Johannesburg this November. This marks the first time a G20 summit will be hosted in Africa, offering a unique chance to highlight the continent’s role in driving global progress.
Climate Action and Financial Support
President Ramaphosa emphasized the urgent need for global collaboration on climate change, calling on industrialized nations to honor their commitments to funding climate initiatives in developing countries. He outlined South Africa’s focus on the Just Energy Transition and stressed the importance of innovative financial solutions, such as leveraging private capital and reallocating unused Special Drawing Rights (SDRs) from wealthier nations to developing economies.
“These resources must enable countries in Africa to invest in infrastructure, healthcare, education, and industrial growth,” he stated.
Building Resilience Against Disasters
Highlighting the increasing frequency of climate-induced natural disasters, Ramaphosa called for global mechanisms to support vulnerable nations in recovery efforts. He advocated for financing and insurance solutions to help countries in the Global South rebuild after disasters.
“Developed countries recover quickly, but nations in the Global South struggle with the costs of rebuilding,” he noted.
Unlocking Africa’s Potential Through Green Growth
Harnessing Africa’s critical minerals for green industrialization emerged as a key priority. Ramaphosa proposed a G20 framework to ensure that resource benefits remain within local communities by promoting value-added processing near the source.
“The development of low-carbon manufacturing value chains can support decarbonization while driving industrial growth,” he said.
Strengthening Africa’s Economic Growth
Ramaphosa positioned Africa as the “next frontier of global growth,” citing its abundant natural resources, youthful population, and growing consumer market. He stressed the importance of the African Continental Free Trade Area (AfCFTA) in fostering regional integration and inclusive development.
South Africa will advocate for G20 investment in African infrastructure, skill development, and women’s economic empowerment while supporting the AfCFTA Adjustment Fund to ensure benefits are evenly distributed across the continent.
Advancing Health and Technology
Ramaphosa highlighted the need for local production of pharmaceuticals and vaccines to ensure Africa is better prepared for future pandemics. He also stressed the transformative potential of digital technologies like artificial intelligence in boosting trade and development across the continent.
A Milestone for Africa
Hosting the G20 summit positions Africa at the center of global discussions. Ramaphosa called it a defining moment to showcase Africa’s readiness to address global challenges and contribute meaningfully to the global economy.
With an agenda focused on climate action, economic resilience, and inclusive growth, South Africa’s G20 presidency offers a historic opportunity to drive meaningful change, not just for the continent but for the world.
