The Group of 20 (G20) Finance Track meetings started on Monday in Cape Town, South Africa. The discussions aim to address economic challenges and growth issues faced by developing nations. Leaders hope to find solutions to global problems and promote sustainable development before the upcoming G20 Summit.
South Africa became the first African country to lead the G20 on December 1, 2024. Its presidency is guided by the theme “Solidarity, Equality, and Sustainability.” The goal is to push for inclusive global economic growth, focusing on the world’s most vulnerable countries.
The meetings are taking place at the Cape Town International Convention Center. They began with the Finance and Central Bank Deputies Meeting on February 24-25. The G20 Finance Ministers and Central Bank Governors Meeting will follow on February 26-27.
During the opening session, Duncan Pieterse, South Africa’s National Treasury Director-General, spoke about key priorities. “South Africa wants to review the operational process of the G20. Although the G20 is now in its 26th year, its processes have rarely been reviewed,” he said.
He added, “After the discussions this week, South Africa, working with the G20 members, will conduct a review for the first time. We want to see how to improve and strengthen these processes. We will also explore new opportunities for G20 engagement this year.”
A key topic on the agenda is financing for development. This is vital for the poorest and most vulnerable countries. “We will hold an important meeting on the challenges and constraints to growth in developing countries, including African nations,” Pieterse noted.
The meetings will also cover other issues relevant to G20 members. South Africa aims to promote international cooperation and inclusive growth through these discussions.
However, the meetings are happening amidst geopolitical tensions. U.S. Secretary of State Marco Rubio recently criticized South Africa’s policies as “anti-American.” He also said he would not attend the G20 foreign ministers meeting in Johannesburg. This highlights the complex global political landscape.
Despite this, South Africa remains focused on leading the G20 toward solutions that help developing countries. The goal is to ensure that the voices of the most vulnerable are heard on the global stage.