Mohammad Hanief
The G20 has emerged as one of the most influential forums shaping the world’s economic and developmental direction. In an era marked by uncertainty and rapid transformation, the grouping plays an essential role in strengthening global economic stability and setting the foundation for inclusive growth. Its influence extends far beyond economic coordination, touching upon climate policy, digital governance, food security, health systems, and the future of sustainable development. As global challenges grow more interconnected, so does the need for a platform capable of guiding collective action—and the G20 continues to be at the centre of this effort.
Created in the aftermath of the Asian financial crisis of 1997–1998, the G20 originally served as a platform for finance ministers and central bank governors to discuss the stability of international financial systems. Over time, especially after the 2007–2008 global financial crisis, the grouping expanded to include Heads of State and Government. This elevation reflected the realisation that meaningful crisis response required political commitment at the highest level. What began as an informal economic forum has today evolved into a global agenda-setting body representing major industrial and emerging economies.
Together, G20 members account for the overwhelming share of global wealth, trade and population. This reach gives the grouping unparalleled influence. Its decisions affect the economic stability of nations both within and outside its membership. Against this backdrop, the world’s current challenges—climate disruptions, financial volatility, supply chain fragility, widening inequality and rapid technological shifts—underscore how essential it is for the G20 to remain bold, responsive and forward-looking.
As South Africa assumes the G20 Presidency for 2024–2025, the global landscape demands exactly that. Only a handful of years remain before the world reaches the 2030 deadline for achieving the Sustainable Development Goals, yet progress is moving far slower than expected. Many nations are struggling with inadequate financial resources, insufficient climate preparedness, growing social divides and mounting debt burdens. The urgency of addressing these issues has never been greater, and South Africa’s leadership arrives at a critical juncture.
South Africa brings a unique perspective to the Presidency, shaped by its history, development journey and the African philosophy of Ubuntu. This worldview emphasises interconnectedness and shared responsibility. It asserts that progress cannot be separated from justice and that the wellbeing of each nation is tied to the wellbeing of others. South Africa’s theme for the Presidency—centred on solidarity, equality and sustainability—reflects this understanding. It highlights a commitment to a world where development is inclusive, opportunities are shared and long-term sustainability is prioritised.
The Presidency places strong emphasis on strengthening resilience in the face of climate-driven disasters. Across continents, communities are grappling with the aftermath of storms, floods, droughts and wildfires. For many developing nations, such shocks bring long-term setbacks, as limited financial resources hinder recovery efforts. South Africa aims to ensure that global support mechanisms become more predictable, better financed and capable of reducing vulnerability. This vision seeks not only to repair damage after disasters occur but to equip nations to withstand future shocks through better planning, stronger infrastructure and more robust financial instruments.
Another core focus of the Presidency is the need for sustainable debt solutions. Many low-income nations are experiencing debt burdens that compromise their ability to pursue development priorities. High borrowing costs, insufficient fiscal space and opaque credit rating practices contribute to a cycle that restricts economic ambition. South Africa advocates for deeper reforms within the global financial architecture, with the intention of creating a fairer and more transparent system. By improving access to affordable capital and enabling responsible restructuring where needed, countries will be able to channel more resources toward long-term development such as education, healthcare, infrastructure and climate resilience.
Efforts to support a just energy transition form another central element of South Africa’s agenda. As the world accelerates toward cleaner forms of energy, developing nations face the dual challenge of reducing emissions while sustaining their development pathways. Many also face the reality that green technologies remain costly or inaccessible. South Africa hopes to encourage greater investment in renewable energy, more support for country-led transition plans and better coordination between public and private finance. A just transition is one that protects existing livelihoods, creates new opportunities and embeds environmental responsibility in economic planning. By advocating for increased climate finance and stronger multilateral development banks, the Presidency aims to ensure that no nation is left behind in the global shift toward a low-carbon future.
The Presidency also recognises the centrality of critical minerals to the world’s energy and technological transformation. Africa holds significant reserves of minerals needed for electric vehicles, batteries and renewable energy infrastructure. However, countries rich in these resources have historically benefited little from their extraction. South Africa’s vision seeks to change this dynamic by promoting responsible mining, increasing local beneficiation and encouraging investment that enhances long-term industrial capacity. A more equitable minerals economy would not only strengthen African economies but also stabilise global supply chains and support the broader goals of sustainable development.
Alongside these priorities, South Africa has introduced several new initiatives to strengthen the G20’s long-term impact. These include task forces focused on inclusive growth, food security and responsible technological innovation. Their work will support policies that integrate social protection, industrial development, labour reforms and environmental responsibility into a coherent economic strategy. The food security initiative aims to address the structural weaknesses of global food systems, while the task force on artificial intelligence seeks to guide its development in a responsible, equitable and innovation-driven manner.
A comprehensive review of the G20’s work over the past two decades is also being undertaken. This assessment will help the grouping refine its methods, strengthen accountability and prepare for emerging global challenges. Another major initiative examines the structural barriers that make capital more expensive for developing countries. The findings aim to influence long-term reforms that enable nations to access capital on fairer terms, encouraging investment and supporting sustainable growth.
A significant feature of South Africa’s Presidency is its commitment to inclusivity. Over the years, the G20 has increasingly recognised the value of engaging with civil society, the private sector, youth networks, research institutions, labour groups and other stakeholders. South Africa intends to deepen this engagement, building on the progress made under previous presidencies. Broader participation strengthens the legitimacy of the G20’s decisions and ensures that global policies reflect a diversity of experiences and priorities.
Despite the uncertainties characterising global affairs, there is reason for optimism. The G20 remains one of the few platforms capable of convening major economies around shared goals. It has the ability to mobilise financial resources, encourage policy alignment and steer the world toward greater stability. As South Africa guides the discussions, there is renewed momentum toward fairness, sustainability and partnership.
The Presidency comes at a moment when the world must choose between fragmentation and cooperation. South Africa’s vision encourages nations to recognise their interdependence and embrace the long-term benefits of collective progress. By prioritising resilience, equality and sustainability, the G20 can help create a global environment where development is truly inclusive and future generations inherit a world that is more stable and just.
The author is a senior analyst
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