Cape Town — National Treasury Director-General Duncan Pieterse says South Africa will conduct a review of the G20’s operational processes during its presidency this year.
Pieterse made the announcement during a meeting in Cape Town, part of a second round of discussions with deputy finance ministers and central bank deputy governors. This follows the inaugural session held in Johannesburg in December, according to EWN.
Key topics of discussion included the financial challenges facing emerging markets in Africa, particularly the difficulty of securing development funding and the high debt burdens of many countries. With the G20 bloc entering its 26th year, Pieterse said it was time to assess its operations and identify areas for improvement.
“The South African Presidency, working with the G20 membership, will for the first time conduct a review of these processes and consider how to improve and strengthen them,” he said.
Pieterse also emphasised that financing for development remains a top priority, especially for poorer African nations.
In addition to the main discussions, several side events are planned, including meetings of the G20 troika — comprising past, current, and future presidencies — as well as bilateral engagements with member states.
#G20SouthAfrica | The Director-General of the South African National Treasury, Dr Duncan Pieterse giving opening remarks during the #G20 Finance and Central Bank Deputies (FCBD) Meeting. 24/02/2025 pic.twitter.com/pwYNYSKiU9
— G20 South Africa (@g20org) February 24, 2025
According to Jacaranda, the G20 was formed to address key global economic and financial challenges.
The group includes 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, the United Kingdom, and the United States, along with two regional bodies, the European Union and the African Union.
The G20 plays an important role in shaping global policies and creating economic stability.
Pieterse said South Africa’s goal during its presidency was to focus on the challenges in emerging markets and developing countries in Africa.
“Today, we will discuss the Financing for Development Conference that is happening in July this year and how the G20 Finance Track might consider engaging with this process. He said a detailed programme has outlined the work that is needed to be done.
“Over the last few weeks and months, the G20 working groups of the Finance Track have met and have made progress in shaping our agenda for this year, which is going to be taken forward and discussed in detail this week,” he added.
On Wednesday, President Cyril Ramaphosa is set to address the gathering as the bloc of finance ministers and central bank governors hold high-level talks on the discussion points that have emerged from these two days of preparatory discussions.
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Compiled by Matthew Petersen
