As G20 chair for 2025, South Africa emphasised the goal of empowering not only Africa but all countries in the Southern Hemisphere to overcome obstacles on the path to sustainable development.
Bringing together top G20 diplomats, the G20 Foreign Ministers' Meeting held in South Africa attracted international attention and expectation, as this is the first time an African country has taken the "hot seat" of the G20.
In his opening speech, South African President Cyril Ramaphosa stressed that an African nation "at the helm" of the G20 is an opportunity for the world to hear the voice of the Southern Hemisphere on important global issues, such as sustainable development, promoting the digital economy and green transformation.
Although accounting for up to 42% of global GDP, 44% of goods export value and 65% of foreign direct investment (FDI) flows, Southern Hemisphere countries have not yet secured a deserving position on the world's political and economic map. Therefore, in its role as G20 chair, and as a prominent representative of developing countries, South Africa strives to address challenges related to enhancing resilience after climate disasters, managing the enormous public debt and mobilising financial resources for a just energy transition.
Experts note that these are all difficult problems to solve. Many developing economies are trapped in high public debt. A recent report by the United Nations Conference on Trade and Development (UNCTAD) paints a bleak picture of Africa's financial situation, with nearly half of the countries on the continent facing debt exceeding 60% of GDP.
The burden of public debt has trapped many countries in a vicious cycle, as they must prioritise debt repayment rather than increasing investment to boost economic growth. Some governments are forced to spend more tax revenue on interest payments than on investing in education or healthcare.
Additionally, Africa is bearing the brunt, suffering severely from extreme weather events. Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), emphasised that the climate crisis is a deep hole draining the economic growth momentum of developing countries.
A report by the World Meteorological Organisation shows that African countries lose up to 5% of GDP annually due to climate change. Wealthy nations have committed to spending at least 300 billion USD annually until 2035 to help developing countries green their economies and improve climate disaster response capabilities. However, many experts believe this figure is merely a drop in the ocean, unable to meet actual needs.
Faced with these complex challenges, South African President Cyril Ramaphosa affirmed he will continue to take advantage of every opportunity to promote the priority objectives of the Southern Hemisphere. The G20 agenda for 2025 focuses on helping developing countries mobilise climate finance, alleviate public debt burdens, transition to renewable energy and prevent the over-exploitation of raw materials and minerals in Africa.
In a world facing unpredictable changes, efforts to realise these ambitious goals during the G20 presidency will certainly face many challenges. South Africa is expected to fulfil its role as "G20 captain" effectively, opening new opportunities for Southern Hemisphere countries.
