As the countdown begins to the G20 Leaders’ Summit in Johannesburg later this month, South African President Cyril Ramaphosa painted a bold vision for overhauling the international financial system and narrowing the yawning gap in global wealth and income.
Speaking at a question-and-answer session in Cape Town’s National Assembly, Ramaphosa said South Africa’s G20 presidency aims to "foster a more stable, a more effective and resilient international financial architecture." Central to this goal is stronger multilateral development banks. He highlighted plans to bolster institutions like the World Bank, the International Monetary Fund and the African Development Bank—building on work by Brazil’s G20 presidency to sharpen their focus on sustainable development goals.
But reform isn’t just about institutions. Ramaphosa underscored the urgent need to tackle debt vulnerabilities in low- and middle-income countries. "These debt vulnerabilities constrain their fiscal space, their ability to address poverty and inequality, and their capacity to invest in growth and development," he said, pointing to the G20 Common Framework for Debt Treatment as a key tool for predictable, timely and coordinated debt relief.
The president also flagged a landmark report delivered this week by the G20 Extraordinary Committee of Independent Experts on Global Wealth Inequality, chaired by Nobel laureate Joseph Stiglitz. The committee’s analysis drills down into the mechanics of rising inequality and offers a clear to-do list for world leaders:
- Reform international economic rules to level the playing field
- Implement fair taxation of multinationals and the ultra-wealthy
- Establish a new independent panel to monitor inequality trends and guide policy
With Johannesburg set to host a summit that could reshape global finance, young citizens, entrepreneurs and changemakers from every corner of the world will be watching. The question now is whether the G20 will turn these ambitions into hard commitments—and real change for billions of people still left behind.
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South African leader hopes G20 drive finance reform, curb inequality
cgtn.com
