Two days ago, on the 1st of December 2024, South Africa assumed the Presidency of the G20 group of countries.
Speaking about this significant step forward, President Cyril Ramaphosa said “the grouping therefore plays a critical role in influencing global policy making and fostering global economic stability.”
The G20 comprises 19 countries including: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom, and United States and two regional bodies, the European Union and the African Union.
The G20 members include the world’s major economies, representing 85% of global Gross Domestic Product, over 75% of international trade, and about two-thirds of the world population.
Economic and political researchers have tried to analyze this action, months ago.
The Africa Policy Research Institute (APRI) said “South Africa’s G20 presidency is coming at a critical time. Africa is currently facing one of its worst sovereign debt crises, which threatens to reverse years of development gains and historical debt relief efforts. According to the United Nations Conference on Trade and Development (UNCTAD), Africa’s debt has surged by 183% since 2010, a rate nearly four times faster than the continent’s GDP growth in dollar terms. With debt levels soaring across the continent, many African nations are struggling to manage debt repayments while also addressing pressing social and economic needs. While interest payments in developing countries have risen by around 64% over the past decade, Africa has experienced a staggering 132% increase, significantly limiting investment in essential public services.”