“Multilateral cooperation is our only hope of overcoming unprecedented challenges, including slow and uneven growth, rising debt burdens and levels, persistent poverty in many parts of the world, and inequality and the existential threat of climate change,” Ramaphosa said in his opening address to a meeting of G-20 finance ministers and central bank governors in Cape Town on Wednesday. “We are not moving quickly enough and even boldly enough to address the challenges that the world is facing.”
South Africa assumed the rotating presidency of the G-20 from Brazil in December — the first African nation to take the helm — and is scheduled to host a summit of its leaders in Johannesburg in November before handing over the mantle to the US.
Ramaphosa has said he’ll focus on fostering global solidarity and cooperation, encourage an overhaul of global institutions, support developing nations and step up the fight against global warming — priorities the Trump administration has given short shrift.
“At this time of global uncertainty and escalating tension, it is now more important than ever” that members of the G-20 work together, Ramaphosa said. “We must collectively target a step change in our efforts to improve the lives of the peoples of the world, but more importantly, to protect future generations.”
