Erosion of multilateralism threat to global growth & stability: South African president at G20 meet

Cape Town, February 27 – South African President Cyril Ramaphosa has emphasized the urgent need for a rules-based global order to ensure economic stability and sustained growth, warning that the erosion of multilateralism poses a serious threat to global development.

Addressing the inaugural Finance Ministers’ and Central Bank Governors’ meeting under South Africa’s G20 Presidency in Cape Town on Wednesday, Ramaphosa called on G20 nations to reaffirm their commitment to cooperation.

A Call for Collective Action Amid Global Uncertainty​

“The erosion of multilateralism presents a threat to global growth and stability. A fair, transparent, and inclusive rules-based international order is essential for economic stability and sustained growth,” Ramaphosa stated. He stressed that in an era of heightened geopolitical tensions, multilateral cooperation remains the best path to addressing global challenges.

Ramaphosa noted that South Africa’s presidency marks the first time an African nation has led the G20, which represents around 80% of the world’s GDP, including major economies and regional unions such as the African Union (AU) and the European Union (EU).

Prioritizing Economic Inclusion and Climate Action​

Highlighting the need for inclusive economic policies, Ramaphosa urged G20 members to commit to growth strategies that uplift vulnerable populations. “Multilateral cooperation is our only hope of overcoming unprecedented challenges, including slow and uneven growth, rising debt burdens, persistent poverty and inequality, and the existential threat of climate change,” he said.

He also outlined four key priorities for South Africa’s G20 Presidency:

• Strengthening disaster resilience and response,
• Ensuring debt sustainability for developing economies,
• Mobilizing finance for a just energy transition,
• Harnessing critical minerals for inclusive growth and sustainable development.

Ramaphosa emphasized that developing nations require increased concessional and grant funding to support their energy transitions. He also urged G20 countries to take decisive action on climate policies ahead of COP30 in Brazil.

Advocating for Africa’s Role in Global Development​

The President reiterated his call for the African continent’s inclusion in global development strategies. “For nations to flourish, equality and prosperity must be available to everyone—regardless of gender, race, religious beliefs, or economic status,” he said. He stressed that South Africa’s G20 leadership is centered on the principles of solidarity, equality, and sustainability.

Ramaphosa further referenced the recent G20 Foreign Ministers’ meeting in Johannesburg, where leaders reaffirmed the bloc’s role as the premier forum for international economic cooperation. He expressed confidence that discussions among finance ministers and central bank governors would set a clear strategic direction for the year ahead.

Notable Absences at the G20 Meeting​

Finance ministers from the United States, China, Japan, India, and Canada did not attend the meeting, although global finance leaders were present for the discussions.

With South Africa leading the G20 for the first time, Ramaphosa’s remarks underscored a firm stance on reinforcing multilateralism, ensuring inclusive economic growth, and prioritizing sustainable development in the face of global uncertainty.