“At this time of global uncertainty and escalating tension, it is now more important than ever that the members of the G20 work together.”

This was the message President Cyril Ramaphosa had on Wednesday during the first Finance Ministers’ and Central Bank Governors’ meeting under South Africa’s G20 Presidency.

He pointed out the G20’s “collective responsibility” for effective stewardship of the global economy through sustainable, resilient and inclusive global growth for broader multilateralism.

The Finance Ministers’ and Central Bank Governors’ meeting will move to advance this responsibility.

“The meeting of foreign ministers reaffirmed the role of the G20 as the premier forum for international economic cooperation. This meeting of G20 Finance Ministers and Central Bank Governors, like those that have come before, carries a weighty responsibility. It needs to forge consensus on the actions we must take collectively to build a global economy that is more resilient, more sustainable and more equal. As it has done in the past, it needs to raise its level of ambition to achieve specific, concrete and impactful outcomes with lasting consequences,” Ramaphosa said.

He stressed the need for the Finance and Sherpa Tracks to work together for best results, stating that the G20 was founded on cooperation.

The Sherpa Track is led by the personal representatives of G20 leaders and seeks to oversee negotiations and discuss the points that form the summit’s agenda, and coordinate most of the work.

Ramaphosa noted heightened global political tension and stressed the need for a “rules-based order” to stop conflicts.

He said the erosion of multilateralism presented a threat to global growth and stability.

“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. We are not moving quickly enough or boldly enough to address these global challenges. We must collectively target a step-change in our efforts to improve the lives of all of our people and to protect future generations,” he stated.

Inequality between countries was noted as the most significant growth impediment, he said, noting the G20 needed to focus on inclusive growth based on responsive trade and investment to grow the incomes of poor nations.

He pointed to South Africa’s G20 Presidency's focus areas of solidarity, equality and sustainability and said this was vital for wealthy and poor countries.

Once again, Ramaphosa outlined South Africa’s priority areas during its G20 Presidency. This includes a strong focus on climate change, debt-sustainability, just energy transition finance and harnessing critical minerals for inclusive growth and sustainable development.

He encouraged “innovation and openness” in trying to overcome the biggest challenges.

“In the context of our broader review of the G20 at the end of its first cycle, I have asked South Africa’s Minister of Finance to initiate efforts to strengthen the effectiveness and efficiency of working arrangements in the Finance Track. As we work collectively to build on the progress made in previous years, we must continue to advance our shared goals. As the world navigates rapid technological changes, climate change and pressing development needs, the Finance Track must once again rise to the occasion,” Ramaphosa said.

He reiterated the importance of Africa’s inclusion in global discussions on the economy and politics, noting that some of the fastest-growing economies were found on the continent, however, he noted the challenges these countries faced with climate change, poverty and debt.

“The Summit's location underscores the need for African voices to be heard on critical global issues like sustainable growth, the digital economy and green industrialisation. We must focus the world’s attention on the opportunities for more rapid, inclusive and sustainable growth in Africa. In doing so, let us raise our ambition. Let us lift our gaze to deliver on the promise of growth and prosperity for all countries and for all people across the world,” Ramaphosa said.