South African President Cyril Ramaphosa said on Thursday that the upcoming Group of 20 (G20) Leaders’ Summit in Johannesburg is expected to take decisive steps to reform the global financial system and address growing inequality.
Speaking during a question-and-answer session in Cape Town’s National Assembly, Ramaphosa emphasized that South Africa’s G20 presidency seeks to “foster a more stable, effective, and resilient international financial architecture.” He said the summit aims to strengthen multilateral development banks such as the World Bank, International Monetary Fund (IMF), and African Development Bank, building on reforms initiated under Brazil’s G20 presidency.
Ramaphosa noted that the summit is expected to deliver a “political commitment” to reduce debt vulnerabilities in low- and middle-income countries, which limit fiscal capacity and hinder progress on poverty reduction and development. The Johannesburg Leaders’ Declaration, he added, will likely include pledges to enhance the implementation of the G20 Common Framework for Debt Treatment.
On addressing inequality, Ramaphosa highlighted the recent report by the G20 Extraordinary Committee of Independent Experts on Global Wealth Inequality, chaired by Nobel laureate Joseph Stiglitz. The report proposes key reforms such as fair taxation of multinationals and the ultra-wealthy, new international economic rules, and an independent global panel to monitor inequality trends.
Ramaphosa said the summit represents a “critical opportunity for global leaders to reaffirm their shared responsibility in creating a fairer and more inclusive world economy.”
South African President: G20 Summit with Global Leaders and IMF to Drive Finance Reform, Tackle Inequality
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