Informed by Brazil's successful G20 presidency, South Africa aims to address the debt burden hindering economic growth in the Global South through a proposed Cost of Capital Commission.

Recent economic shocks, including the COVID-19 pandemic, security issues, and inflation, have intensified the struggles faced by African nations, highlighting the urgent need for reforms that consider the perspectives of those most affected.

Recognizing that the majority of debt in African countries is held by private institutions and multilateral organizations, South Africa emphasizes the need for institutional reforms to alleviate this burden.

Through these initiatives, South Africa seeks to establish a precedent for future G20 meetings, fostering a narrative of hope, resilience, and collective action.

To address these challenges, South Africa has proposed three new G20 task forces focused on inclusive economic growth, food security, and innovation for sustainable development, aiming to tackle inequalities and enhance resilience.

This presidency presents a pivotal opportunity for global unity and sustainable progress, with a strong emphasis on economic empowerment and sustainability.

The G20 meeting held in Rio de Janeiro in November 2024 was significant as it marked the first time the summit occurred on African soil, highlighting the necessity of incorporating African voices in global discussions.

President Cyril Ramaphosa underscored the importance of collaboration between public and private sectors to effectively tackle global challenges that demand collective action.

South Africa is set to leverage its G20 presidency to promote the African Union's Agenda 2063, aiming to engage a diverse range of stakeholders in crafting inclusive policies that benefit all.