G20 Summit Preparations Advance as SA Champions Fairer Global Financial System

As the world’s eyes turn to the upcoming Group of 20 (G20) Leaders’ Summit, preparations are advancing at a steady pace, with nearly 80 of the 132 planned official meetings already completed. The robust progress underscores the dedication of host country South Africa and the active participation of member nations in shaping the agenda for one of the world’s most influential multilateral forums.

Minister in the Presidency, Khumbudzo Ntshavheni, provided an update on Thursday, confirming that the G20 calendar is on track, with member states deeply engaged in negotiations around Ministerial outcome documents and other high-level policy results. These efforts reflect the spirit of global cooperation and consensus-building that defines the G20 process.

South Africa Introduces Cost of Capital Review for Fairer Global Finance

A major highlight of South Africa’s G20 presidency has been the introduction of the Cost of Capital Review—an initiative that has the potential to reshape the international financial system for the benefit of developing countries.

The Cost of Capital Review is designed to foster a fairer, more inclusive global financial architecture, addressing longstanding imbalances that have disadvantaged developing economies. By advocating for equitable financial practices, South Africa aims to empower low- and middle-income nations to access affordable capital for investments in critical sectors such as infrastructure, healthcare, education, and climate change adaptation.

“This is a critical step toward creating a fairer global financial system,” said Minister Ntshavheni, emphasizing the initiative’s potential to unlock sustainable development across the Global South.

Engagement Groups Drive the G20 Agenda

Minister Ntshavheni also highlighted the proactive work of various G20 Engagement Groups, which have presented their work programmes and set clear priorities in anticipation of the Leaders’ Summit. These groups—comprised of representatives from business, civil society, academia, youth, and women’s organizations—play a crucial role in shaping recommendations and informing the Summit’s decisions.

Notably, the United States has confirmed its intention to participate in the meetings at the Under-Secretary level, signaling a renewed commitment from one of the G20’s most influential members.

July Meetings Tackle Key Global Challenges

Throughout July, several critical G20 meetings were convened, each focusing on pressing global challenges:

• Fourth G20 Finance and Central Bank Deputies Meeting: Addressed global economic recovery, debt relief, and financial stability.

• Emerging Markets and Developing Economies Deputies Meeting: Discussed tailored strategies to boost growth and resilience in the Global South.

• Third Meeting of Finance Ministers and Central Bank Governors: Focused on macroeconomic coordination and policy alignment.

• Third Technical Meeting of the Empowerment of Women Working Group: Explored strategies to close gender gaps and promote women’s leadership worldwide.

• Third Meeting of the Education Working Group: Addressed equitable access to quality education and digital learning.

• Fifth Health Working Group Meeting: Reviewed global health security, pandemic preparedness, and equitable vaccine access.

• Third Disaster Risk Reduction Working Group Meeting: Discussed cross-border strategies to mitigate disaster risks and build resilience.

• Fourth Task Force 1 Meeting: Advanced G20 priorities on digital innovation and inclusive growth.

• Second Climate and Environmental Sustainability Working Group Meeting: Focused on climate action, green finance, and sustainable development pathways.

Setting the Stage for the Leaders’ Summit

These intensive rounds of dialogue and negotiation have set the stage for broader discussions and high-stakes decisions at the G20 Leaders’ Summit. The outcomes will reflect the collective will of the world’s largest economies to tackle economic, social, and environmental challenges through shared action and global solidarity.

With its leadership on the Cost of Capital Review and ongoing engagement with partners across continents, South Africa is helping to steer the G20 towards a future where all nations—regardless of income or geography—can participate fully in global prosperity.