Ramaphosa: 'The erosion of multilateralism presents a threat to global growth & stability'
Finance ministers and central bank governors are currently meeting in Cape Town for the first time since the start of South Africa’s G20 presidency.
President Cyril Ramaphosa addressed the G20 Finance Ministers and Central Bank Governors' Meeting at the CTICC in Cape Town on 26 February 2025. Picture: @PresidencyZA/X
JOHANNESBURG - Amid heightened geopolitical tensions, President Cyril Ramaphosa said global leaders must find a way to address their squabbles in a bid to find common ground on global issues.
Finance ministers and central bank governors are currently meeting in Cape Town for the first time since the start of South Africa’s G20 presidency.
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They’re meeting to discuss policy proposals on how to deal with low growth, high debt, international taxation, finance sector issues, and sustainable finance.
The recommendations made during a series of other talks throughout 2025 will be put forward at the G20 leaders’ summit in November, where heads of state of the bloc will be in attendance.
Despite some differences in foreign policy and threats of emerging trade wars, Ramaphosa said G20 leaders should not lose sight of the bigger picture.
"The erosion of multilateralism presents a threat to global growth and stability. We know from the experience of past decades that a fair, transparent and inclusive rules-based international order is an essential requirement for economic stability and for sustained growth."
Ramaphosa’s comments come as the absence of United States (US) ministers from the G20 meetings this week and last week continues to raise concerns about the commitment of the world’s most powerful to come to the table in helping to resolve global challenges.
"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."