Godongwana says latest G20 meetings have gained traction

JOHANNESBURG - Minister of Finance Enoch Godongwana said the latest G20 meetings have gained traction as global leaders again talk shop on global challenges this week.

This includes proposals to spur economic growth, plans to address the debt burden in Africa and threats to global trade.

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The country’s head of fiscal policy was joined by the chief of monetary policy, Lesetja Kganyago, at the second G20 finance ministers and central bank governors meeting in Washington, DC, on Thursday.

The two-day meeting is happening on the sidelines of the International Monetary Fund (IMF) and World Bank spring meetings in the United States (US).

Godongwana said global leaders had recommitted to reforming the multilateral system, addressing the debt crisis, and adopting international best practices to help Africa’s growth problems.

This is the first time Godongwana spoke publicly after retracting his decision to hike value-added tax (VAT).

While he is under scrutiny and faces calls to step down domestically, Godongwana managed to avoid questions about VAT, but couldn’t avoid questions about other taxes entirely.

He said proposals to tax the super-rich globally didn’t find expression in this week’s meeting.

"Our agenda was very limited in this session, and we didn’t get to go into the tax arrangements."

While US Treasury Secretary Scott Bessent previously snubbed G20 meetings in SA, Godongwana confirmed Bessent was in the room at the spring meetings, contributing to talks in Washington.