Africa’s role in world affairs has come into sharp focus during a year marked by fundamental upheaval, intensifying uncertainty and the upending of old assumptions.
Several factors account for this heightened attention: tragic conflicts in Sudan, the DRC and northern Mozambique; worsening climate disasters; and heightened geopolitical tensions that have recast the continent’s alliances.
Equally significant has been the intensifying race to secure the critical minerals that will power low-carbon futures. This is alongside the persistent challenge of rising debt burdens and inadequate access to funding from capital markets needed to finance growth on a continent that will, within a few short years, be home to one in four of the world’s working-age population.
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It is these and many other factors that have made South Africa’s Presidency of the G20 a unique opportunity to intervene in and shape the global agenda. And as 2025 comes to an end with the G20 Leaders’ Summit in Johannesburg this November, it is worth reflecting on South Africa’s chairing of the finance ministers and central bank governors of the world’s leading economies in the G20 Finance Track.
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We have demonstrated our ability to host a successful series of meetings and to mediate difficult global conversations in a year of heightened tensions. Crucially, we have delivered on our promise to put Africa firmly on the agenda with tangible outcomes that will help unlock sustained growth and development across the continent.
Unlocking Africa’s growth potential
Real development will be measured by our work towards strengthening institutions, unleashing infrastructure finance, nurturing globally competitive industries, creating jobs and lowering borrowing costs, and by mitigating vulnerability to external shocks and natural disasters. Our work this year has confirmed that the continent has huge untapped growth and development potential.
Recognising both the urgency and opportunity, the G20 can play an important role in unlocking this potential because it shapes global financial regulation and policy and influences capital flows to emerging markets and developing economies.
Ensuring continuity: the Africa engagement framework
The G20 requires a multi-year project to support progress on removing constraints to growth and development in Africa. South Africa has proposed establishing a G20 Africa Engagement Framework (AEF) that will keep the continent’s concerns firmly on the Finance Track agenda, supporting focused, structured engagement from 2026 to 2030. The G20 members have endorsed this new framework—a signal achievement of this year’s presidency. The AEF will focus on five priority policy areas, including:
- Fiscal and macroeconomic challenges.
- Institutional reforms to enhance governance.
- Developing regional infrastructure to facilitate the African Continental Free Trade Area.
- Reducing the high cost of capital and strengthening the role of private finance.
- Enhancing the role of international financial institutions in facilitating growth and development on the continent.
The Africa Expert Panel, established this year and chaired by former Finance Minister Trevor Manuel, will ensure sustained engagement with G20 leaders on advancing Africa’s development. It will present its recommendations to the Leaders’ Summit in November.
Addressing debt sustainability
The agreement between G20 finance ministers on a Ministerial Declaration on Debt Sustainability is a landmark achievement — it is the first time the G20 ministers have issued such a statement. Many developing countries face high borrowing costs, constraining their ability to address poverty and inequality and invest in growth and development. This is particularly challenging for low-income countries in Africa, where interest payments on external debt have more than doubled over the past decade.
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Over half of Africa’s 55 countries spend more on servicing debt than on education or health.
The ministerial declaration recognises that high debt levels are an obstacle to inclusive growth in many economies. It commits the G20 finance ministers to support efforts by low- and middle-income countries to address debt vulnerabilities. As ministers, we have highlighted the need to engage with and enhance the voice of borrower countries.
We have called for more debt transparency from all stakeholders, including private creditors. The declaration will strengthen and clarify implementation of the five-year-old G20 Common Framework for Debt Treatments, which four African countries have used in restructuring their debt. It also endorses efforts – including by the International Monetary Fund and World Bank – to support vulnerable countries whose debt is sustainable, but face liquidity challenges that make it difficult for them to service this debt.
Read more: Groups blast lack of progress on debt issues during South Africa’s G20 presidency
Unlocking infrastructure investment
Under South Africa’s presidency, the Infrastructure Working Group made significant strides in addressing the persistent infrastructure investment gap by focusing on catalysing greater private sector participation.
Through four meetings and collaboration with major international organisations, including the World Bank, African Development Bank, OECD and Asian Infrastructure Investment Bank, we delivered a comprehensive suite of practical tools and frameworks centred on three priority areas: developing investable infrastructure pipelines, scaling up sustainable infrastructure investment through blended finance, and delivering cross-border infrastructure for regional development.
In September, during the G20 Infrastructure Working Group meeting in Cape Town, the National Treasury and African Development Bank launched the Ubuntu Initiative to accelerate key regional infrastructure projects. The initiative will work with key financiers to develop new financing instruments and build advisory capacity to ensure successful delivery of cross-border infrastructure with lasting impact for the African continent.
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“Bigger, better and more efficient multilateral development banks” has been a theme for the Finance Track for the past two years, and our presidency has taken forward the roadmap the G20 developed to achieve this, with a new monitoring and reporting framework to track implementation.
The cuts to aid flows from the US and Europe have lent extra urgency to leveraging multilateral development banks to develop innovative approaches to crowd in private sector funding for development. We have identified areas in which the G20 can advance blended finance to mobilise private finance, expected to benefit many African countries and help reduce their cost of private sector capital.
Scaling up climate and sustainable finance
Africa’s investment needs depend on the flow of sustainable finance. For African countries, one priority is adapting to the impact of climate change, given the continent’s vulnerability, while another is supporting a just transition to a lower-carbon future. South Africa’s G20 presidency made it a priority to scale up financing for climate adaptation and just transitions. We addressed gaps in insurance protection, particularly in agriculture, infrastructure and real estate – priority sectors for Africa. We also took the bold step of initiating discussions within the G20 to unlock the potential of carbon markets as a financing lever.
Read more: Minister Dion George sets five key priorities for G20 to tackle climate crisis and inequality
A lasting legacy
Development is a shared responsibility. It requires genuine collaboration – the kind that we have pursued throughout our presidency. And it is through this ongoing collaboration that these initiatives will benefit Africa and South Africa in the short and the long run.
Through our G20 Presidency, and standing on the shoulders of partners on the continent, South Africa has risen to the occasion, responding to the complex challenges of this epoch with the grace, tenacity and ability to build productive consensus that our nation is known for.
The work of the G20 finance ministers and central bank governors this year will leave a lasting legacy for Africa’s economies. As South Africa, we must ensure we make the most of the investment we have made in hosting this forum and championing the continent’s development agenda on the world stage. DM