Home

Ramaphosa to address G20 Africa Conference

Reading Time: 2 minutes

President Cyril Ramaphosa is expected to deliver a keynote address at the G20 Africa Conference in Germany this week. He will be accompanied by the Minister of Finance, Tito Mboweni.

The G20 is a group of 20 industrialised and emerging economic nations. This session is hosted by the German Chancellor, Angela Merkel.

The G20 Africa Conference on Monday and Tuesday will discuss progress made with the G20 Partnership with Africa and the Compact with Africa (CwA).

It will also focus on ways in which the G20, African countries and development banks can cooperate to promote private investment and economic participation in Africa.

German investors are expected to present flagship projects currently undertaken in the CwA countries. Last year, Germany remained South Africa’s 3rd largest global trading partner.

The G20 was established by the industrialised nations in 1999 to increase multilateral cooperation on the global economy.

It was an initiative of Finance Ministers and Central Bank governors, following up on a suggestion of the Group 7 most industrialised nations.

This was in response to the global financial crisis of the 90’s. The G20 was established to prevent another global financial crisis.

In the last summit, South Africa was instrumental in tabling the African Union developmental agenda of 2063.

Twelve African countries have been invited to the summit. Heads of state from Benin, Guinea, Ivory Coast, Ghana, Egypt, Ethiopia, Morocco, Rwanda, Senegal, Togo, Tunisia and Burkina Faso are expected to participate at the summit.

This Investment Summit is also expected to be attended by the World Bank and International Monetary Fund (IMF).

The Group of 20 nations account for 85% of world GDP and two-thirds of its population.

The Superpowers US and China are not expected to participate at the summit.

Author

MOST READ