Inequality is global threat to economic growth and stability: Ramaphosa

South Africa takes over the presidency of the G20 with President Cyril Ramaphosa using his acceptance speech in Brazil to make it clear that the key focus will be on the development of the African continent.

Though Brazil handed over the presidency on Tuesday, South Africa officially assumes the role on December 1.

Under the theme solidarity, equality and sustainability, South Africa has for the first time been handed the G20 presidency which is made up of 19 countries including three of the world’s superpowers: China, the US and Germany.

Ramaphosa, speaking in Rio de Janeiro on Tuesday, said that South Africa’s G20 presidency will highlight the inequalities that are evident between developed and developing countries and how these threaten economic growth and stability in the world.

“Through our G20 presidency, we will work to tackle inequality, which is a major threat to global economic growth and stability. The disparities in wealth and development within and between countries is unjust and unsustainable,” said Ramaphosa.

“These disparities show themselves in the lack of predictable and sustainable financing and capacity-building for climate action. Inequality is manifested in the crippling debt that has forced many countries to forgo their developmental programmes to service exorbitant debt.”

Ramaphosa said this would be the first time an African country holds the G20 presidency and that South Africa will ensure that development priorities of the African continent are put firmly on the G20 agenda.

The three priorities Ramaphosa highlighted are inclusive economic growth, industrialisation, employment and inequality as well as food security, artificial intelligence and innovation for sustainable development.

During South Africa’s presidency there will be about 130 meetings taking place throughout the country, some of which will be attended by world leaders.

Ramaphosa said in ensuring that no-one is left behind, South Africa will highlight the severe challenges and crises faced by countries that often overlooked which he said are worsened by the fragile nature of the global solidarity, huge underdevelopment and increased inequality.

“Yet, throughout the years of its existence, the G20 has always sought to confront global challenges head on. Through partnerships across society, and by reigniting our common humanity, South Africa will seek to harness global collective energy to confront these challenges,” he said.

TimesLIVE