Distinguished guests, esteemed colleagues, ministers, and members of the media, good morning.
I would like to begin by acknowledging Program Director Nandi Madida for her creative response on Instagram to the recent racist remarks by Mr. Musk senior. Uyibokodo—Africans should never allow racism to resurface in our societies. Since time immemorial, African communities have fed themselves. Yet, the migrant labour system disrupted our traditional ways of life, creating a system of cheap labour that exploited Black people. Even today, we are still pursuing economic justice to address the deep inequalities left behind by the destructive legacy of apartheid.
As we approach the G20 Leaders’ Summit, Africa’s role in the global economy and our collective agency remain urgent and critical themes. Events such as this forum provide a vital platform for reflection and reaffirmation of Africa’s strategic position in global economic decision-making.
I am pleased to share a few insights on how South Africa’s G20 presidency exemplifies Africa’s collective agency. This significant gathering occurs as South Africa’s economy begins to turn a corner. The winds of change are no longer on the horizon—they are here. Our network industries, previously under strain, are now stabilising. Energy and logistics—the backbone of any thriving economy—are being revitalised through decisive leadership and bold reforms.
Today, load shedding is largely behind us. Skeptics may doubt the permanence of these improvements, yet similar scepticism greeted efforts to address load shedding ahead of the elections. This progress is part of a broader reform agenda under Operation Vulindlela, which is steadily unlocking South Africa’s economic potential across multiple sectors.
The official unemployment rate declined to 31.9 percent in Q3 2025 from 32.9 percent in Q2. Additionally, South Africa has been removed from the FATF grey list, and S&P Global Ratings recently upgraded the country’s long-term foreign-currency sovereign rating from BB- to BB, with a positive outlook. While we remain below investment grade, this upgrade lowers borrowing costs, broadens investor confidence, and reinforces faith in our reform trajectory.
Our creatives, including award-winning artists, continue to inspire, showing that South Africa is advancing in multiple sectors.
The culmination of our G20 presidency coincides with a proud tradition of Global South leadership, following Indonesia, India, and Brazil. Each presidency has advocated for a more just, inclusive, and equitable global order, with a particular focus on the needs of developing nations. South Africa’s presidency continues this legacy, guided by our motto: Solidarity, Equality, and Sustainability. Working closely with the African Union, we have ensured Africa’s voice and priorities are central to G20 deliberations.
Africa faces pressing challenges. Over three billion people worldwide live in countries that spend more on debt servicing than on education or healthcare. More than 60 developing nations allocate over 10 percent of their government revenue solely to debt repayments. On our continent, Africa’s debt has surged 183 percent since 2010—almost four times the pace of GDP growth. Approximately 750 million Africans live in countries that spend more on debt service than on essential public services. This reality threatens democracy, social stability, and long-term development.
G20 Priorities for Africa:
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Debt Sustainability: Resolving the debt crisis for low- and middle-income countries is critical. By 2050, one in four people globally will be African, and by 2030, over 40 percent of the world’s youth will come from Africa. Ensuring prosperity and opportunities for this generation requires decisive action on debt relief. This is not charity—it is solidarity in action.
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Climate Resilience: Africa contributes minimally to global emissions but faces severe climate risks. Our G20 agenda advocates for fair climate financing, stronger disaster preparedness, and predictable support for a just energy transition.
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Critical Minerals: Africa holds around 30 percent of the world’s critical mineral reserves essential for renewable energy, electric vehicles, battery storage, and green hydrogen. Our goal is to ensure that these resources drive inclusive development and local beneficiation, rather than benefiting other nations exclusively.
Africa’s agency is strengthened through regional integration. With the African Continental Free Trade Area fully implemented, we can create a single market worth $3.4 trillion. South Africa is refreshing its economic diplomacy to support local companies domestically and across the continent, encouraging trade, investment, and regional development. Collaborative efforts can increase intra-African trade beyond the current 16 percent, and within SADC from 21 percent.
We urge countries to reduce non-tariff barriers, improve border management and customs, upgrade infrastructure, and harmonise regulations. By acting collectively, Africa can ensure the G20 Leaders’ Declaration reflects the aspirations of citizens across the Global South.
The time for action is now. Africa’s cause must prevail, and our continent must assert its rightful place in shaping a fair, sustainable, and equitable global economy.
I thank you.
