President Cyril Ramaphosa used his address at the B20 Summit in Johannesburg on Thursday to call on global business and political leaders to recognise Africa as a rising centre of economic growth, innovation and global influence. He said the first-ever G20 gathering on African soil carried profound meaning for the continent and for the international community.
Speaking at the Sandton Convention Centre, Ramaphosa told delegates that the summit marked a historic moment for Africa. He said leaders from across the world had returned to the continent to reflect on global challenges and consider a future that is more inclusive and more sustainable. According to the President, Africa was poised for a new era defined by opportunity, youthful energy and vast resources capable of reshaping global production and trade.
Ramaphosa said Africa’s young population, rapidly expanding economies and rich mineral deposits placed the continent at the heart of the world’s future development. He said the African Continental Free Trade Area was central to unlocking that potential by enabling integrated markets, harmonised standards and freer movement of goods and services. He said the trade area created a single market of 1.4 billion people with the power to turn Africa into a global hub for commerce and innovation.
The President urged the global community to support Africa’s rise. He said a stable, peaceful and prosperous Africa would contribute to a stronger and more resilient world. He told delegates that if the G20 wanted to build a more secure and prosperous global environment, it needed to prioritise Africa’s development. This would require investment in infrastructure, technology and skills as well as more financing for climate action and a just transition for African economies.
Ramaphosa said African countries continued to face heavy debt burdens that prevented them from investing in their people or building infrastructure. He welcomed the recent release of the Africa Expert Panel report, chaired by former South African finance minister Trevor Manuel. The report highlighted high capital costs on the continent and called for more concessional funding and improved accountability from credit rating agencies. He said the recommendations had the potential to pave the way for a major investment boom across Africa.
The President told the audience that the work done by the B20 demonstrated that businesses were ready to support inclusive and sustainable development. He said the global business community had shown its willingness to partner with governments, multilateral institutions and civil society to achieve common goals. According to him, growth must include women, youth, persons with disabilities and the unemployed so that they become full participants in the global economy.
President Ramaphosa said meaningful inclusion would unlock the capabilities and talent of millions of people. He said this required investment in early childhood development, education, health care and social protection.
