Johannesburg: President Cyril Ramaphosa has emphasized the need for stronger continental cooperation to harness Africa’s rising trajectory and growing global influence, which are essential for driving the economic growth needed for sustainable development.
According to South African Government News Agency, during a working dinner for African Heads of State and Government in Johannesburg, President Ramaphosa highlighted the importance of deepening economic cooperation across African nations. He stated that such collaboration is crucial for continental development, integration, and building resilience and self-reliance. Investment and trade expansion, he noted, should be central to Africa’s economic engagements, especially in the context of unilateral trade actions, tariffs, and the erosion of World Trade Organization (WTO) rules.
The President shared insights from a recent meeting with senior executives from South African companies with investments across Africa, who expressed intentions to significantly increase their investments. This, he said, is a clear indication that Africa is on an upward trajectory, with companies eager to invest across the continent.
Ramaphosa also pointed out that countries trading under the African Continental Free Trade Area (AfCFTA) preferences are already witnessing benefits. The AfCFTA is a free trade agreement designed to create a single, integrated continental market for goods and services among 55 African Union member states. He further mentioned plans to host a Pan African Investment Conference in 2026, aiming to strengthen trade and investment links across Africa.
In the context of South Africa’s G20 Presidency, Ramaphosa has worked to position Africa as a vital partner in promoting equitable development on the global stage. He emphasized the importance of highlighting the issues that the African continent wants the world to address and expressed confidence in Africa’s potential to overcome challenges and lead in prosperity and development.
The G20 Presidency has been used to advance priorities such as disaster resilience, debt sustainability, finance for just energy transitions, and harnessing critical minerals for inclusive growth. An Africa expert panel was established to reinforce Africa’s voice on debt sustainability, the cost of capital, and financing for productive investments.
The Presidency also secured an agreement on the G20 Africa engagement framework, ensuring continued focus on Africa’s priorities over the next five years. Ramaphosa stressed the importance of advocating for Africa’s interests globally, ensuring the continent’s voice is heard on critical issues like climate change, debt, trade, and humanitarian assistance.
The theme for South Africa’s G20 Presidency is ‘Solidarity, Equality, Sustainability,’ and this year’s G20 Leaders’ Summit will take place in Johannesburg, gathering Heads of State and Government from the world’s largest economies. The G20 represents major global economies, accounting for 85% of global GDP, 75% of international trade, and two-thirds of the world’s population. In 2023, the African Union joined as a member, further integrating Africa into this influential international forum.