The G20 meeting of Finance Ministers, Central Bank Governors from the world’s largest economies, and heads of international organisations has reaffirmed their commitment to addressing key global challenges and fostering international cooperation.
The meeting was held in Cape Town, South Africa.
Membership of the Finance Ministers and Central Bank Governors’ meeting is part of a broader series of 23 ministerial meetings and approximately 130 working group sessions scheduled throughout 2025.
These discussions will culminate in the G20 Leaders’ Summit in November 2025.
The G20 was initially established in response to the 1997–1999 Asian financial crisis, aiming to coordinate policies that promote international financial stability.
Originally a forum for Finance Ministers, it was elevated to a Heads of State and Government Leaders’ Meeting in 2008 following the global financial crisis.
This year’s discussions focused on key thematic areas, including the global economy, debt, infrastructure, joint finance and health initiatives, international taxation, financial sector issues, and sustainable finance.
For 25 years, the G20 Finance Track has played a pivotal role in shaping global economic policies.
It has been instrumental in mobilising coordinated responses to financial crises, including the 2008 global financial crisis, the Eurozone crisis, and the economic challenges posed by the COVID-19 pandemic.
In his keynote speech, President Cyril Ramaphosa emphasised the importance of collective action in building a more resilient, sustainable, and equitable global economy.
He underscored the G20’s founding principle of cooperation, warning that the erosion of multilateralism threatens global growth and stability.
Despite commitments to continued global cooperation, discussions were overshadowed by the recent actions of the United States.
Ahead of the meeting, President Donald Trump issued executive orders withdrawing the U.S. from key international agreements, including the Paris Climate Accord, the G20-OECD Global Minimum Tax Agreement, and the World Health Organisation.
Additionally, the U.S. walked out of the United Nations General Assembly negotiations on a Framework Convention on International Tax Cooperation.
These withdrawals cast a shadow over the deliberations, as many global initiatives require broad international consensus for implementation.
Nigeria’s Minister of Finance, Olawale Edun, stressed the need for stronger global cooperation to address challenges facing developing economies.
He called for increased financial support, fairer international trade policies, and greater inclusion of developing nations in global financial decision-making.
Despite geopolitical tensions, G20 members reaffirmed their commitment to continued collaboration.
Nevertheless, delegates resolved to press forward in addressing global challenges.
They agreed to continue garnering support for outstanding recommendations while engaging with countries that have expressed concerns.
The next ministerial-level meeting is scheduled for April 2025, while the G20 Heads of State Summit will take place in September 2025.
