South Africa officially assumes G20 presidency

South Africa on Sunday officially assumed the presidency of the G20, with President Cyril Ramaphosa saying it is a significant day for his country.

South Africa is the first African country to lead the group of powerful nations.

“The G20 is an important formation. Our economy is rather small but we are part of the G20, so we are hitting way above our own weight by dint of the positioning we have in the world, and also the many positions we have taken and strength of our economy as well,'' Ramaphosa told reporters in Thabazimbi in the northern Limpopo province.

He said the countries of the G20 account for about 75% of the world trade, making them an important bloc of countries that South Africa will be leading for a year.

Ramaphosa also said they will closely work with the US and President-elect Donald Trump, as Washington will assume the G20 presidency in 2026.

Two weeks ago, Ramaphosa said South Africa's G20 presidency will focus on advancing inclusive economic growth and sustainable development, and that Pretoria has adopted "solidarity, equality, and sustainability" as the theme for the country's presidency.

He noted that South Africa will seek to strengthen and advance the common pursuit of the Sustainable Development Goals and the Pact for the Future.

“Whether it is in Gaza, Sudan, or Ukraine, we must all stand in solidarity with those people who are facing hardship and suffering,'' Ramaphosa said, adding that the G20 must also support countries that are most vulnerable to pandemics and other global public health emergencies.

Ramaphosa stressed that they will work to tackle inequality, which is a major threat to global economic growth and stability, and pledged to bring the development priorities of the African continent and the Global South more firmly onto the agenda of the G20.