JOHANNESBURG: In a significant move to bolster Africa’s influence within the G20 Finance Track, Finance Minister Enoch Godongwana announced the formation of a G20 Africa Expert Panel. This initiative aims to address the continent’s social and economic priorities, leveraging insights from prominent African experts in various sectors.

According to South African Government News Agency, Minister Godongwana made the announcement during the G20 Finance and Central Banks Deputies’ Meeting in Johannesburg. The panel will comprise leading African figures from the public sector, think tanks, academia, and international financial institutions. The minister emphasized the panel’s role in advising on enhancing African initiatives, such as the Compact with Africa, to benefit the continent.

Minister Godongwana highlighted the need to reform the international financial architecture, focusing on implementing agreements from the recent G20 Summit in Brazil. Key elements of the G20 Rio de Janeiro Leaders’ Declaration include
accelerating reforms to address sustainable development, climate change, and poverty eradication. The roadmap established under Brazil’s presidency will now shift towards implementation and monitoring during South Africa’s G20 presidency.

Upcoming discussions under South Africa’s leadership will coincide with the 5th Finance in Common Summit in Cape Town and the 4th International Conference on Financing for Development in Spain. These events present opportunities for nations to close the development financing gap and invest in Sustainable Development Goals.

On the issue of debt sustainability, Godongwana stressed the need for a comprehensive approach, recognizing that some countries face acute liquidity challenges despite having sustainable debt. The minister noted that addressing these challenges requires measures beyond the Common Framework, advocating for investments and reforms that promote sustainable and inclusive economic growth.

Despite acknowledging formidable challenges, Godongwana expressed conf
idence in the G20’s ability to address them through cooperation. He urged for a concerted effort to ensure strong, sustainable, balanced, and inclusive growth during the 2025 G20 presidency, emphasizing the importance of collective action.