Johannesburg: This year’s World Economic Forum (WEF) Annual Meeting in Davos, Switzerland, is set to be significant for South Africa as it assumes the Presidency of the Group of 20 (G20). Finance Minister Enoch Godongwana highlighted the importance of the event at a pre-WEF breakfast session in Sandton.
According to South African Government News Agency, the WEF meeting, starting on 20 January, will see participation from several South African ministers, civil society, and business leaders. President Cyril Ramaphosa will lead the South African delegation, marking a significant presence on the global stage and an opportunity to showcase the country’s G20 Presidency under the theme of Solidarity, Equality, and Sustainability.
Godongwana emphasized the importance of presenting a united front at the WEF meeting. He noted that the forum gathers key global stakeholders eager to understand South Africa’s opportunities and challenges. Aligning key messages to highlight South Africa’s strengths and address misconceptions is crucial for enhancing the country’s global standing and influence.
Acknowledging the challenges facing the South African economy, Godongwana expressed cautious optimism. Despite a modest growth of 0.4% over the first three quarters of 2024, he pointed out positive indicators such as easing inflationary pressures, improved electricity reliability, and the stimulus effect from the two-pot retirement system, which could lead to stronger growth in 2025 and beyond.
The upcoming WEF meeting will be the first for South Africa’s seventh administration and the Government of National Unity (GNU). Since its formation last year, the GNU has been instrumental in uniting the nation and fostering progress, with a positive reception from both markets and the public, creating an environment conducive to fulfilling its commitments and attracting investment.
Godongwana reiterated the importance of collaboration between business and government in preparing to represent South Africa on the global stage. He concluded by emphasizing the strength found in collaboration and the importance of conveying messages of resilience, opportunity, and shared prosperity.