As South Africa heads up the G20 Presidency this year, the Presidential Economic Advisory Council of South Africa’s seventh administration is looking at the country’s role in advancing the global economic policy agenda and proposes advancing the priorities already set out by President Cyril Ramaphosa.

South Africa assumed the G20 Presidency on December 1, 2024 and will hold it until November 30, 2025, in which time it will focus on Ramaphosa’s priorities of mobilising finance to support a just energy transition, addressing the unsustainable debt burden on developing countries, strengthening disaster resilience and response, and harnessing critical minerals for inclusive growth and sustainable development. 

The first meeting of the Presidential Economic Advisory Council to discuss proposals to advance these priorities was held on Tuesday and chaired by Ramaphosa, building on the progress made on international taxation, reform of multilateral development banks, and climate finance.

“The Presidential Economic Advisory Council will play an important role in providing independent advice as we seek to ensure that our economic policy is informed by sound evidence, by innovation, and by a diversity of views and opinions,” Ramaphosa said.

He welcomed new and returning members of the Council, appointed in November, while he highlighted the importance of the Council as the Government of National Unity tried to spur economic growth and deal with poverty and inequality.

The meeting stressed the importance of structural transformation and economic reforms for economic growth and also discussed “forward-looking” policy proposals relating to green industrial policy, skills development, and macroeconomic policy.

Members of the Council discussed the need to position South Africa for growth in a rapidly changing global environment, in which technological advances in AI and the imperative of tackling climate change would lead to structural changes in economies.