G20 was a triumph for SA and the continent

The world can, and did, move on regardless of the US boycott

- HUGH HACKING

THE recent G20 summit in Johannesburg, which included a final declaration, transcended the anticipated geopolitical storms. Despite the highly publicised boycott by the US administration, the summit can be deemed a success from South Africa’s perspective, serving as a demonstration of global multilateralism and elevating the country’s status on the world stage.

South Africa's participation in the G20, the premier forum for global economic cooperation, is often framed in purely economic terms. While South Africas GDP is not among the top 20 globally, its inclusion is based on a strategic, geopolitical, and economic rationale to ensure the G20’s global legitimacy and diverse perspective. The successful hosting of the summit, and the achievement of a consensus declaration against the backdrop of global division, cemented this rationale. South Africa's leadership, particularly in pushing the agenda for the African continent, has provided a crucial reputational “halo effect” connecting us with the world’s major economies and finance ministers.

This association is not merely symbolic; it strongly reinforces the perception of stability and global competence essential for attracting foreign investment and interest, fostering economic growth and securing the long-term stability of vital sectors, including pensions and annuities. The fact that the G20 concluded with a final, agreed-upon declaration, which President Cyril Ramaphosa swiftly pushed through at the start of the summit, sends a clear message: the world can, and did, move on without the US presence. This achievement not only secured global cooperation but also demonstrated South Africa’s decisive diplomatic capacity, positively reinforcing the modest, but significant, improvements in our economic outlook and our recent removal from the grey list.

The financial dividend