South African business leaders seek actionable solutions at G20 Summit

THE business community in South Africa is hoping that the upcoming G20 Summit in Johannesburg will pivot actionable solutions and proactive strategies to tackle Africas $100 billion financing gap.

- SIPHELELE DLUDLA

This comes as South Africa in November will host the annual Summit of the Group of 20 (G20) sovereign countries, the European Union (EU) and the African Union (AU) in response to developments in the global economy.

The G20 is responsible for creating the foundation for global economic stability, a vital catalyst for economic development and implementing consequential global commitments such as the Pact for the Future and the 2030 Agenda for Sustainable Development (Agenda 2030).

The Business 20 (B20), which serves as the official G20 dialogue forum with the global business community, is of the view that South Africa's G20 Presidency has given the continent a rare platform to lead global economic discourse, not just participate in it.

Cas Coovadia, B20 South Africa Sherpa, said through B20 South Africa, the country has shown that African business leaders are ready to shape policy, drive reform and deliver solutions.

In an interview, Coovadia said the handover of their policy recommendations was not the end but the beginning of a new era of advocacy, accountability and action.

“The business community is looking for tangible outcomes - not just declarations. We want to see commitments to blended finance and scalable public-private partnerships that can unlock the $100bn annual financing gap Africa faces. We are also advocating for investment in green industrialisation, digital infrastructure and future-ready skills,” Coovadia said.

“SMEs and women-led enterprises are central to the G20’s economic agenda. These are not peripheral actors, they are the backbone of employment and growth. As the Presidency transitions to the United States, we expect continuity and commitment to these priorities”

Absa has partnered with B20 South Africa as a Diamond Sponsor, and a Gold Sponsor for G20, playing an active role in shaping economic policy and amplifying Africa’s voice on the global stage.