G20 finance chiefs push for sustainable growth, debt relief

Ministers and central bank governors push for stronger African engagement in governance

- SIPHELELE DLUDLA

FINANCE ministers and central bank governors from the world's largest economies have reaffirmed their commitment to stabilising global growth, tackling debt vulnerabilities, and enhancing Africa's voice in global financial governance.

The two-day meeting held in Washington, D.C., brought together key global policymakers amid an environment of persistent uncertainty, geopolitical tensions, and uneven post-pandemic recovery.

The G20 noted that the global economy remained resilient in the first half of 2025 but continues to face elevated uncertainty due to ongoing conflicts, supply chain disruptions, high debt levels, and climate-related shocks.

While disinflation is progressing across several economies, co-chair and South Africa's deputy finance minister, David Masondo, said members stressed the importance of maintaining central bank independence and data-dependent monetary policy to ensure lasting price stability.

With fiscal pressures and record-high debt, Masondo said the G20 urged members to pursue growth-oriented macroeconomic policies, rebuild fiscal buffers, and accelerate structural reforms to boost investment, productivity, and job creation.

"We have emphasised the need for global policy responses that reflect the lived realities of emerging markets and developing economies, including low growth, constrained fiscal space, rising debt service costs and limited access to long-term affordable housing," Masondo said.