G20 Finance Ministers Wrap Up Meeting in South Africa Without Consensus
The Group of 20 (G20) finance ministers have concluded their first meeting under South Africa’s presidency without reaching a consensus for a joint communique. Despite this, they reiterated their commitment to resisting protectionism in a “Chair’s Summary.”
South African Finance Minister Enoch Godongwana made the announcement at a press conference after the G20 Finance Ministers and Central Bank Governors Meeting held in Cape Town. The meeting followed the second gathering of the G20 Finance and Central Bank Deputies earlier in the week.
Godongwana stated that while most members endorsed the work program, which sets the foundation for South Africa’s G20 presidency agenda, he expressed disappointment that the finance ministers meeting failed to issue a joint communique.
As the G20 president, South Africa has been striving to forge consensus while acknowledging existing differences. Consequently, they will issue a Chair’s Summary based on extensive discussions and refinements over the past few days.
The Chair’s Summary highlighted discussions on global economic developments, acknowledging subdued global growth with pockets of resilience. It also noted easing inflation, uneven progress across countries, and highlighted various risks such as geopolitical tensions, economic fragmentation, and climate change.
G20 members expressed support for a rules-based, non-discriminatory, fair, and transparent multilateral trading system, with a commitment to resisting protectionism.
South Africa assumed the G20 presidency under the theme “Solidarity, Equality, and Sustainability,” making it the first African country to hold the position. The G20 Leaders’ Summit is set to take place in Johannesburg in November 2025.
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