In Cape Town, South Africa, finance ministers and central bank leaders from the G20 nations convened for a two-day meeting. Notably absent were U.S. Treasury Secretary Scott Bessent and several other prominent figures. Bessent’s absence follows a trend, as U.S. Secretary of State Marco Rubio also boycotted a G20 foreign ministers meeting in South Africa the previous week. The Trump administration has expressed criticism towards South Africa and the G20’s focus areas.
South Africa, holding the G20 presidency this year, is the first African nation to do so. The country aims to prioritize topics crucial to poorer nations, such as debt relief and climate change, in the group’s discussions. The G20 comprises the world’s leading economies, the European Union, and the African Union, representing a significant portion of the global population and GDP.
Finance leaders from countries such as China, Japan, India, and Canada were also expected to miss the meeting. South African President Cyril Ramaphosa addressed the delegates, emphasizing priorities like boosting resilience against climate-related disasters, alleviating debt for impoverished nations, promoting green energy financing, and utilizing critical minerals to benefit developing countries.
Ramaphosa stated that the meeting carries substantial responsibility, stressing the need for a unified approach to fostering a more resilient, equitable, and sustainable global economy.
The Trump administration’s “America First” stance suggests limited engagement in the G20, underscored by criticisms of South Africa’s G20 themes. Rubio dismissed themes of solidarity, equality, and sustainability as mere focus points on diversity and climate change. Rubio further expressed disinterest in attending the upcoming main G20 summit scheduled in November in South Africa.
Despite an invitation for U.S. President Donald Trump to visit for the G20 summit, there has been no confirmation from the White House. The United States is next in line for the G20 presidency. Meanwhile, representatives like U.S. Federal Reserve Chair Jerome Powell and European Central Bank President Christine Lagarde attended the event.
The G20 has faced challenges in achieving consensus on various issues. The recent foreign ministers’ meeting was overshadowed by disagreements, notably related to Russia’s ongoing conflict with Ukraine. Reports of a diplomatic mishap include the absence of a traditional “family photograph,” attributed to logistical issues.
Amid the G20 meeting, the United Nations Development Program released a report highlighting the aggravation of debt issues for many countries, especially those struggling financially. The UNDP warned of potential long-term financial crises if debt relief efforts are not intensified.
Analysts argue that the G20 serves as a platform to revitalize global climate initiatives, emphasizing the necessity following the U.S. withdrawal from the Paris climate accord. South Africa’s Institute for Security Studies warned that reduced climate efforts would primarily affect developing nations, including Africa.
