CAPE TOWN, South Africa — Key financial leaders from the Group of 20, including finance ministers and central bank chiefs, convened in South Africa this week for a critical two-day assembly. Notably, some prominent figures, such as U.S. Treasury Secretary Scott Bessent, were absent. The absence of Bessent comes after U.S. Secretary of State Marco Rubio’s boycott of a previous G20 foreign ministers meeting in South Africa, rooted in the Trump administration’s dissatisfaction with the country’s G20 priorities. Bessent attributed his nonattendance to pressing obligations in Washington.
Holding the rotating presidency for the G20 in 2023, South Africa stands as the first African country to assume this position. It aims to spotlight issues particularly affecting impoverished nations—such as debt relief and climate change—at the summit’s forefront. The G20, representing major economies and entities such as the European Union and African Union, comprises over two-thirds of the global population and generates approximately 80% of the world’s GDP.
Expected absentees at the meeting also included finance ministers from China, Japan, India, and Canada. South African President Cyril Ramaphosa addressed delegates, emphasizing his nation’s G20 priorities which include enhancing resilience to climate-related adversities, addressing the debt pressures of poorer countries, promoting financial mobilization for a transition to green energy, and ensuring that critical mineral resources benefit developing countries where they are located.
Ramaphosa stated the meeting “carries a weighty responsibility” and emphasized the need for consensus on actions to build a more resilient, sustainable, and equitable global economy. Despite predictions that U.S. President Donald Trump might deprioritize G20 international collaboration in favor of an “America First” agenda, the Trump administration has vocally criticized South Africa and its focal issues.
Through social media, Rubio dismissed South Africa’s G20 themes of solidarity, equality, and sustainability, equating them to “DEI (diversity, equity, and inclusion) and climate change.” He further emphasized his commitment to advancing America’s national interests and stated plans to skip the main G20 summit in South Africa scheduled for November.
Although Ramaphosa extended an invitation to Trump for a state visit coinciding with the G20 summit, there has been no acknowledgment from the White House. Following South Africa’s tenure, the United States is slated to assume the G20 presidency.
Notwithstanding the absence of some participants, key figures like U.S. Federal Reserve Chair Jerome Powell and European Central Bank President Christine Lagarde were present in Cape Town. China participated by sending high-level representatives from its financial sectors.
The G20 has historically struggled to reach concrete consensus, as illustrated by the foreign ministers meeting earlier in the year, which highlighted friction over Russia’s ongoing conflict with Ukraine. In a notable occurrence, British Foreign Minister David Lammy noted that Russian Foreign Minister Sergey Lavrov left a meeting early, and the group forwent a planned group photo due to “scheduling difficulties,” as explained by South African officials.
As the latest G20 meeting kicked off, the United Nations Development Program launched a report indicating escalating debt troubles affecting numerous countries, emphasizing the peril for the world’s poorest nations. If initiatives for debt relief are not amplified, the UNDP warns of potential long-term solvency issues for more nations.
Experts within Africa articulate that the G20, envisioned as a conduit between affluent and low-income countries, could reignite global climate discussions following Trump’s decision to exit the Paris climate agreement. According to South Africa’s Institute for Security Studies, reduced climate action would predominantly impact Africa and the broader developing world.
