NEW YORK CITY–President Cyril Ramaphosa told foreign ministers that the first G20 in Africa will produce a groiundbreaking paper on global inequality.
“Inclusive economic development is vital to peace by addressing the root causes of conflict,” said the South African head of state. “The international community today confronts many challenges. The promise of sustainable development is getting further from our reach. More than 85 percent of the Sustainable Development Goals are currently off track, with setbacks particularly acute in fighting hunger, extreme poverty and rising inequality.he climate crisis deepens the problem. Extreme weather events are inflicting severe losses, particularly across Africa aT nd other climate-vulnerable regions.”
Ramphosa added, “As part of our G20 Presidency priorities, we advocate for actions to support low-income and developing economies through debt sustainability and reducing capital costs. We have appointed an African Panel of Experts to work on recommendations addressing impediments to growth and development in Africa, including the cost of capital. We recently launched the G20 Extraordinary Committee of Independent Experts on Global Wealth Inequality, chaired by Nobel laureate Professor Joseph Stiglitz. The Committee will develop the first-ever official G20 paper on global inequality.