Remarks by President Cyril Ramaphosa at the handover of the Report of the South Africa G20 Africa Expert Panel for the G20 Leaders’ Summit

Chairperson of the Africa Expert Panel, Mr Trevor Manuel,
All members of the Panel present today,
Ladies and gentlemen,
 
Good afternoon.
 
The release of the Report of the Africa Expert Panel today marks a key milestone in South Africa’s G20 Presidency, which has sought to advance solutions for the issues that matter most to the African continent.
 
Later this week, we will host the first G20 Leaders’ Summit to be convened in Africa. 
 
This Summit takes place as the world grapples with complex and urgent challenges. The solutions to many of these challenges can be found on our continent.
 
The Panel’s Report reminds us that the greatest opportunity for global prosperity in the 21st century lies in Africa. 
 
We have a youthful and growing population, dynamic and innovative societies, and a wealth of natural resources. This includes the critical minerals needed to power new technologies around the world.
 
To harness this unique opportunity, we support the Panel’s call for a new partnership among African countries, between Africa and the G20, and between Africa and the world.
 
This partnership must focus on mobilising the financing that Africa needs to make productive investments in its infrastructure and its people.
 
If we do not address the debt burden facing many African countries, we risk a lost decade for development in Africa and other regions of the world.
 
That is why South Africa has made debt sustainability a high-level priority of our G20 Presidency.
 
The Ministerial Declaration on Debt agreed by G20 member countries last month acknowledges the importance of the debt and development challenge and provides a basis for further concrete action to be taken.
 
The Report of the Africa Expert Panel puts forward clear and specific proposals that build on the commitments outlined in the declaration.
 
The Panel’s Report highlights the high cost of capital faced by African countries, which are higher than in other regions with similar fundamentals. 
 
This raises the cost of borrowing and limits equity investment in Africa.
 
To reduce the cost of capital, we need to mobilise significantly more concessional funding from multilateral development banks and African trade and finance institutions.
 
We need to address biased risk perceptions of Africa by mandating greater transparency and accountability from credit rating agencies.
 
As an independent group of experts, the Africa Expert Panel has placed on the table detailed recommendations supported by evidence that the G20 should consider. 
 
Together, the actions they propose can create an investment boom in Africa.
 
South Africa will take these proposals forward not only in the G20 but in other international fora, working closely with the African Union and other partners.
 
This Report adds significant impetus to our collective effort to ensure that Africa mobilises the resources that it needs to develop and to grow.
 
I thank you.