Erosion of Multilateralism Threatens Global Growth, Warns Ramaphosa

South African President Cyril Ramaphosa warns that the erosion of multilateralism threatens global growth and stability. At the G20 Finance Ministers' meeting, he emphasized the importance of a rules-based order in managing disputes. Ramaphosa highlighted the G20's role in inclusive growth and climate action.

South African President Cyril Ramaphosa has sounded an alarm over the erosion of multilateralism, cautioning it poses a significant threat to global economic stability and growth. He emphasized that a fair and transparent rules-based international order is crucial for managing global disputes.

Addressing the inaugural G20 Finance Ministers' and Central Bank Governors' meeting under South Africa's presidency, Ramaphosa underscored the need for collaboration among G20 members amid global uncertainty and geopolitical tensions. He stressed the imperative of pursuing inclusive growth and addressing climate change.

As the first African nation to hold the G20 presidency, South Africa has prioritized disaster resilience, debt sustainability, energy transition, and inclusive growth. Ramaphosa called for increased adaptation funding and urged greater ambition in climate action ahead of COP30, while advocating for Africa's inclusion in global development plans.