G20 Endorses Tailored Policy Solutions for Africa’s Growth and Development

The work programme, proposed by South Africa’s Presidency, seeks to create customized policy solutions that respond to the unique challenges faced by African nations.

Members of the Group of Twenty (G20) have officially endorsed a significant work programme aimed at addressing the persistent barriers that hinder Africa’s development and economic growth. This endorsement came during the Second Meeting of the G20 Finance Ministers and Central Bank Governors (FMCBG), which was held on 23–24 April 2025 in Washington, DC, alongside the International Monetary Fund (IMF) and World Bank Spring Meetings.

According to a joint statement by South Africa’s National Treasury and the South African Reserve Bank, discussions highlighted critical focus areas such as:

• Strengthening institutional frameworks,

• Addressing macroeconomic vulnerabilities,

• Advancing infrastructure development, and

• Reducing the cost of capital.

The work programme, proposed by South Africa’s Presidency, seeks to create customized policy solutions that respond to the unique challenges faced by African nations.

Leadership and Strategic Discussions

Under the chairship of South Africa’s Minister of Finance, Enoch Godongwana, and Governor of the South African Reserve Bank, Lesetja Kganyago, the meeting featured dynamic discussions centered on global macroeconomic and financial stability, the international financial architecture, and specific priorities concerning Africa.

There was a broad consensus among G20 members on:

• The pivotal role of the G20 in ensuring global economic stability,

• The importance of multilateralism and a rules-based global trading system,

• The urgency to reinvigorate global cooperation amid economic turbulence, and

• The disproportionate impact of trade fragmentation on low-income countries.

Strengthening the International Financial Architecture

G20 members discussed enhancing the Monitoring and Reporting Framework to track progress on the G20 Roadmap for transforming Multilateral Development Banks (MDBs) into bigger, better, and more effective institutions. They committed to developing monitoring indicators that are:

• Clear,

• Measurable, and

• Outcome-focused.

This commitment is intended to ensure transparent progress in reforming MDBs to better serve global development needs.

Addressing Debt Vulnerabilities and Financing Challenges

The discussions also emphasized:

• Promoting blended finance strategies,

• Mobilizing private capital to boost development financing,

• Strengthening multilateral cooperation to handle debt vulnerabilities and liquidity challenges,

• Enhancing debt transparency.

A process to improve the Common Framework for debt treatment was approved, drawing from lessons learned through its initial applications. Additionally, G20 members expressed strong support for the Global Sovereign Debt Roundtable and welcomed the upcoming Playbook on debt restructuring being developed by the IMF and World Bank.