Governor of South Africa's Central Bank Advocates for Global Collaboration on Economic Challenges
Click to start listening
Johannesburg, December 12 (NationPress) - Lesetja Kganyago, the Governor of the South African Reserve Bank, stated on Thursday that it is crucial to focus on executing plans, evaluating the achievements thus far, and reaching a consensus on how to enhance progress towards the 2030 Sustainable Development Goals.
Kganyago expressed these views during the inaugural Sherpa-Finance and Central Bank Deputies' Meeting of the G20, taking place in the northern part of Johannesburg. He acknowledged the numerous challenges facing the global economy and indicated that addressing these issues would not be straightforward, especially given the current worldwide context.
"It will be a challenging task, particularly amid a global landscape characterized by geoeconomic fragmentation, rising conflicts, and worsening climate change. The repercussions of these risks are anticipated to further obstruct progress and disproportionately affect nations that are least equipped to cope," Kganyago remarked.
He elaborated that South Africa's primary objective during its G20 presidency revolves around the tenets of solidarity, equality, and sustainability, and the nation aims to revitalize the essence of multilateralism within the G20 finance framework, as reported by the Xinhua news agency.
Reflecting on the global market since the 2008 financial crisis, Kganyago highlighted that the formation of the Financial Stability Board (FSB) during the 2009 G20 Pittsburgh Summit has been advantageous for the international community.
"In its brief but impactful existence, the FSB has emerged as one of the G20's most significant achievements. In spite of various challenges, including the COVID-19 pandemic, the March 23 market turmoil, and banking crises alongside regional conflicts, the global financial system has maintained a general sense of resilience, and macroeconomic shocks have been effectively mitigated," he noted, underscoring the FSB's vital role in fostering global financial stability.
Kganyago further stressed that South Africa's presidency in the G20 presents an opportunity to assess the FSB's contributions over the last 15 years and pinpoint actionable strategies to improve implementation and uphold the resilience of the global financial system.
"This demonstrates authentic global collaboration to tackle emerging risks and vulnerabilities while safeguarding the public interest, which is global financial stability," he added.
Since taking on the G20 presidency on December 1, South Africa has been conducting the first Sherpas-Finance and Central Bank Deputies' Meeting since Monday, concluding on Thursday. The subsequent meeting is set to occur in Cape Town in February 2025.
