Group of 20 finance officials meet in South Africa from Thursday amid trade tensions, a global economic slowdown and Washington's threat to withdraw from multilateral organisations. President Cyril Ramaphosa has sought to leverage Africa's first G20 presidency to promote an African agenda,

This is not only a strategic investment — it is one that can boost growth, create business opportunities, and reduce pressure on public budgets in key member states,” said Klingbeil.

The global economy has slowed and become less supportive of developing countries, leaving African nations increasingly reliant on international markets to fill the gap in their development financing needs.

In opening remarks, South Africa's Finance Minister Enoch Godongwana said the G20 must provide strategic global leadership, cooperation and action in the face of complex challenges.

The G20 finance ministers stressed Friday that central banks must remain independent, after months of escalating attacks by US President Donald Trump on Federal Reserve boss Jerome Powell.

G20 chair South Africa warned Thursday that abandoning the rules-based global order and declining cooperation could derail 2030 development goals to end hunger, eradicate extreme poverty and fight climate change.

"The G20 was built around a presumption that all the world's major economies shared a common interest in a stable, relatively open global economy," said Brad Setser of the Council on Foreign Relations. "But Trump doesn't really care about stability and wants a more closed global economy."

Deputy Minister of Forestry, Fisheries and the Environment, Narend Singh, has urgently called for global leaders to address climate action and provide the necessary support for mitigation and adaptation.