The G20 Finance Ministers and Central Bank Governors met in Durban, South Africa, from July 17 to 18, 2025, to address pressing global economic issues. The meeting was co-hosted by South Africa's Finance Minister Enoch Godongwana and the Governor of the South African Reserve Bank, Lesetja Kganyago. The agenda focused on fostering international economic cooperation, addressing trade tensions, and supporting developing economies, particularly in Africa.
Canadian Finance Minister François-Philippe Champagne emphasized the necessity of preventing economic uncertainty from becoming a permanent condition. He advocated for increased infrastructure investment and support for African development, highlighting the continent's growing economy and young population. Champagne also discussed the potential for global trade rebalancing, including diversification and new alliances.
German Finance Minister Lars Klingbeil announced Germany's commitment to contributing 10 million euros to the World Bank trust fund in 2025, aiming to support development initiatives in Africa. He expressed hope that other G20 countries would follow suit to address the continent's economic challenges.
Japanese Finance Minister Katsunobu Kato called for vigilance against excessive foreign exchange volatility, particularly movements driven by speculative activities. He referenced existing G20 commitments on foreign exchange and urged continued caution, especially in light of recent currency fluctuations.
U.S. Treasury Secretary Scott Bessent was notably absent from the meeting, marking his second consecutive absence from a G20 event in South Africa. This raised questions about the United States' engagement in multilateral economic initiatives. South African officials downplayed concerns, expressing confidence in continued U.S. commitment to the forum despite the absence.
The meeting underscored the G20's role in coordinating responses to global economic challenges, including trade tensions and financial instability. Discussions also focused on strategies to support developing economies, particularly in Africa, and to promote sustainable and inclusive growth worldwide.