Praise for the G20 outcomes, and a note of caution, came from Business Leadership South Africa (BLSA) CEO Busi Mavuso.
In her newsletter, reported by Engineering News, she said the G20 Leaders Declaration was “a powerful document that sets out a vision and set of actions that tackle several global challenges”. It contained much that would put African development on a strong footing.
“There is strong commitment to energy and food security for Africa, as well as industrialisation, trade and investment. Importantly, there are legacy initiatives that will aim to deliver on the commitments and intentions outlined in the declaration,” she said.
The finance track of the G20 aimed to coordinate action across the world’s major economies to support Africa’s development and integration into the global financial system. This framework would coordinate economic policies, and support financial stability, tax cooperation, infrastructure financing and debt sustainability.
“I want to see this accelerate the development of the African Continental Free Trade Agreement, which promises to unlock trillions in economic activity across the continent.”
The caution was that South Africa had to uphold the rule of law and act against crime. This was essential for investor confidence.
“The positive sentiment we’ve generated through our hosting of the G20 and our credit rating upgrade will only translate into sustained investment if we strengthen the fundamentals that investors scrutinise. Chief among these is the rule of law and the integrity of our criminal justice system,” Mavuso stated.
