Minister Ronald O Lamola’s Remarks at the Time Africa & Business Day G20 Africa Dialogue 20 November
Arena Holdings, Johannesburg
Distinguished guests
Esteemed colleagues
Ministers
Members of the media
Good morning
Program Director Nandi Madida, I saw your creative response on insta to the racist
remarks of Mr Musk senior, uyibokodo, we should never allow racism to raise its ugly
head in our society again, Africans have fed themselves since time immemorial, the
migrant labour system destroyed our way of life and survival to create a system of
cheap labour from black people. To date we’re still pursuing economic justice because
of the inequality that was created by the evil system of Apartheid.
As we count down to the Leaders’ Summit, Africa’s place in the global economy and
our collective agency are timely themes. And your event provides space for such
urgent reflection, and reasserting Africa’s position in the world economy.
I am pleased to be here and to share a few words on how South Africa’s G20
presidency exemplifies what we mean by Africa’s collective agency.
This major gathering takes place when South Africa’s economy is beginning to turn
the corner. The winds of change are no longer on the horizon they are here. Our
network industries, once strained, are now stabilising. Energy and logistics, the
lifeblood of any thriving economy, are being revitalised through decisive leadership
and bold reforms.
Today, load shedding is behind us. I have seen sceptics about the ongoing
beatification in the city that it will be gone after the G20, I say before elections there
was similar scepticism about load-shedding.
This progress is not isolated it is part of a broader wave of reform driven by Operation
Vulindlela, which continues to unlock South Africa’s economic potential, one sector at
a time.
The official unemployment rate fell to 31.9 percent in the third quarter of 2025 from
32.9 percent in the second quarter.
South Africa is out from the FATF grey list
This wave of positive sentiment was amplified last week (November 14) when S&P
Global Ratings delivered South Africa’s first sovereign credit-rating upgrade in nearly
two decades, raising the long-term foreign-currency rating from BB- to BB with a
positive outlook. The upgrade cited stronger growth prospects, improved fiscal
consolidation, and reduced contingent liabilities — particularly reflecting
improvements in the energy sector.
While South Africa remains below investment grade, the upgrade is significant: it
lowers borrowing costs, broadens the investor base, and signals renewed confidence
in the country’s reform trajectory.
Bafana
Our creatives receiving awards.
The coming days will mark the culmination of our G20 presidency. This presidency
occupies a place in the long arc of G20 presidencies in the Global South. The relay
began with Indonesia and continued through India and Brazil.
Each of these presidencies had something in common: a moral case for a more just,
inclusive and equitable global order.
Each of these presidencies placed the plight of developing nations at the centre.
South Africa’s G20 presidency is a proud bearer of this lineage. When we took the
baton from Brazil last year, we pledged to continue this work. This continuity finds
expression in our motto of Solidarity, Equality and Sustainability.
Working closely with the African Union, we have sought to ensure that Africa’s voice
and Africa’s ambitions occupy their rightful place in global decision-making.
Africa is the focus of our presidency because the great questions before the G20
today – from the climate crisis and debt crisis – manifest with particular intensity on
this continent.
Across the world, well over 3 billion people live in countries that spend more on
servicing debt than on health care or education.
More than 60 developing countries now allocate 10 per cent or more of government
revenue to interest payments alone.
On our continent, the picture is even more stark. Africa’s debt has surged by 183 per
cent since 2010, almost four times faster than its GDP.
Too many of our governments face a terrible choice: to serve their people or to serve
the creditors. This is a troubling place to be in.
Today, some 750 million Africans, or more than half our population, live in countries
that spend more on debt service than on education or health.
This current situation places African governments at odds with their citizens. It poses
a profound danger to democracy and social sustainability.
SA G20 Priorities:
This is why the first priority of our G20 presidency is debt sustainability for low[1]income and vulnerable countries.
The Africa Experts Report on Growth, Debt, and Development, launched a few days
ago, makes this point clearly.
Resolving the debt crisis is in humanity’s interest.
In 2050, one in four people will be African. By 2030, more than 40 per cent of young
people globally will be from this continent. It does not serve anyone to have
multitudes of young people imprisoned by debt.
Resolving the debt crisis and securing Africa’s prosperity is also about securing
global prosperity.
This is not charity. It is solidarity in action.
Our second and third priorities respond to a world that is unprepared for climate
shocks and natural disasters. A transition to clean energy that sidelines those who
have contributed least to the crisis.
We have pushed for more decisive global action on disaster resilience and
response, including better early warning systems and quicker access to emergency
financing.
We have also argued for predictable and fair financing for a just energy
transition.
Africa contributes the least to the climate crisis yet faces some of the gravest risks.
Despite this, our continent receives only a fraction of global climate finance.
Demanding that more be done to address this skewed pattern is not charity. It is
about sustainability, fairness and the credibility of the global climate regime.
Our fourth priority is to harness critical minerals for inclusive growth and
sustainable development.
Our continent holds around 30 per cent of the world’s mineral reserves, many of
them critical to solar power, electric vehicles, battery storage and green hydrogen.
Demand for these minerals is set to increase fourfold by 2040.
Without strategic leadership and a unified voice, Africa’s mineral endowments could
once again become a curse rather than a catalyst for development.
Without Africa’s collective agency, the minerals boom will bring prosperity abroad
and misery at home.
This is why we have placed on the G20 agenda a Critical Minerals Framework to
promote beneficiation at source and to ensure that equity, sustainability and justice
anchor this new global quest for critical minerals.
Taken together, these priorities give concrete expression to what we mean by African
agency within the G20 and beyond.
The choice facing us is simple. We bargain together or beg individually.
An integrated continent
Part of our strategy to bargain together lies in deepening our regional ties. A more
integrated continent gives us the weight and resilience we need in a turbulent global
economy.
With the full implementation of the African Continental Free Trade Area, we can help
create a single market worth 3.4 trillion US dollars.
In South Africa, we will soon launch a refreshed economic diplomacy that clearly
outlines how we, as the government, will support South African companies across
the world, and importantly on the continent.
It also clearly outlines our desire to intensify our efforts to deepen trade, regional
integration, mobilise investment, and support the growth and prosperity of our
continent.
A few days ago, we had dinner with South African businesses, and they shared our
vision on this very same matter.
This is work that will continue long after our G20 Presidency.
South Africa will play its part constructively, and we hope that all other leaders on the
continent will join us.
Our joint efforts can help us increase intra-trade from the current 16 per cent on the
continent and 21 per cent in SADC.
To unlock this fully, our countries must collaborate more deliberately to reduce nontariff barriers, improve border management and customs, upgrade infrastructure and
connectivity and harmonise key regulations.
Let us work so that the final G20 Leaders Declaration reflects the hopes of citizens
across the Global South. Let us ensure that history records this moment as one in
which Africa, despite the odds, helped pave the way towards solidarity, equality and
sustainability.
The hour has struck.
The time is now.
Africa’s cause must triumph.
I thank you.