G20 Summit | Lamola and Godongwana brief the media

The article is a transcript of a post-summit press conference following South Africa's hosting of the G20 Summit, the first on the African continent and the 20th overall. Finance Minister Enoch Godongwana and other officials, including Minister Lamula, discuss the event's success in profiling South Africa as an attractive investment destination for emerging economies, despite not yielding immediate financial returns like a $20 billion investment. They highlight the integration of recommendations from the expert panel on Africa into broader African-owned reports managed by the African Development Bank and UN Economic Commission for Africa, with some incorporated into the financial track outcomes. These will be advanced at upcoming IMF and World Bank spring meetings in April. The summit is portrayed as a victory for multilateralism, aligning with global efforts like the COP declaration in Brazil, emphasizing the Global South's leadership in reforming post-WWII institutions such as the UN Security Council for better representation, particularly for Africa where most conflicts occur. Discussions focused on addressing global economic challenges, supporting emerging markets, reforming the international financial architecture, and issues like debt unity, payment systems, and climate financing—crucial for Africa, which is disproportionately affected despite low emissions. The handover to the US presidency starting December 1 is described as ceremonial, with no confirmed ambassador attendance, but South Africa remains open; core priorities, especially from the finance track originating in the global financial crisis, are expected to persist despite new US imprints. Legacies include infrastructure developments across South Africa (e.g., in Cape Town, KwaZulu-Natal, Mpumalanga), the impactful G20 Compact with Africa (revolutionizing countries like Ethiopia), debt relief initiatives, and climate financing. Overall, the event is hailed as a huge success, boosting South Africa's global standing and capacity to host future international events while shaping geopolitical issues.