Addressing the spiralling debt-servicing costs facing African economies will top the agenda of South Africa’s G20 presidency which started on 1 December. President Cyril Ramaphosa plans to launch a cost-of-capital commission to address the major disparities on debt faced by developing countries, alongside a broader review of the G20’s scarcely used Common Framework on debt.

South Africa’s priorities also continue many initiatives promoted by Brazil, the previous G20 chair, such as climate financing and IMF reform. Brazil’s campaign for a global wealth tax on billionaires is also on the agenda of the UN tax convention in February.

The wealth tax, like the UN convention, faced strong opposition from the United States and other western powers. But both were approved by a majority in the G20 and UN. This shift suggests that the era of a few leading powers dictating policy is coming to an end. That gives a stronger voice to the middle powers such as Egypt, Nigeria and South Africa, along with Brazil, Indonesia and Turkey. Following a meeting with G20 Finance Ministers in Pretoria on 11 December, Zane Dangor, South Africa’s G20 sherpa, reported a consensus to focus on debt in 2025.

With new leaders of the AU Commission and African Development Bank to be elected next year, African organisations will be better placed to argue their case at forums such as the G20 and UN.