The G20 Finance Track meetings for 2025 began in Johannesburg in January following South Africa's assumption of the G20 presidency, reigniting people's hope for change and economic progress in the underdeveloped townships of the host city.
The Finance Track will host a series of meetings in the lead up to the G20 Summit in November and is co-chaired by the National Treasury and the South African Reserve Bank. It plays a crucial role in identifying and addressing challenges such as economic headwinds, inflation and fiscal risks. The track will also delve into the strengthening of African and Global South economies, which were weighed down by deepening poverty, climate change and other risks.
The Finance Track meetings carry the baton from Brazil - the focus on reducing poverty and inequality, sustainability and the reform of multilateral institutions.
"Trade and investment is critical. We believe finance and infrastructure is critical because of the significant infrastructural needs on the continent and the need to raise finance for it and to deepen capital markets and so on. Energy is obviously a critical one, but particularly on that transition bias towards the energy debate," said Cas Coovadia, the B20 South Africa Sherpa.
With South Africa becoming the first African country to hold the presidency of G20 and Johannesburg teeming with G20 activities this year, young entrepreneurs in some of the less developed areas of the city are looking to tap into the rising opportunities.
In the township of Soweto, many are pinning their hopes on the global grouping. Shovebike, a digitally-run last mile delivery service, is creating more jobs and helping young people start their own businesses in the G20 year.
"We don't want just to work during the G20, even after the G20, we want the laws to change and include the young and upcoming businesses. It's going to help with employment and I believe it's going to teach us as young people that we can also do something that will benefit the ones that are coming after us," said Luxolo Gozongo, a local entrepreneur.
"The number one challenge in the township is access to internet. As Shovebike, that's where we're going to be also looking into investing in the near future, because we saw that through using Shovebike infrastructure, through deliveries, we saw most or some of our customers, they lack internet," said Thabiso Legoabe, chief marketing officer of Shovebike.
Soweto will also house one of several corporate villages in South Africa's townships for various G20 sideline events throughout the year.
"We've got close to about 120, 130 meetings that will be happening there. You've got your Women 20, your Youth 20, your Urban 20. We will be participating in those meetings to make sure that those policies that are being discussed,are also where the township economy has also got the input," said Bheki Twala, founder and president of Township Economic Commission South Africa.
G20 Finance Track meetings in Johannesburg reignite hope for economic progress
