As the world’s economic centre of gravity continues to shift, Africa is no longer content with the call for inclusion. It is taking the reins, crafting, co-creating, contributing, and actively shaping the future of global financial governance. From the recent G2O gathering in Durban, a clear message emerged as policymakers, economists, and financial leaders convened for an official side event under South Africa’s G20 Presidency for a high-level forum exploring Africa’s role in reshaping global finance.
The world’s financial architecture is in transition – buffeted by geopolitical shocks, widening fiscal pressures, and a growing crisis of multilateral trust. As the system fragments, the Global South faces a pivotal question: will it remain a policy-taker, or help shape the rules that will define the future?
Africa is choosing the latter.
Under South Africa’s G20 presidency, there’s growing momentum to redefine Africa’s role; not as a recipient of global economic decisions, but as a contributor and participant in decision making. This shift is not just overdue; it’s essential. The continent’s economic resilience, financial innovation, and development priorities must be an important part of the world’s most consequential policy debates.
The urgency is clear. The international system remains tilted in favour of advanced economies, even as the world’s most dynamic growth increasingly emerges from the Global South. Persistent imbalances – capital flowing out of regions that need it most, stalled debt negotiations, and uneven recovery trajectories – underscore the fragility of the current economic order.
Global reforms must be aligned with Africa’s realities
Across the continent, a growing number of economies have weathered recent global shocks with greater-than-expected resilience. Countries with diversified economies, sound institutions, and credible fiscal and monetary frameworks have demonstrated that crisis response need not come at the expense of long-term reform and sustainable growth and development. Our conversations and actions must ensure that this resilience is underpinned by a deeper support structure, which will ensure it becomes broader based and contributes to sustainable systemic transformation.
The ongoing rebalancing of the global economy, and the need to confront challenges relating to global trade and sovereign debt to support stronger growth, must go hand-in-hand with the reform of global financial institutions that give emerging markets, including those on the African continent, greater representation and voice to increase their weight in shaping global rules. Global governance must adapt to reflect a multipolar reality.
Institutions like the G20 have proven their utility in moments of crisis, but their long-term credibility depends on their ability to evolve. Reforms must focus not only on representation but outcomes – streamlining decision- making, aligning priorities across presidencies, and embedding development at the core of the agenda.
For instance, the Structural Adjustment Programs (SAPs) of the past, often imposed by international financial institutions, failed to achieve their intended goals in many African nations. Instead of diversifying production and fostering rapid economic growth, they often led to a reduction in essential public services and increased inequality. This is a clear example of a top-down policy that failed to consider local realities.
The call to action is to demand a new model of co-creation, where African leaders are not just at the table but are central to designing policies that address their specific contexts. From programmable money to tokenised assets, financial innovation is transforming how value moves and who benefits. But without interoperable regulatory standards and meaningful inclusion of emerging markets in rule-setting , digital disruption risks widening the gap. Africa must be a co-designer, not a late adopter, of global standards that ensure monetary sovereignty and financial inclusion.
Climate transition and development finance present another opportunity. We can’t remain trapped in cycles of pledges and paralysis. As global attention turns to COP30 and new financing roadmaps take shape, the Global South needs more than moral support; it needs scalable, predictable, and affordable finance. This includes unlocking private capital through de-risking mechanisms, reforming development finance institutions, and boosting domestic capacity to absorb and deploy funds effectively. Africa’s commitment and contribution to climate action is real; the financial flows must catch up.
Key insights from the G20 side event in Durban, co-hosted by Nedbank, Oliver Wyman, Reinventing Bretton Wood Committee, and UBS, will result in recommendation from to the G20 Presidency in relation to:
- Rebalancing the Global Economy for Inclusive Growth
- Enhancing emerging market resilience
- Governing the Digital Transformation of Finance
- Reinforcing the G20’s Global Leadership Role
- Mobilising climate finance and reforming development finance
Africa’s message is not simply one of inclusion; it’s one of offering its capacity and capability to be partners in co-creation. The continent is not waiting for an invitation to shape the global financial system. It’s already doing so by championing reform, proposing practical solutions, and convening the conversations that matter.
As South Africa holds the G20 Presidency in 2025, this is a historic moment to move from advocacy to action. From Durban to Belém and beyond, the Global South is no longer content to be a policy footnote. It’s writing the next chapter.
The international system must respond in kind – by moving from rhetoric to responsiveness, and from fragmented interest to shared prosperity.
Paul Calvey is the managing partner of Oliver Wyman Africa and Daniel Mminele is the chairman of Nedbank.
*** The views expressed here do not necessarily represent those of Independent Media or
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