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Ramaphosa chairs inaugural meeting of Presidential Economic Advisory Council
Ramaphosa highlighted the important role that the Council will play as the GNU looks to reignite economic growth and tackle poverty and inequality.
President Cyril Ramaphosa chaired the inaugural meeting of the newly appointed Presidential Economic Advisory Council for the Seventh Administration. Picture: GCIS
As South Africa heads up the G20 Presidency this year, the Presidential Economic Advisory Council (PEAC) has urged the government to position South Africa on a path of rapid economic growth due to the changing global environment.
South Africa assumed the presidency of the G20 on 1 December 2024, taking over from Brazil, and will hold it until 30 November 2025
G20
It adopted the G20 Presidency theme of ‘Solidarity, Equality and Sustainability’ while focusing on priorities of mobilising finance to support a just energy transition, addressing the unsustainable debt burden on developing countries and seeking to strengthen solidarity whether it is in Gaza, Sudan or Ukraine.
Other goals included strengthening disaster resilience and response and harnessing critical minerals for inclusive growth and sustainable development.
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Presidential Economic Advisory Council
President Cyril Ramaphosa chaired the inaugural meeting of the newly appointed Presidential Economic Advisory Council for the Seventh Administration on Tuesday at the Union Buildings in Pretoria to discuss the goals.
Ramaphosa highlighted the important role that the Council will play as the government of national unity (GNU) looks to reignite economic growth and tackle poverty and inequality.
“The Presidential Economic Advisory Council will play an important role in providing independent advice as we seek to ensure that our economic policy is informed by sound evidence, by innovation, and by a diversity of views and opinions.”
AI
He welcomed new and returning members of the Council, appointed in November, while highlighting the importance of the Council as the GNU tried to spur economic growth and deal with poverty and inequality.
Ramaphosa’s Spokesperson, Vincent Magwenaya said members of the Council discussed the need to position South Africa for growth in a rapidly changing global environment, in which technological advances in artificial intelligence (AI) and the imperative of tackling climate change will lead to structural changes in economies.
The meeting also discussed proposals to advance these priorities, building on the progress made on issues such as international taxation, reform of multilateral development banks, and climate finance.
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