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The G20 summit is scheduled to kick off in Johannesburg on November 22.
Deputy President Paul Mashatile. Picture: X /@GovernmentZA
Deputy President Paul Mashatile says South Africa will host a “successful G20” meeting, whether the United States decides to attend or not.
Mashatile addressed a business breakfast hosted by Trade, Industry, and Competition Minister Parks Tau in Pretoria on Monday.
The G20 summit is scheduled to kick off in Johannesburg on November 22. South Africa assumed the Presidency of the G20 in December last year, taking over from Brazil.
In February, US Secretary of State Marco Rubio, in a social media post on X, said he “will not” attend a summit of the grouping to protest the South African government’s controversial land seizure bill.
“I will not attend the G20 summit in Johannesburg. South Africa is doing very bad things. Expropriating private property. Using G20 to promote “solidarity, equality, & sustainability.” In other words: DEI and climate change.
“My job is to advance America’s national interests, not waste taxpayer money or coddle anti-Americanism.”.
ALSO READ: US secretary Marco Rubio will not attend G20 summit because SA ‘is doing very bad things’
Mashatile told the gathering that G20 meetings are taking place as the country prepares for the main event in November.
“I know that a number of meetings are already taking place. Ministers of Finance have met, Ministers of Foreign Affairs and Trade, and some of the business meetings have also taken place, with the meeting for heads of state taking place in November this year.
“We are looking forward to a very successful G20 meeting this year, even though the United States said they may not come, but we are proceeding, and we are going to make sure that it’s a success,” Mashatile said to applause.
ALSO READ: SA to prioritise food security, economic growth in G20 presidency, says Ramaphosa
Mashatile also spoke about measures to prevent corruption from collapsing the Transformation Fund.
The legislative rationale for the transformation fund is anchored in the Broad-Based Black Economic Empowerment (B-BBEE) Act, which mandates that the government increase the effective participation of black-owned and managed enterprises in the economy and enhance their access to both financial and non-financial support.
According to Tau, the transformation fund will be capitalised at R20 billion per year over a five-year period and disbursed through a combination of grants, loans and equity support, complemented by technical assistance, pre- and post-investment support and market access facilitation.
Some opposition parties like the DA do not support the fund in its current form and see a better shot at economic growth through providing resources purely based on merit and the prospective beneficiary’s business viability and growth potential.
Mashatile said the country will not achieve an inclusive economy as long as corruption persists, both in the public and private sectors.
“Corruption hinders the growth of Small and Medium-sized Enterprises (SMEs) by increasing costs, reducing profits, and creating uncertainty.
“To promote an inclusive economy, we must commit to addressing corruption by strengthening our institutions, fostering transparency and accountability, and promoting citizen engagement. This includes developing and implementing robust anti-corruption frameworks, strengthening our criminal justice system, and encouraging public participation and oversight,” Mashatile said.
Mashatile added that the government is committed to fighting corruption, focusing on accountability, transparency, and the dismantling of corrupt networks.
This effort, he said, includes establishing specialised “investigative units and strengthening legislation to combat money laundering and fraud”.
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