G20 Forum: How Africa Is Shaping Global Finance And Reform

Durban, 16 July 2025 – On the sidelines of this week’s G20 Finance Ministers and Central Bank Governors’ Meeting, a high-level forum convened in Durban to spotlight Africa’s growing influence in global financial reform.

Co-hosted by Oliver Wyman, UBS, and Nedbank in association with Reinventing Bretton Woods and under the banner of South Africa’s G20 Presidency, the event brought together senior policymakers, economists, and financial leaders to tackle some of the most urgent global economic challenges—from fiscal reform and resilience to climate finance and digital innovation.

Structured around five dynamic panel discussions, the forum addressed:

• Rebalancing the Global Economy for Inclusive Growth – exploring the drivers behind persistent global imbalances and how structural reforms can deliver fairer outcomes.
• Emerging Markets’ Resilience – examining why some economies have outperformed in the face of global volatility and what lessons can be scaled.
• Digital Finance and the Future of Money – assessing the impact of fintech, digital currencies, and programmable money on monetary sovereignty and financial stability.
• The Future of the G20 – debating whether current governance models remain fit-for-purpose in an era of fragmentation and what reforms are required.
• From Baku to Belém – unpacking  a new roadmap aligning COP30 and G20 efforts to drive climate and development finance in the Global South.

Framed under the theme “Global Financial Architecture in Transition,” the forum positioned Africa not as a bystander in conversations on global economic reform—but as a driver of bold, collaborative solutions.

Rebalancing the global economy in an age of fragmentation

With global growth diverging, fiscal pressures mounting, and capital flows increasingly concentrated, discussions centred on how to rebalance the international financial system to support inclusive, sustainable growth.

Panellists examined the impact of prolonged surpluses in large economies, uneven access to capital, and the fiscal strain facing low- and middle-income countries. The session emphasised the need to modernise international financial institutions, enhance voice and representation for the Global South, and improve coordination between fiscal and monetary policy across advanced and emerging markets.

Rethinking resilience in a post-shock world

A major focus of the forum was the resilience of emerging markets in the face of sustained global volatility. Discussions explored why some countries have navigated global shocks more effectively than others, and what structural factors—such as credible institutions, diversified economies, and access to regional safety nets—have contributed to their performance.

Panellists also addressed how emerging markets can rebuild fiscal space amid elevated debt levels, and the need for more ambitious sovereign debt restructuring mechanisms, expanded access to concessional finance, and policy flexibility for low-income countries.

The disruptive force of digital finance

As global finance continues to evolve, one of the most forward-looking sessions examined the role of digital money in reshaping the international monetary and payments system.

Panellists explored the rise of tokenised dollar assets, stablecoins, programmable money, and central bank digital currencies. They discussed how these technologies could either enhance or fragment the current financial system, and emphasised the urgent need for global coordination—particularly on interoperability, regulatory harmonisation, and emerging market inclusion.

Mobilising climate and development finance

A key highlight of the event was a session on the Baku to Belém Roadmap—an ambitious initiative led by the Brazilian COP30 Presidency to mobilise over USD 1.3 trillion annually by 2035 for climate and development finance in the Global South.

The panel explored how the emerging agenda, anchored by the Circle of Finance Ministers and aligned with G20 priorities, can drive concrete action across five key areas: scaling concessional finance, reforming multilateral development banks, strengthening domestic capacity, mobilising private capital, and advancing prudential regulation. Speakers emphasised the importance of coordination, innovation, and country ownership in shaping a finance architecture that serves climate-vulnerable economies.

Reform, relevance and representation at G20

The final session turned to the future of the G20 itself—asking whether the institution remains fit-for-purpose in an increasingly fragmented world, and how it can evolve to remain effective.

Speakers explored how emerging economies can maintain influence beyond their host year, the role of the G20 in working alongside other platforms like BRICS+, the IMF, and the UN, and what structural reforms may be needed to ensure broader global representation and legitimacy.

Voices from the forum

Paul Calvey, Managing Partner at Oliver Wyman, reflected: “This forum created space for deep, candid conversations about the shape of the global economy. .”

Ed Popham-Holloway, Country Head at UBS South Africa, added: “Emerging markets have done more than bounce back, they’ve redefined what resilience looks like. The global financial system must now evolve to support this momentum, not undermine it through outdated risk frameworks.”

David Mminele, Chairman of Nedbank, concluded: “The G20 is at a crossroads. Its continued relevance depends on how it responds to today’s fragmentation, with reforms that reflect a truly multipolar world. This forum gave us the opportunity to put forward clear, African-led proposals on how the G20 can become more inclusive, more transparent, and more effective.”

From dialogue to delivery

As South Africa’s G20 Presidency continues, the G20 event has laid a foundation for policy alignment, deeper cooperation, and reform-oriented thinking. What emerged was a shared understanding that Africa’s role in global governance must now move from the margins to the centre. This forum was not a call for inclusion alone, it was a demonstration of capacity, vision, and leadership in addressing the most pressing challenges of our time.