Durban, South Africa – South African Reserve Bank Governor Lesetja Kganyago has reaffirmed Africa’s key priorities at the G20 Finance Ministers and Central Bank Governors Meeting in Durban, even as escalating global trade tensions and the absence of top U.S. officials cast uncertainty over the talks.

Speaking at the summit, Kganyago emphasized that Africa’s G20 agenda remains focused on promoting sustainable development through cross-border payment systems, improving access to affordable capital, and climate finance. He underlined that these initiatives are not intended to challenge the global financial order, but rather to strengthen intra-African trade and economic resilience.

A key element of Africa’s agenda is the creation of a continent-wide cross-border payments platform, aimed at reducing dependency on major global currencies and facilitating smoother trade between African nations. Kganyago stressed that this system would benefit regional economies by lowering transaction costs and boosting local commerce.

However, the positive momentum was partially overshadowed by the absence of U.S. Treasury Secretary Scott Bessent, who skipped the meeting for the second time. Instead, the U.S. was represented by Acting Undersecretary Michael Kaplan. Bessent’s absence follows growing tensions between the United States and several BRICS nations over new tariff threats.

President Donald Trump has proposed sweeping tariffs, including a blanket 10 percent tax on all imports and targeted tariffs of up to 30 percent on goods from countries like China, India, and Brazil. These proposed measures have alarmed many G20 participants, including those from Africa, who are concerned about the impact on global trade flows and their own export-driven sectors.

South Africa has already begun to feel the effects. Exports of South African automobiles to the U.S. have dropped by more than 80 percent in April and May due to new tariff barriers. Industry leaders warn that without immediate action or resolution, the country’s manufacturing base could face long-term damage.

The G20 meeting also addressed the ongoing debt crisis facing many developing and middle-income nations. Leaders discussed the need to reform the Common Framework for Debt Treatments, a G20 initiative, to provide faster and broader relief. Kganyago and others pushed for this framework to include middle-income countries, which are currently excluded from many international support mechanisms.

Climate finance was another major theme. With global temperatures rising and Africa facing mounting climate threats, the continent is seeking increased support for clean energy transitions. However, hopes were dampened by the weakening of the Just Energy Transition Partnership, following the withdrawal of some U.S. funding commitments.

Financial markets responded cautiously to the uncertainty. The South African rand weakened slightly to around 17.90 against the U.S. dollar. Meanwhile, local retail data showed slower-than-expected growth, further indicating the pressure on the economy amid international volatility.

Despite the challenges, South African officials remain determined to keep the focus on Africa’s needs during its G20 presidency. Kganyago concluded by saying that while each country must tailor its response to the current trade crisis, coordinated action and dialogue remain crucial to global economic stability.

The outcome of the Durban summit and the willingness of G20 members to support Africa’s proposals will play a critical role in shaping the continent’s economic trajectory in the months ahead.