Cape Town, South Africa – Finance ministers and central bank chiefs from the Group of 20 (G-20) leading economies convened in South Africa on Wednesday for a two-day summit. However, the gathering was marked by the notable absence of U.S. Treasury Secretary Scott Bessent and several other high-profile leaders, reflecting growing tensions within the group.
Bessent’s absence follows a boycott of last week’s G-20 foreign ministers meeting by U.S. Secretary of State Marco Rubio, who has been openly critical of South Africa and its chosen G-20 priorities. The Trump administration’s stance has added further strain to international cooperation efforts within the group.
South Africa’s G-20 Priorities Amid Rising Tensions
As the first African nation to hold the G-20 presidency, South Africa has vowed to focus on issues impacting developing nations, including:
- Debt relief for poor countries
- Strengthening resilience to climate-related disasters
- Mobilizing finance for green energy transitions
- Ensuring fair use of critical minerals in resource-rich developing countries
South African President Cyril Ramaphosa opened the summit by urging delegates to work toward a more resilient, sustainable, and equal global economy.
“This meeting carries a weighty responsibility,” Ramaphosa said. “It needs to forge consensus on the actions we must take collectively.”
U.S. Boycott and Trump Administration’s Stance
Despite early concerns that U.S. President Donald Trump might deprioritize G-20 cooperation, his administration has actively opposed South Africa’s focus areas.
- Rubio dismissed South Africa’s theme of solidarity, equality, and sustainability as “DEI (diversity, equity, and inclusion) and climate change” rhetoric.
- He pledged to skip the main G-20 summit in November, calling it a waste of U.S. taxpayer money.
- Trump himself has yet to respond to Ramaphosa’s invitation for a state visit during the November summit.
Key Absences and Geopolitical Fractures
Aside from Bessent, finance ministers from China, Japan, India, and Canada were also not expected to attend. Instead, China sent its deputy finance minister and central bank deputy governor, signaling diplomatic caution amid strained U.S.-China relations.
Meanwhile, U.S. Federal Reserve Chair Jerome Powell and European Central Bank President Christine Lagarde were in attendance, reinforcing the importance of monetary policy discussions despite political tensions.
Debt Crisis and Global Economic Divisions
The United Nations Development Program (UNDP) released a report ahead of the meeting, warning that debt problems continue to worsen for many poor nations.
“If support for debt relief is not stepped up, the situation could easily morph into longer-term solvency crises in more countries,” the report stated.
Some African analysts argue that G-20 divisions risk undermining global efforts to combat climate change and economic inequality, particularly in developing regions.
South Africa’s Institute for Security Studies warned that reduced climate action—especially following Trump’s withdrawal from the Paris Climate Agreement—would make Africa and other developing nations the first victims of inaction.
Challenges in Finding Consensus
The foreign ministers’ meeting last week highlighted the growing geopolitical divides within the G-20. Tensions over Russia’s ongoing war in Ukraine led to Russian Foreign Minister Sergei Lavrov walking out at one point.
Additionally, ministers refused to pose for the traditional “family photograph”, with South African officials citing scheduling difficulties.
Looking Ahead
As the U.S. prepares to assume the G-20 presidency next year, South Africa’s ability to foster consensus during its term remains uncertain. With deepening global divisions on trade, climate, and economic policy, the G-20’s effectiveness in addressing key global challenges is increasingly under scrutiny.