Minister of International Relations and Cooperation Mr Ronald Lamola; and the Minister of Trade, Industry and Competition Mr Parks Tau, arrived in Paris today to lead South Africa’s delegation at the 2025 OECD Ministerial Council Meeting (from 3 to 4 June 2025). They will among others spearhead urgent calls to address the 500% premium interest African nations continue to pay to access international capital as stated in the AfDB Economic Outlook 2024 Report.
Key Focus Areas for Ministerial Engagement:
Africa’s Debt Cost Crisis
Ministers Lamola and Tau will spotlight how African countries currently incur 500% higher interest on global bonds versus multilateral loans (e.g., World Bank/AfDB), urging OECD-G20 collaboration to review this gap.
G20 Presidency Agenda
Through our G20 leadership, we have proposed concrete reforms to unlock affordable capital for climate-resilient infrastructure. We continue to seek sustainable and innovative solutions through dialogue, collaboration and cooperation. South Africa’s G20 Presidency stands firm in the belief that multilateral cooperation is not optional, it is imperative. Unilateral actions that undermine the rules-based order risk reversing decades of progress.
Financing for Development is foundational for Africa’s inclusive development and urban sustainability.
Alignment with OECD Theme
The meeting’s focus— “Resilient, Inclusive, and Sustainable Prosperity Through Rules-Based Trade, Investment and Innovation” *—directly reinforces supports South Africa’s G20 Presidency for equitable finance. Rules-based systems must prioritise fair capital access. Africa’s development is shackled by extortionate borrowing costs.
Quotes for use
Minister Lamola:
“Our presence in Paris signals South Africa’s commitment to dismantle financial barriers hampering Africa’s sustainable development. Africa’s prosperity cannot be deferred.”
Minister Tau:
“South Africa’s engagement with the OECD is aimed at achieving four strategic aims, namely: Higher Investment, inclusive economic growth, a prerequisite for addressing unemployment, poverty and inequality.”
Enquiries:
Mr Chrispin Phiri | Spokesperson to the Minister of International Relations and Cooperation |+27 81 781 2261
Mr Yamkela Fanisi | Spokesperson for the Ministry of Trade, Industry and Competition | +27 76 034 6561
ISSUED BY THE JOINTLY BY THE MINISTRIES OF INTERNATIONAL RELATIONS AND COOPERATION; AND TRADE, INDUSTRY AND COMPETITION
OR Tambo Building
460 Soutpansberg Road
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Note to Editors:
- The OECD Ministerial Council Meeting (MCM) brings together ministers from OECD member countries and partner economies.
- South Africa’s participation aligns with its 2025 G20 Presidency theme: SOLIDARITY, EQUALITY, SUSTAINABILITY.