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South Africa will host the G20 summit next year in a “cost-effective” manner, and it will not be as expensive as other big events in the past, according to President Cyril Ramaphosa.
Addressing the media on Tuesday at parliament for the launch of South Africa’s G20 presidency, the president said SA has been “fortunate” in that it has received offers from other countries and the private sector to help shoulder some of the responsibility for hosting meetings.
Johannesburg is the official host city of the summit, which will take place in the financial hub in the precinct around the Sandton Convention Centre.
The first meetings under a South African presidency will take place from 9 to 12 December, with a gathering of the G20 countries’ central bank deputies.
International Relations and Cooperation Minister Ronald Lamola earlier confirmed in a written response that the G20 is expected to cost around R691 million, which includes expenses such as accommodation, ground and air transport, and venue facilities.
The biggest expense is R497 million for the Sherpa Track and foreign ministers’ meetings, which will stretch from December this year through to November 2025.
When asked about the cost of hosting a global event such as the G20, Ramaphosa quipped that Finance Minister Enoch Godongwana would be best placed to answer the question. “But let me rather respond, lest the finance minister makes a commitment that has fiscal consequences.”
According to the president, 230 meetings will take place during South Africa’s term, 130 of which will be held in South Africa.
The United Nations will play host to a number of gatherings in New York and Geneva, as will other “friends of the G20” – most notably Northern Hemisphere countries, Ramaphosa notes.
“We gave a ballpark figure, but because we’re getting so much support, it will be better quantifiable as we go on. In the end, there will be accountability about the total costs.” – Moneyweb
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