South Africa Leads Global Focus on Wealth Inequality

As South Africa takes the helm of the G20 Presidency, President Cyril Ramaphosa has commissioned a landmark report on global wealth inequality to present at the summit in November. The move signals a bold focus on economic fairness amid rising public frustration over widening disparities.

A Team of Global Experts

The newly formed “Extraordinary Committee of Independent Experts” will be led by American Nobel Prize-winning economist Joseph Stiglitz. Joining him are six international specialists: Dr Adriana E. Abdenur (Brazil), Winnie Byanyima (Uganda), Professor Jayati Ghosh (India), and South Africa’s own Professors Imraan Valodia and Dr Wanga Zembe-Mkabile. Their task is unprecedented: to compile the first comprehensive report on global inequality for world leaders.

Why the Report Matters

Inequality is at historic highs. According to Oxfam, the wealth of the richest 1% has surged by $33.9 trillion since 2015 enough to eradicate global poverty 22 times over. South Africa, already one of the most unequal nations, underscores the urgency. Ramaphosa pointed to the human cost: “People saw the brutal unfairness of vaccine apartheid and rising food and energy prices. A new oligarchy in our global economy is becoming apparent.”

Stiglitz: Inequality Is a Choice

Stiglitz warned that extreme inequality threatens democracy itself. “The profound rise in discontents from mismanaged globalisation has fueled this gap,” he said. He emphasized that G20 nations can make policy choices to reduce inequality and support inclusive growth.

Public Reaction and Context

Locally, social media discussions have highlighted South Africa’s persistent domestic inequalities, connecting them to broader global trends. Analysts suggest the report could pressure world leaders to address tax policies, trade imbalances, and debt relief mechanisms for poorer nations.

By placing inequality at the heart of the G20 agenda, Ramaphosa aims to push world powers to confront systemic disparities, offering a platform for solutions that could reshape global economic governance.

{Source: TheCitizen}

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