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‘I could smell money’: Ramaphosa jokes at Global Gateway Forum

President Cyril Ramaphosa delivered the Opening Plenary address at the European Commission’s Global Gateway Forum (GGF).

He used the opportunity to underscore the need for stronger cooperation between developed and developing nations.

South Africa’s participation in the forum aims to attract trade and investment, strengthen international relations, and unlock mutual opportunities in the lead-up to the G20 Leaders’ Summit.

COMMITTED TO STRENGTHEN PARTNERSHIP

Opening his address on a lighter note, Ramaphosa remarked, “Just as I walked in, I could smell money. As I saw the President of the World Bank, I could touch money. And as I greeted you, President Lorenzo, I could touch power in your hands.”

He went on to say that when meeting leaders from African nations, he could “feel the energy for peace,” noting that the forum serves as a platform to strengthen partnerships, advance shared priorities, and tackle pressing global challenges.

Turning to the economic challenges faced by developing nations, Ramaphosa stressed that the G20 must prioritise finding solutions to the unsustainable debt burdens holding back growth in many developing economies, particularly in Africa.

“We need further measures to ensure fair and equitable access to finance and debt sustainability so that these countries can meet the needs of their people and realise their potential. It is simply unacceptable that many developing economy countries pay much more for their debt than what more developed countries pay,” he said.

EU AND AFRICAN NATIONS

The president also highlighted the evolving strategic partnership between South Africa and the European Union (EU), noting that it has expanded in both scope and substance over the years.

He emphasised the need for collaboration between the EU and African nations to overcome tariff and non-tariff barriers and to use trade and investment as key drivers of industrialisation across the continent.

Ramaphosa added that reaffirming South Africa’s partnership with the EU will help strengthen resilience through investments in digital and green infrastructure, foster innovation, secure supply chains, and promote diversification that supports sustainable and inclusive growth.

DO YOU THINK DEVELOPED NATIONS ARE DOING ENOUGH TO EASE THE DEBT BURDEN ON DEVELOPING COUNTRIES?

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