South African President Cyril Ramaphosa has launched a groundbreaking G20 experts taskforce to examine global wealth inequality and its impact on growth, poverty, and multilateralism.
Chaired by Nobel Economics Prize laureate Joseph Stiglitz, the six-member taskforce aims to present its findings to G20 leaders at their November meeting in Johannesburg.
This initiative marks a significant step in addressing the pressing issue of global wealth inequality, which Ramaphosa described as “unjust, unsustainable and undesirable”.
The taskforce, comprising prominent figures such as UNAIDS Executive Director Winnie Byanyima and development economist Jayati Ghosh, will focus on turning public frustration over inequality into actionable policy proposals for G20 leaders.
According to the World Inequality Report, the poorest half of the world’s population owns just 2% of global wealth, while the richest
10% control a staggering 76%.
Ramaphosa emphasized that inequality undermines dignity and opportunities for a better future, citing unfair vaccine distribution during the COVID-19 pandemic as a stark example.
Taskforce Goals:
- Examine Global Wealth Inequality: Investigate the root causes and consequences of wealth disparities worldwide.
- Develop Policy Proposals: Create actionable recommendations to address inequality and promote sustainable development.
- Inform G20 Decision-Making: Present findings to G20 leaders to shape policy decisions and drive meaningful change.
By launching this taskforce, South Africa’s G20 presidency aims to prioritize issues affecting poorer nations, including rising inequality and sovereign debt burdens.
The initiative underscores the need for collective action to address global challenges and promote a more equitable world.
