G20 must unite to protect vulnerable economies – Masondo
Deputy Finance Minister David Masondo says greater cooperation among G20 countries is essential to shield low-income economies from the ripple effects of growing global instability.
He was speaking to the media on the sidelines of the Supreme Audit Institutions meeting of G20 nations, known as the SAI20,held in Johannesburg this week.
Masondo warned that escalating geopolitical tensions in the Middle East and rising trade disputes between the United States and China are threatening global financial stability.
"The G20 Finance Ministers acknowledged that low-income countries will be the most severely affected by geopolitical tensions and trade fragmentation. These unfortunate developments do not bode well for safeguarding growth and financial stability," Masondo said.
He said the SAI20 meeting serves as a key tributary to broader G20 discussions, and by extension, the global dialogue around the United Nations Sustainable Development Goals (SDGs).
"Goal 9 of the SDGs envisages resilient infrastructure, inclusive and sustainable industrialization, and innovation by 2030. The SAI20’s focus on infrastructure aligns perfectly with this," he said.
Masondo highlighted infrastructure and skills development as critical drivers of inclusive economic growth and service delivery.
"Mindful of this, as the South African sovereign, we have committed significant investments towards infrastructure development. We have one of the most ambitious infrastructure development programmes ever undertaken in our country,” he said.
Public-private partnerships and reform
Masondo said the country's large-scale infrastructure plans are designed to grow the economy and increase private sector participation, especially in electricity, freight logistics, telecommunications, and water.
"We are working with international partners to revitalise ports and harbours, upgrade electricity and digital infrastructure, and build roads, hospitals, and schools, all to improve socio-economic conditions,” he added.
In March 2025, Transport Minister Barbara Creecy launched a Request for Information (RFI) process to enable greater private sector participation in rail and port infrastructure. Last month, Transnet awarded a R17 billion concession to five private partners to build and operate liquid bulk terminals at the Port of Richards Bay.
Masondo said the government is working closely with stakeholders to remove logistical bottlenecks and inefficiencies, efforts that form part of the broader Operation Vulindlela initiative.
Operation Vulindlela, a joint programme between the Presidency and National Treasury, aims to accelerate structural reforms to support growth and job creation.
Phase one focused on five key constraints: energy, logistics, water, telecommunications, and the visa system. Government reports that most Phase I reforms have been completed or are on track.
The role of audit institutions in driving delivery
Masondo also stressed the importance of Supreme Audit Institutions in supporting infrastructure delivery.
"They are a key enabler of their countries’ ability to deliver on infrastructure goals, just as the Auditor-General of South Africa enables us to realise our own development aspirations.”
He said both financial and performance audits are critical in securing funding from development finance institutions and the private sector.
"Investors rely on audit reports. These reports examine the controls needed to ensure efficient deployment of resources, and they strengthen oversight over infrastructure quality and maintenance,” Masondo said.