At the recent G20 finance chiefs’ meeting in Washington, South African Reserve Bank Governor Lesetja Kganyago called for greater transparency in credit ratings to help developing nations access affordable capital. He emphasized that countries should be able to review and challenge rating agencies’ methodologies to ensure fair evaluations. South Africa, holding the G20 presidency, has prioritized reducing the elevated cost of capital for emerging economies, though a proposed commission to address these concerns is yet to be established. While the summit concluded without a formal consensus, a Chair Summary highlighted other pressing global risks, from geopolitical tensions to climate events. The discussions also advanced reforms for multilateral banks and explored how to ensure developing countries can harness the power of artificial intelligence for growth.
Reuters
