In his weekly communication to the nation, the president, who currently chairs this group, warned that the deep wealth gap endangers democracy and slows down inclusive economic growth.

He warned that the richest 10 percent of the population accounts for more than half of global income and 74 percent of total wealth.

“These massive disparities are unjust and condemn billions to poverty. Inequality is detrimental to all. It makes the world less stable, fuels conflicts and undermines democracy”, said the head of state.

As part of his presidency, Ramaphosa established an Extraordinary Committee of Independent Experts on Global Inequality, led by Nobel Prize-winning economist Joseph Stiglitz.

This group presented a pioneering report with key recommendations that the G20 will assess for the first time in its history.

Proposals include the establishment of a permanent international panel on inequality, modelled on the Intergovernmental Panel on Climate Change (IPCC). This body would measure trends and advise governments on effective policies.

In his letter, Ramaphosa noted that South Africa is already implementing measures aligned with the report, such as a progressive tax system, a national minimum wage, subsidized health and a robust social safety net.

The President is confident that the analysis, which offers “a credible road map”, will be given due attention ahead of the G20 Leaders’ Summit in Johannesburg later this month.

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