An explanation of the B20 and G20 Summits for ordinary South Africans
What do the B20 and G20 summits mean for ordinary South Africans?
All the buzz around the B20 and G20 Summits hosted by South Africa has been splashed across all media platforms. But what do you really know about it?
The B20 Summit convenes as the business segment of the G20 Summit; in other words, it brings together international business leaders, policymakers, and global partners to discuss global economic and trade issues.
"Comprising 19 countries and the European Union, the G20 serves as a platform for dialogue and cooperation on issues such as sustainable development, financial stability, climate change, and global health, fostering collaboration to drive inclusive and sustainable growth," states the B20 website.
Carol Ofori spoke to Bandile Matandela, Chief Operating Officer at Quadcare and financial analyst, about the B20 and G20 Summits.
Matandala put things into perspective saying: "Essentially, the B20 is a combination of the business leaders that are in the different countries that formulate the G20."
Read more: Five things to know about the first G20 held in Africa
The B20 was formed as a parallel structure that allows business leaders from these countries to provide input on policy recommendations handed down by the G20.
The people who form part of the business communities and are essentially impacted by these policy recommendations felt that they needed to be part of the process and represent the private sector.
Matandala says: "Business leaders from these different countries felt that every decision that is taken at the G20 has a direct implication on how they do business. They conduct business, they're able to trade, and therefore it was necessary that before the G20, they were able to meet together and align on key areas of recommendations such as employment and education, trading investments, and digital transformation."
Read more: No bullying, Ramaphosa says as US snubs S.Africa's G20
It was interesting to note the impact of the G20 on the everyday South African. The discussions that will take place from this Saturday, 22 November will affect things such as the "global economy, how countries work together, how countries grow, trade and investments, climate change actions..."
These will have a snowball effect on industries such as manufacturing, which will further impact jobs.
Listen to the full interview where Bandile Matandela unpacks more about the G20.
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