Cape Town, Feb 26 : South African President Cyril Ramaphosa on Wednesday called on the Group of 20 (G20) members to work together to overcome unprecedented challenges across the world.

In his address at the opening of the first meeting of the G20 Finance Ministers and Central Bank Governors, currently underway from Wednesday to Thursday in Cape Town, the country's legislative capital, Ramaphosa said that at the time of global uncertainty and escalating tension, it is now more important than ever that the members of the G20 work together.

"The erosion of multilateralism presents a threat to global growth and stability," he said.

"We know from the experience of past decades that a fair, transparent and inclusive rules-based international order is an essential requirement for economic stability and for sustained growth."

"At this time of heightened geopolitical contestation, a rules-based order is particularly important as a mechanism for managing disputes and resolving conflict. It is vital to ensure that the rights and interests of the vulnerable are not trampled beneath the ambitions of the powerful," he added.

According to Ramaphosa, the meeting of G20 Finance Ministers and Central Bank Governors carries a weighty responsibility, Xinhua news agency reported.

"It needs to forge consensus on the actions we must take collectively to build a global economy that is more resilient, more sustainable and more equal," he said.

Ramaphosa underlined multilateral cooperation as the "only hope of overcoming unprecedented challenges, including slow and uneven growth, rising debt burdens, persistent poverty and inequality, and the existential threat of climate change".

"We are not moving quickly enough or boldly enough to address these global challenges. We must collectively target a step-change in our efforts to improve the lives of all of our people and to protect future generations," he said.

The Finance Ministers and Central Bank Governors Meeting was preceded by the second meeting of the Finance and Central Bank Deputies which took place on Monday and Tuesday.

Under the theme "Solidarity, Equality and Sustainability," South Africa assumed the G20 presidency on December 1, 2024, becoming the first African country to hold the position. The G20 Leaders' Summit is expected to unfold in Johannesburg, the largest city and economic hub of South Africa, in November 2025.

/IANS