Finance ministers from several major economies are poised to skip the upcoming G20 meetings in Cape Town, signaling growing doubts about the body’s relevance at a time of faltering global cooperation.
Among the countries not expected to send finance ministers are India, China, Brazil, and Mexico, according to sources familiar with the event’s organization. US Treasury Secretary Scott Bessent will remain in Washington, following Secretary of State Marco Rubio’s recent decision to skip a G20 foreign ministers’ meeting, citing concerns over “anti-Americanism.” Japan’s Finance Minister Katsunobu Kato will stay in Tokyo to focus on state budget discussions, and the EU’s Economics Commissioner Valdis Dombrovskis will remain in Brussels, officials confirmed.
The G20’s relevance has waned in recent years, particularly as US-China tensions deepen and member countries remain divided over how to respond to Russia’s invasion of Ukraine. Analysts warn that the poor turnout will add to concerns about the future of global cooperation, particularly as US President Donald Trump questions key aspects of the postwar international order.
Mark Sobel, US chair of the Official Monetary and Financial Institutions Forum, stated that the G20 is “in a very weakened state.” However, he criticized Bessent’s decision not to attend, calling it a “big mistake.”
Despite the absence of many finance ministers, Lesetja Kganyago, Governor of the South African Reserve Bank, who is chairing the central bankers’ meeting, downplayed the significance of the no-shows. He emphasized that all G20 members would still be represented, even if some ministers are absent.
US Federal Reserve Chairman Jay Powell and other central bankers, including Christine Lagarde of the European Central Bank, are expected to attend. Some European finance ministers, including UK Chancellor Rachel Reeves, are also likely to attend.
The G20’s declining influence contrasts sharply with its role during the global financial crisis over a decade ago, when it coordinated a global response.
Bessent and Rubio’s absence follows Trump’s recent harsh criticism of South Africa, accusing the country of “confiscating land” and treating certain groups poorly due to a new land expropriation law. South Africa’s President Cyril Ramaphosa acknowledged a “lack of consensus” among major powers, including within the G20, over how to address significant global issues. This was evident at last week’s foreign ministers’ meeting, which ended without a joint statement, only a summary of the discussions.
At the B20 business meetings in Cape Town this week, the absence of the US was a key topic. Cas Coovadia, former head of Business Unity South Africa, remarked that despite the US government’s absence, American businesses remain committed to cooperation through the B20. Nonkululeko Nyembezi, chair of Standard Bank, echoed this sentiment, stating that business ties would persist even after the Trump administration.
The G20 ministerial meetings aim to collate proposals for the leaders of the G20 nations, who will meet in November in South Africa. It remains uncertain whether Trump will attend.
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