the continent as a whole. as the sole african representative at the table, south africa also endeavours to highlight regional and continental issues, albeit without any formal mandate. our network of contacts from our interactions in various g - 20 formations provides great opportunities to leverage these to advance various other objectives and to enhance south africa ’ s international profile and reputation. the key players to ensure meaningful participation in deliberations at g - 20 meetings with the view to influence outcomes in line with south africa ’ s and africa ’ s development and growth priorities are the presidency, the department of international relations and cooperation ( dirco ), the south african national treasury, the south african reserve bank ( the bank ), with the support of various other governmental departments and the cabinet. the presidency, dirco and the national treasury normally play the leading role on behalf of south africa in the forum, while the bank plays a meaningful role in its areas of expertise, particularly on financial and regulatory matters. domestically, south africa consults with a number of stake holders, including nepad, civil society including ngos, and the academia. regionally, the group of ten african countries ( the c10 ) was formed in 2009 in order to solicit views and opinions from countries across the continent on how the g - 20 may address their concerns. it has to be admitted, however, that the consultation process could be more effective, and that more could be done to strengthen these initiatives and to ensure that they work as intended. hence, a key challenge for south bis central bankers ’ speeches africa is to identify key priority areas where it could influence the g - 20 policy and agenda for the benefit of the country and region. another challenge is to ensure that as south africa ’ s role grows internationally, and we are more and more recognised as an important voice at the table, we are able to commit sufficient resources to be able to respond appropriately. in order to address this challenge, the south african reserve bank is currently in the process of setting up a dedicated international economic relations and policy department. south africa chaired the g - 20 in 2007, and focused predominantly on imf quota and voice reform. as a result of south africa ’ s efforts, together with other members of the g - 20, the 2008 quota and voice reforms of the imf were adopted. significant deadlocks were overcome during deliberations among the g - 20 members, most importantly agreeing to include purchasing power parity as a component of gdp in the quota formula,

remarks by lesetja kganyago, governor of the south african reserve bank, at the annual dinner in honour of the ambassadors and high commissioners to the republic of south africa south african reserve bank, pretoria 31 july 2018 introduction dean of the diplomatic corps, ambassadors, high commissioners, counsellors and diplomats, ladies and gentlemen – a very good evening and a warm welcome to the south african reserve bank ( sarb ). i would like to extend my heartfelt gratitude to you for accepting our invitation to this annual event. this year, we celebrate the 100th anniversary of the birth of nelson mandela. earlier this month, for the first time in the nearly 100 - year history of the sarb, we issued a commemorative banknote series as well as a third commemorative r5 circulation coin in honour of the life of former president mandela. tonight, i would like to briefly reflect on what we can learn from tata madiba ’ s legacy, both as a statesman and as a champion of institutions. after all, it was under nelson mandela ’ s presidency that the defining characteristics of south africa ’ s foreign policy and trade policy, as well as our interaction with foreign investors, were established. madiba had a vision that south africa should be ‘ ready to play a role in fostering peace and prosperity in the world that we share with the community of nations ’. in 1993, a year before he became president, nelson mandela highlighted that ‘ our foreign policy will rest on the belief that economic development depends on growing page 1 of 6 regional and international economic cooperation in an interdependent world ’. 1 since madiba ’ s presidency, the foundation of all of south africa ’ s interactions with the rest of the world has always been strong domestic institutions and a robust macroeconomic framework that provides policy certainty, supported by our participation in multilateral institutions and forums that are transparent and fair. looking at the state of the global and domestic economies today, it is worth reflecting on the importance of institutions in managing risks and dealing with crises. reflecting on the global economy the global economy today looks very different from a year ago. last year, the backdrop for south africa and other emerging markets was generally constructive, as the recovery of the advanced economies continued on a steady path. the stronger demand supported higher commodity prices, while expectations of a moderate withdrawal of monetary stimulus in the advanced economies were supportive of strong capital flows to the emerging markets. however, this favourable setting did not last long. a number of key risks have since