Masondo says G20 expenditure should also be about value brought to SA, Africa

Deputy Minister of Finance David Masondo said expenditure on hosting the G20 should not only be about rands and cents but the value the country and the continent will derive from hosting the group of the world’s most developed economies.

Although Masondo is not revealing just yet what the final costs are, the chairperson of Parliament’s appropriations committee, Mmusi Maimane, said Parliament will be probing whether the expenditure has been above board.

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In September, the Department of International Relations still put the figure at R700 million.

Two weeks ago, Minister of Finance Enoch Godongwana appropriated an extra R100 million to the G20 budget after the Department of International Relations told Parliament they were experiencing a shortfall.

While major parts of the event have also been sponsored by big corporates and banks, Parliament’s appropriations committee will be probing taxpayer expenditure.

However, Masondo said the expenditure must be contextualised.

“Putting South Africa, but also Africa on the map, its capability to run its affairs including global affairs like G20.”

Masondo said South Africa’s G20 presidency also showcased the country is a competitive destination for investment.