G20 Finance Ministers Affirm Central Bank Independence Amid US Criticism.
South Africa's Deputy Minister of Finance David Masondo (L), South Africa's Minister of Finance Enoch Godongwana (C) and South African Reserve Bank Governor Lesetja Kganyago (R) address the closing press conference on the last day of the G20 Finance Ministers and Central Bank Governors meeting at the Capital hotel, Zimbali in Durban on July 18, 2025. (Photo by RAJESH JANTILAL / AFP)The G20 finance ministers on Friday underscored the critical importance of central bank independence, sending a united message amidst growing concerns over political interference in monetary policy decisions.
In their first joint communiqué under South Africa’s G20 presidency, the ministers reaffirmed that central banks must be allowed to operate without political pressure. The statement comes after months of escalating verbal attacks by U.S. President Donald Trump on Federal Reserve Chairman Jerome Powell, whom Trump has repeatedly criticized over interest rate decisions.
Despite internal divisions, particularly in the face of controversial U.S. trade policies, the G20 managed to reach a rare consensus on this issue. Observers say the unified stance signals the bloc’s intent to uphold global financial stability and institutional integrity.
The G20 also touched on broader economic risks, including slowing global growth, inflationary pressures, and the need for coordinated fiscal and monetary policies.
As the host, South Africa emphasized its commitment to strengthening multilateral cooperation and ensuring that economic policymaking remains insulated from political influence.
