South Africa will host the Group of 20 summit in November next year – and expects to spend almost R700-million on doing so.

The event, which brings together the world’s leaders to discuss economic issues, includes the meetings of sherpas and foreign ministers beforehand.

A G20 sponsorship and partnership committee has been established to seek and manage sponsorships, Ronald Lamola, the minister of international relations and co-operation, said.

India reportedly spent $100-million to host the summit last year. Germany spent €72.2-million in 2017 while The Economist reported that China had spent $24-billion when it hosted the summit in 2016.

South Africa will assume the rotational presidency of the G20 on 1 December after the summit in Brazil this November.

🔗 Full cost breakdown