South African President Cyril Ramaphosa welcomed Tuesday a G20-commissioned report proposing the sale of some of the IMF's "hoard of gold" and a review of lending practices among measures to tackle Africa's crippling debt.

The proposals were included in an expert study commissioned for the first G20 summit in Africa which will bring around 20 heads of state to Johannesburg this weekend.

"Globally, more than 3.4 billion people live in countries which spend more on servicing debt than on education or healthcare," said the document handed to Ramaphosa.

"Governments are literally defaulting on development in order to honour their debt obligations," it said, citing figures that public debt in developing countries surpassed $31 trillion in 2024.

The G20 should work with the IMF and the World

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