The International Monetary Fund (IMF) will expand its Executive Board by adding a 25th seat dedicated to Sub-Saharan Africa, effective November 1, 2024, following a resolution passed by the Board of Governors.
The decision, endorsed on July 16, 2024, aims to enhance Sub-Saharan Africa’s representation and amplify its voice within IMF decision-making processes.
This move responds to calls from the International Monetary and Financial Committee during the 2023 Annual Meetings in Marrakech to bolster regional representation on the Board.
IMF Managing Director Kristalina Georgieva hailed the decision as a significant stride towards inclusivity and equitable global governance.
“The addition of a 25th chair will not only strengthen Sub-Saharan Africa’s influence in IMF deliberations but also better reflect the region’s economic importance,” Georgieva stated.
Approval for altering the Executive Board’s size required an 85 per cent majority vote among the IMF’s members, a threshold exceeded by member countries.
The new composition of the IMF Executive Board, comprising 25 Executive Directors, will formally commence duties on November 1, 2024.
