Good news for Sub-Saharan African countries as the Board of Governors of the International Monetary Fund (IMF) has approved an increase in the number of Executive Directors in favour of Sub-Saharan Africa.
This resolution to increase the number of Executive Directors expands the total number to 25 from 24 and also increases Sub-Saharan Africa’s representation from 2 to 3.
The decision made by the board follows an advocacy by the International Monetary and Financial Committee during the 2023 Annual Meetings in Marrakech.
According to the Committee, an additional seat for Sub-Saharan Africa will improve the “voice and representation and the overall balance of regional representation at the Board.”
“The Board of Governors has taken an important step towards creating an additional 25th chair at our Executive Board to increase Sub-Saharan Africa’s representation in IMF decision making, to make our Board more inclusive, and to reflect the region’s role in the global economy,” said IMF Managing Director Kristalina Georgieva.
Approval by the Board of Governors to change the size of the Executive Board requires an 85 percent majority of the total voting power. The Fund’s membership approved the resolution allowing for the creation of a 25th chair, exceeding the required threshold.
The new Executive Board of 25 Executive Directors will take office on November 1, 2024.
Aside from the enhancement of voice and representation, it is also anticipated that this development can help to influence the Bretton Woods Institution’s policies and programs in favor of Sub-Saharan Africa which can lead to more tailored financial assistance to address the region’s peculiar socio-economic needs.
