On July 16, 2024, the Board of Governors of the International Monetary Fund (IMF), the IMF’s highest decision-making body, approved a resolution to expand the Executive Board by adding a 25th chair specifically for Sub-Saharan Africa.
This move aims to enhance the region’s voice and representation within the IMF.
The decision comes after the International Monetary and Financial Committee called for the creation of a 25th chair during the 2023 Annual Meetings in Marrakech to improve regional representation and balance on 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, make our Board more inclusive, and reflect the region’s role in the global economy,” said IMF Managing Director Kristalina Georgieva.
Changing the size of the Executive Board required an 85 per cent majority of the total voting power, which the resolution surpassed.
The new Executive Board, now comprising 25 Executive Directors, will take office on November 1, 2024.
