International Monetary Fund (IMF) logo
The Board of Governors of the International Monetary Fund (IMF), which is the highest decision-making authority within the IMF, on July 16, 2024, adopted a new resolution to add a 25th chair to the IMF’s Executive Board, specifically for Sub-Saharan Africa.
This decision comes in response to a request from the International Monetary and Financial Committee made during the 2023 Annual Meetings in Marrakech, aimed at enhancing the representation and influence of Sub-Saharan Africa and improving regional balance on the Board.
“The Board of Governors have 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,” the IMF Managing Director, Kristalina Georgieva, is quoted as saying in a report by citinewsroom.com.
The Board of Governors needs an 85 percent majority of the total voting power to approve a change in the executive board's size.
The resolution authorizing the creation of a 25th chair was passed by the Fund's membership, surpassing the necessary threshold.
On November 1, 2024, the next Executive Board with 25 Executive Directors will begin in office.
KA/AE
Watch the latest episode of Everyday People on GhanaWeb TV below:
