The Board of Governors of the International Monetary Fund (IMF), the highest decision-making body within the organization, has approved a new resolution to add a 25th chair to the IMF’s Executive Board, specifically representing Sub-Saharan Africa.

This decision came in response to a request from the International Monetary and Financial Committee during the 2023 Annual Meetings in Marrakech. The aim is to enhance the representation and influence of Sub-Saharan Africa and ensure better regional balance on the Board.

IMF Managing Director Kristalina Georgieva commented, "The Board of Governors has taken a significant step toward establishing an additional 25th chair at our Executive 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 said.

To expand the Executive Board, the resolution required an 85 percent majority of the total voting power and successfully surpassed this threshold.

The new Executive Board, consisting of 25 Executive Directors, will begin its term on November 1, 2024.