The IMF Board of Governors, the highest authority within the International Monetary Fund, has passed a resolution to expand its Executive Board by adding a 25th seat specifically for Sub-Saharan Africa.

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This decision comes in response to a recommendation from the International Monetary and Financial Committee during the 2023 Annual Meetings in Marrakech, which advocated for a new chair to enhance Sub-Saharan Africa’s representation and to improve the overall regional balance on the Board.

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“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,” stated IMF Managing Director Kristalina Georgieva.

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To adjust the size of the Executive Board, the resolution required approval from 85 percent of the total voting power of the Fund’s membership. The resolution successfully surpassed this requirement.

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The expanded Executive Board, featuring 25 Executive Directors, will commence its duties on November 1, 2024.

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