IMF member countries have elected an expanded Executive Board, now comprising 25 Executive Directors. This includes three directors representing Sub-Saharan Africa. The expansion follows the completion of the Fund’s 2024 Regular Election of Executive Directors on October 25, 2024.
The creation of an additional chair for Sub-Saharan Africa was a response to the International Monetary and Financial Committee's call during the 2023 Annual Meetings in Marrakech. The goal was to enhance Sub-Saharan Africa’s representation and improve regional balance at the Board.
On July 16, 2024, the IMF Board of Governors resolved to increase the number of Executive Directors from 24 to 25, with the new chair designated for Sub-Saharan Africa. This resolution received strong support from the Fund’s membership, surpassing the required majority of 85 percent voting power.
With this expansion, during the 2024 Regular Election of Executive Directors, Sub-Saharan Africa's member countries were reorganized into three constituencies: Central and Eastern Africa, Southern Africa, and West Africa.
“This is a historic milestone for the IMF and for Africa,” stated Managing Director Kristalina Georgieva. “Not only does the addition of a third African chair to our Board reflect the continent's tremendous progress in developing its human and economic potential, it will also strengthen Africa’s voice and bring the IMF closer to the people we serve.”
The last expansion of the Executive Board occurred in 1992 with two new chairs added following new memberships after the Soviet Union's dissolution. The term for this newly formed Board begins on November 1, 2024.