Virtual meeting of African Governors of the International Monetary Fund (IMF)
TOWARDS THE CREATION OF A 3RD CHAIR FOR SUB-SAHARAN AFRICA ON THE BOARD OF DIRECTORS
21 Nov, 2023
Tuesday, November 21, 2023, the African Governors of the International Monetary Fund (IMF) held their meeting by videoconference. The discussions focused on the question of the 3rd Chair for Sub-Saharan Africa (SSA) on the Board of Directors of this international financial institution.
The first reason for the creation of a 3rd Chair is explained by the fact that the 45 countries of sub-Saharan Africa are currently only represented by two Administrators each responsible for a group of more than 22 countries.
The first group is made up of the States of the West African Monetary Union (UMOA) and the Central African Economic and Monetary Community (CEMAC). The second group includes the countries of the Southern African Economic Community (SADEC).
It is therefore with the aim of lightening the work of these two Administrators that the countries of sub-Saharan Africa have, after a long period of negotiation, obtained the creation of the 3rd Chair, that is to say a 3rd Administrator. Thus, out of the 45 member countries, each Administrator will be responsible for a group of 14 to 16 countries.
The second reason cited by Governors is the need to obtain significant voting power on the IMF Board of Directors.
At this meeting, Governor Jean-Baptiste Ondaye, Minister of Economy and Finance of the Republic of Congo, underlined the importance of the new configuration of Administrators (14 to 16 countries).
“Thus, to ensure that the three chairs are stable and durable, it is essential to first fulfill the following three conditions:
First, ensure consensus among us on the principle of rotation;
Secondly, have firm assurances from the IMF that the new African Chairs will have adequate budgetary and human resources to effectively fulfill their tasks;
And thirdly, we ensure that our respective High Authorities agree with the chosen configurations,” he stressed.
Note that the deadline for transmitting the final conclusions of this meeting of African Governors to the IMF Executive Board is set before the end of 2023.
The Communication Unit of the Ministry of Economy and Finance
