The first IMF annual meetings to be held on African soil ended in Marrakesh at the weekend with a welcome outcome for the continent, one that has the potential to amplify its voice in the international economy.
Africa was given a third seat on the IMF executive board. The world has changed significantly since the IMF emerged from the Bretton Woods conference in 1944. Its original 29 member states have expanded to 190 but there’s been little change over the years to quotas or voting rights, and the cries for reform have grown.
However, the fund decided at the Marrakesh meetings to enlarge its 24 member executive board from 24 to 25 to add an extra seat for Africa. University of Pretoria professor Danny Bradlow says that is the most important reform Africa could get.
The 25-member board tends to make decisions by consensus rather than by vote. Three effective representatives could ensure much more attention is paid to African interests and perspectives, ensuring the continent is at the table when the rules are made. The G20’s recent decision to give permanent membership to the AU is also an important step.
The continent is among those most vulnerable to crises of overindebtedness and climate change. It is crucial that its perspectives are on the table when global decisions are made and funds allocated. The continent’s representatives in these international forums must position wisely, strategically and responsibly to ensure its concerns are heard.
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