Posted on African Agency

Reforming the IMF: Africa’s Voice Must Carry More Weight

This new article, by the Senegalese State Press Agency based on my interview during the IMF-World Bank Annual Meetings in Bangkok, focuses on Africa’s underrepresentation in IMF governance and the need to reform the international financial architecture.

Key messages:

  • Africa remains seriously underrepresented at the IMF. The continent’s 54 countries hold only around 6.5% of IMF voting rights, despite representing approximately 18% of the world’s population.
  • Reform of IMF voting power is overdue. The 2028 review of voting rights should deliver a meaningful redistribution of decision-making power, with concrete commitments emerging from Bangkok.
  • Africa must also strengthen its collective influence. Beyond institutional reforms, African governments need stronger coordination, common negotiating positions, solid technical expertise and strategic alliances.
  • African countries must help shape the rules. Countries directly affected by IMF decisions on debt, financing and economic reforms should have greater influence over those decisions before they become conditions attached to financing.
  • Debt sustainability must account for development needs. Debt assessments and restructuring mechanisms should preserve governments’ ability to invest in healthcare, education and climate adaptation.
  • Debt repayments are crowding out development spending. In many developing countries, interest payments alone exceed spending on health or education. Austerity cannot be the only response.
  • A comprehensive approach is needed. African countries must simultaneously address debt pressures, strengthen domestic revenue mobilisation and expand productive economic capacity.

The central message: Africa needs both a fairer distribution of power within global financial institutions and a stronger, more coordinated African voice to influence decisions that shape its development future.

Read the full article (in French):
https://aps.sn/assemblees-annuelles-du-fmi-un-expert-appelle-a-une-meilleure-representativite-de-lafrique-au-conseil-dadministration/

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