African Countries and IMF Dates of Membership
|IMF in Nigeria 2011|
About The World Bank and International Monetary Fund voting system in Africa.
The World Bank and International Monetary Fund voting system is complex at best where the number of people in a country does not equal proportional representation of the average person.
Established in 1944, The World Bank began operations in 1946 headquartered in Washington, D.C. Lead by Jim Yong Kim since 2012, the Board of Executive Directors elects the President for a five-year, renewable term. The International Monetary Fund (IMF) and the World Bank differ from most public international organizations because they follow a weighted voting system.
Votes are held rarely, but are very important with the election of executive directors, special majorities, and adoption of decisions, to adjust quotas, establish a council, and allocate Special Drawing Rights.
The IMF initial assigning of votes is based on quotas related to economic criteria. These quotas or measures are based upon an exceedingly complex formula that takes into account relative economic strength factors of countries comparable in size and population with the gross domestic product, external reserves, and diversity of exports.
The IMF gives each country 250 basic votes, with a weighted voting of one additional vote for each part of a nation's economic quota or measure equivalent to US$100,000 Special Drawing Rights international reserve asset which was created by the IMF in 1969 to supplement a member country official reserves. The outcome of the economic formula given by the IMF is used to determine the number of shares allotted to each new member country of the bank.
The World Bank has a weighted voting system similar to the IMF. Each member has 250 basic votes plus 1 additional vote for each share of capital equivalent to US $100,000 subscribed. The World Bank based each member's quota on IMF quotas.
Many developing countries interests are not sufficiently voiced despite the April 2010 increase in voting power for developing countries, to 47.19% for International Bank for Reconstruction and Development (IBRD). Since the World Bank bases each member's quota on IMF quotas a change in the IMF quotas would better suit actual transform.
A better solution could be to enlarge the executive boards allowing more representatives of the developing countries. This will allow a louder voice to be heard from the developing countries throughout the world. The developed nations currently control approximately 52.81% of the voting strength while having less than one-fourth of the world population by 2050.
This results in disproportionate representation that is not truly in the interest of the developing countries. International Bank for Reconstruction and Development (IBRD) voting power of African member countries, each country is it's own voting entity unless in a voluntary strategic voting group with other members is formed.
The IMF is a quota-based institution. Quotas are the building blocks of the IMF’s financial and governance structure. An individual member country’s quota broadly reflects its relative position in the world economy. Quotas are denominated in Special Drawing Rights (SDRs), the IMF’s unit of account.
The International Monetary Fund List of Member in AfricaOriginal members of the International Monetary Fund are Egypt, Ethiopia and South Africa who signed the Articles of Agreement by December 31, 1945.
African Countries and IMF Effective Date of Membership
Burkina Faso 5/2/1963
Cape Verde 11/20/1978
Central African Republic 7/10/1963
Côte d'Ivoire 3/11/1963
Democratic Republic of the Congo 9/28/1963
Equatorial Guinea 12/22/1969
Eswatini (former Swaziland) 9/22/1969
Republic of Congo 7/10/1963
São Tomé and Príncipe 9/30/1977
Sierra Leone 9/10/1962
South Africa 12/27/1945
South Sudan 4/18/2012
The Gambia 9/21/1967