AFRICA – The governor for Bank of Ghana, Dr Philip Yedu Addison has been appointed chair of the board of governors of the IMF and the World Bank for 2020.

Dr. Addison was appointed during a selection process which took place at the 2019 Annual Meetings Plenary of the Bretton Woods institutions in Washington DC.

The plenary meeting held in October this year, is one of many others conducted by the financial body on an annual regional rotation basis, 2020 is the turn of Africa.

In a press statement released by Ghana’s Central Bank; the Bank of Ghana indicated that candidates for the position are considered based on competence, country’s standing and membership of the World Bank Group and IMF.

Dr Ernest and by extension Ghana was appointed in recognition of impressive strides in macroeconomic stability achieved under President Nana Addo Dankwa Akufo-Addo and his lead role in cleaning up the banking sector.

The Board of Governors is the highest decision-making body of the IMF and is comprised of one governor and one alternate governor for each member country.

The governor is appointed by the member country and is usually the minister of finance or the head of the central bank.

Most of the Board of Governors powers have been delegated to the IMF’s Executive Board.

The board however retains the right to approve quota increases, special drawing right (SDR) allocations, the admittance of new members, compulsory withdrawal of members, and amendments to the Articles of Agreement and By-Laws.

The Board of Governors also elects or appoints executive directors and is the ultimate arbiter on issues related to the interpretation of the IMF’s Articles of Agreement.

Voting by the Board of Governors usually takes place by mail-in ballot.

Dr. Addison will among other things chair other functional Committees of the two institutions which include the Joint Committee on Remuneration of Executive Directors and their Alternates (JCR).

His duties also include the appointment of two other Committee members (on the recommendation of the President of the Bank and the Managing Director of the Fund), reviewing briefing papers, and convening meetings of the Committee.

He will also chair the Joint Procedures Committee (JPC)/MIGA Procedures Committee.