The International Monetary Fund (IMF) has appointed Heirs Holdings Founder and Group Chair, Tony Elumelu to its Advisory Council on Entrepreneurship and Growth convened by the Managing Director of the Fund, Kristalina Georgieva.
Elumelu’s appointment was announced in a statement on Friday.
The statement identified Elumelu as Africa’s leading advocate of entrepreneurship, whose Foundation has funded, mentored, and trained over 25,000 African entrepreneurs since 2015.
The foremost banking icon was also celebrated as one who champions entrepreneurship as the engine for Africa’s economic transformation.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policymaking,” the statement read.
The IMF Advisory Council, consisting of global business leaders, policymakers, and academics, focuses on identifying and overcoming regulatory barriers to entrepreneurship while recommending policies that improve resource allocation, encourage innovation, and foster sustainable economic growth driven by the private sector.
Other members of the Council include Harberger Professor of Economics, University of Chicago, Professor Ufuk Akcigit; Saudi Ambassador to the United States, HRH Ambassador Reema Bandar Al-Saud; Chair, CEO, and Co-Founder of Salesforce, Mr Marc Benioff and Executive Chair, Banco Santander, Ms Ana Botín.
The rest are the Chairman, Tata Group, Mr Natarajan Chandrasekaran; Chief Executive, Vodafone Group, Ms. Margherita Della Valle; Founder, Chairman and CEO, Vista Equity Partners, Mr Robert Smith and Argentine Minister of Deregulation and State Transformation, Mr Federico Sturzenegger.
Speaking at the inaugural meeting of the Advisory Council on Wednesday, March 26 2025, IMF’s Managing Director, Georgieva, said, “The Council brings together a group of leading thinkers and practitioners in business, finance, academia, and policymaking to share their views and experiences on how macroeconomic and financial policies can provide a supportive environment for innovation, entrepreneurship, and productivity—key ingredients for a thriving private sector and strong economic growth.”
