The International Monetary Fund (IMF) has appointed Tony Elumelu, Founder and Group Chair of Heirs Holdings, to its Advisory Council on Entrepreneurship and Growth. The appointment was disclosed in a statement released on Friday.
The Advisory Council, convened by IMF Managing Director Kristalina Georgieva, brings together global business leaders, policymakers, and academics. Its mission is to identify regulatory barriers to entrepreneurship and recommend policies that enhance resource allocation, stimulate innovation, and drive sustainable private-sector-led economic growth.
Elumelu’s Track Record in Entrepreneurship
Tony Elumelu is widely regarded as one of Africa’s most influential advocates for entrepreneurship. Since 2015, the Tony Elumelu Foundation has funded, mentored, and trained over 25,000 African entrepreneurs.
A self-made entrepreneur, Elumelu is known for championing Africapitalism—the belief that Africa’s private sector can play a central role in the continent’s socio-economic development through long-term, impactful investments. His appointment to the IMF Advisory Council underscores his commitment to integrating Africa’s entrepreneurial potential into global economic policy discussions.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policymaking,” the statement added.
Global Leaders on the Advisory Council
Elumelu joins a distinguished group of global figures from business, academia, and government on the Advisory Council. Notable members include:
- Professor Ufuk Akcigit – Harberger Professor of Economics, University of Chicago
- HRH Ambassador Reema Bandar Al-Saud – Saudi Ambassador to the United States
- Mr. Marc Benioff – Chair, CEO, and Co-Founder of Salesforce
- Ms. Ana Botín – Executive Chair, Banco Santander
- Mr. Natarajan Chandrasekaran – Chairman, Tata Group
- Ms. Margherita Della Valle – Chief Executive, Vodafone Group
- Mr. Robert Smith – Founder, Chairman, and CEO, Vista Equity Partners
- Mr. Federico Sturzenegger – Argentine Minister of Deregulation and State Transformation
IMF Chief Highlights the Council’s Importance
Speaking at the inaugural meeting on Wednesday, March 26, 2025, IMF Managing Director Kristalina Georgieva emphasized the critical role of entrepreneurship in global economic growth.
“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,” Georgieva said.
Why This Appointment Matters
Elumelu’s appointment reflects growing recognition of Africa’s entrepreneurial ecosystem on the global stage. With his extensive experience in fostering business development across the continent, his insights are expected to shape policy recommendations that could enhance business environments worldwide.
His inclusion also signifies a broader effort by the IMF to engage with emerging markets and ensure diverse perspectives are represented in shaping global economic policies.
Bottom Line
Tony Elumelu’s appointment to the IMF Advisory Council on Entrepreneurship and Growth positions Africa’s entrepreneurial potential at the center of global policy discussions. His contributions are anticipated to influence key decisions that promote innovation, resource allocation, and sustainable private-sector-led growth globally.
