The International Monetary Fund (IMF) has announced the appointment of Tony Elumelu, Founder and Group Chairman of Heirs Holdings, to its newly established Advisory Council on Entrepreneurship and Growth. The council, convened by IMF Managing Director Kristalina Georgieva, will focus on identifying and addressing regulatory obstacles to entrepreneurship globally.
The IMF Advisory Council comprises a distinguished group of global business leaders, policymakers, and academics. Its core mission is to recommend policies that foster enhanced resource allocation, stimulate innovation, and drive sustainable private sector-led economic growth.
Tony Elumelu, a leading voice in advocating for African entrepreneurship, brings a wealth of experience to the council.
Through his Tony Elumelu Foundation, he has championed entrepreneurship as a catalyst for Africa’s economic transformation, having funded, mentored, and trained over 25,000 African entrepreneurs since 2015.
Elumelu’s appointment underscores the importance of Africa’s entrepreneurial potential in shaping global economic policy. His concept of Africapitalism, which emphasizes the private sector’s crucial role in the continent’s development through long-term investments that generate both social and economic value, will be a significant asset to the council’s deliberations.
Other prominent members of the Advisory Council include Professor Ufuk Akcigit (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), and Mr. Federico Sturzenegger (Argentine Minister of Deregulation and State Transformation).
Speaking at the inaugural meeting on Wednesday, March 26, 2025, IMF Managing Director Kristalina Georgieva stated, “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.”
Tony Elumelu’s inclusion in this influential council signifies a recognition of his deep understanding of entrepreneurship, particularly within the African context, and his commitment to driving economic development through private sector initiatives.
About the International Monetary Fund (IMF):
The International Monetary Fund (IMF) works to achieve sustainable growth and prosperity for all of its 190 member countries. It does so by supporting economic policies that promote financial stability and monetary cooperation, which are essential to increasing productivity, job creation, and economic well-being.
About Tony Elumelu:
Tony O. Elumelu is an African investor, philanthropist, and entrepreneur. He is the Founder and Group Chairman of Heirs Holdings, his family’s investment company, which holds investments across Africa in the power, financial services, oil and gas, hospitality, and healthcare sectors. Elumelu champions Africapitalism, a philosophy that advocates for the African private sector’s role in the continent’s development. Through the Tony Elumelu Foundation, he is empowering a new generation of African entrepreneurs.
