The International Monetary Fund (IMF) has appointed Tony Elumelu, Founder and Group Chairman of Heirs Holdings, to its Advisory Council on Entrepreneurship and Growth, as announced in a statement released on Friday.
The IMF’s Advisory Council consists of global business leaders, policymakers, and academics dedicated to addressing regulatory challenges to entrepreneurship. The Council’s primary goal is to recommend policies that enhance resource allocation, drive innovation, and promote sustainable, private-sector-led economic growth.
Elumelu, a passionate advocate for entrepreneurship in Africa, has supported over 25,000 African entrepreneurs through his foundation since 2015 by providing funding, mentorship, and training. He believes that entrepreneurship is crucial for Africa’s economic transformation. His philosophy, known as Africapitalism, advocates for Africa’s private sector to take the lead in the continent’s development by making long-term investments that create both social and economic value.
As a self-made entrepreneur, Elumelu’s work and vision ensure that Africa’s entrepreneurial potential plays an integral role in shaping global economic policy.
Other notable members of the IMF Advisory Council include Professor Ufuk Akcigit (Harberger Professor of Economics, University of Chicago), HRH Ambassador Reema Bandar Al-Saud (Saudi Ambassador to the US), Marc Benioff (Chair, CEO, and Co-Founder of Salesforce), Ana Botín (Executive Chair, Banco Santander), Natarajan Chandrasekaran (Chairman, Tata Group), Margherita Della Valle (Chief Executive, Vodafone Group), Robert Smith (Founder, Chairman, and CEO, Vista Equity Partners), and Federico Sturzenegger (Argentine Minister of Deregulation and State Transformation).
At the Council’s inaugural meeting on March 26, 2025, IMF Managing Director Kristalina Georgieva emphasized that the Council aims to unite business, finance, academic, and policy experts to explore how macroeconomic and financial policies can foster innovation, entrepreneurship, and productivity—essential drivers of a thriving private sector and robust economic growth.
