WASHINGTON D.C, USA – Tony Elumelu, founder and group chairman of Heirs Holdings, has been appointed to the International Monetary Fund’s (IMF) Advisory Council on Entrepreneurship and Growth.
The announcement was made by IMF Managing Director, Kristalina Georgieva, as part of the Council’s efforts to promote innovation and sustainable economic growth globally.
Elumelu, a leading advocate for entrepreneurship in Africa, has long championed the role of private sector investments in driving economic transformation across the continent.
His Foundation has supported over 25,000 African entrepreneurs since its inception in 2015, providing funding, mentorship, and training.
Elumelu’s entrepreneurial philosophy is rooted in his concept of Africapitalism, which asserts that Africa’s private sector is crucial for the continent’s long-term development.
The IMF’s Advisory Council on Entrepreneurship and Growth is a prestigious body that brings together global business leaders, policymakers, and academics to explore ways to reduce regulatory barriers and stimulate sustainable growth through entrepreneurship.
The Council’s mandate is to recommend policies that enhance resource allocation, promote innovation, and catalyse private sector-led economic progress.
Elumelu’s appointment underscores the growing importance of Africa’s entrepreneurial ecosystem in global economic policymaking.
Other distinguished members of the Advisory Council include Harberger Professor of Economics at the University of Chicago, Ufuk Akcigit; Saudi Ambassador to the United States, HRH Ambassador Reema Bandar Al-Saud; Marc Benioff, Chair and CEO of Salesforce; Ana Botín, Executive Chair of Banco Santander; Natarajan Chandrasekaran, Chairman of Tata Group; Margherita Della Valle, Chief Executive of Vodafone Group; Robert Smith, Founder and CEO of Vista Equity Partners; and Federico Sturzenegger, Argentine Minister of Deregulation and State Transformation.
At the inaugural meeting of the Advisory Council on Wednesday, March 26, 2025, IMF Managing Director Kristalina Georgieva highlighted the importance of the Council in fostering a supportive environment for innovation and entrepreneurship.
“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,” she said.
