The International Monetary Fund (IMF) has appointed Tony Elumelu, Founder and Group Chairman of Heirs Holdings, to its prestigious Advisory Council on Entrepreneurship and Growth, convened by IMF Managing Director Kristalina Georgieva.
The announcement was made in a statement on Friday.
The IMF’s Advisory Council consists of global business leaders, policymakers, and academics focused on identifying and addressing regulatory barriers to entrepreneurship. The council’s mission is to recommend policies that promote better resource allocation, stimulate innovation, and drive sustainable private sector-led economic growth.
Elumelu, widely recognized as Africa’s foremost advocate for entrepreneurship, has made significant strides through his foundation, which has funded, mentored, and trained over 25,000 African entrepreneurs since 2015. He champions entrepreneurship as the key driver of Africa’s economic transformation.
A self-made entrepreneur, Elumelu’s advocacy is rooted in his vision of Africapitalism—the belief that Africa’s private sector must take the lead in the continent’s development through long-term investments that create both social and economic value. His appointment underscores his role in ensuring Africa’s entrepreneurial potential is a central focus in global economic policymaking.
Other distinguished members of the Advisory Council include: Professor Ufuk Akcigit, Harberger Professor of Economics at the University of Chicago; HRH Ambassador Reema Bandar Al-Saud, Saudi Ambassador to the United States; Marc Benioff, Chair, CEO, and Co-Founder 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, Chairman, 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 March 26, 2025, IMF Managing Director Kristalina Georgieva highlighted the importance of the council’s role in fostering innovation, entrepreneurship, and productivity—key elements for a thriving private sector and robust 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 create a supportive environment for these critical drivers of growth,” she stated.
