The International Monetary Fund (IMF) has appointed the Founder and Group Chairman of Heirs Holdings, Tony Elumelu, to its Advisory Council on Entrepreneurship and Growth.
This council, convened by IMF Managing Director Kristalina Georgieva, comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
According to a statement released on Friday, the council’s mandate includes recommending policies that enhance resource allocation, stimulate innovation, and drive sustainable private-sector-led economic growth.
Elumelu, a prominent advocate of entrepreneurship in Africa, has played a pivotal role in supporting over 25,000 African entrepreneurs through his foundation since 2015.
His philosophy of Africapitalism underscores his belief that Africa’s private sector must lead in driving long-term investments that generate both social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policymaking,” the statement read.
Other distinguished members of the IMF Advisory Council include Professor Ufuk Akcigit (University of Chicago), HRH Ambassador Reema Bandar Al-Saud (Saudi Ambassador to the U.S.), Marc Benioff (Chair, CEO, and Co-Founder of Salesforce), Ana Botín (Executive Chair, Banco Santander), Natarajan Chandrasekaran (Chairman, Tata Group), Margherita Della Valle (CEO, Vodafone Group), Robert Smith (Founder, Chairman, and CEO, Vista Equity Partners), and Federico Sturzenegger (Argentine Minister of Deregulation and State Transformation).
At the inaugural meeting held on March 26, 2025, Kristalina Georgieva emphasized the importance of the council’s mission, stating:
“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.”
