In a significant move underscoring the vital role of entrepreneurship in global economic development, the International Monetary Fund (IMF) has appointed Tony O. Elumelu, CFR, Founder and Group Chair of Heirs Holdings, to its newly formed Advisory Council on Entrepreneurship and Growth. This council, convened by IMF Managing Director Kristalina Georgieva, aims to address regulatory barriers and foster sustainable private sector-led economic growth.
Tony Elumelu, a leading advocate for African entrepreneurship, brings a wealth of experience to the council. Through his foundation, he has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, championing entrepreneurship as a catalyst for Africa’s economic transformation. His concept of Africapitalism, which emphasizes the private sector’s role in the continent’s development through long-term investments, aligns closely with the council’s mission.
“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,” stated Kristalina Georgieva during the council’s inaugural meeting on Wednesday, March 26, 2025.
Elumelu joins a distinguished group of global leaders, including:
- Professor Ufuk Akcigit, Harberger Professor of Economics, 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.
- Mr. Federico Sturzenegger, Argentine Minister of Deregulation and State Transformation.
The council’s mandate is to recommend policies that enhance resource allocation, stimulate innovation, and catalyze sustainable private sector-led economic growth. Elumelu’s inclusion ensures that Africa’s entrepreneurial potential is central to global economic policymaking. As someone who has dedicated his career to empowering entrepreneurs across the continent, his insights are invaluable.
“I believe that the private sector holds the key to Africa’s economic future,” Elumelu has often stated. “By investing in entrepreneurs, we are investing in the future of our continent.” This perspective resonates deeply with the IMF’s goals of fostering inclusive and sustainable growth.
The appointment highlights the growing recognition of Africa’s entrepreneurial dynamism on the global stage. By integrating Elumelu’s expertise, the IMF aims to create a more supportive environment for entrepreneurs worldwide, ultimately driving economic prosperity and innovation.
