The International Monetary Fund (IMF) has welcomed Tony Elumelu, the Founder and Group Chairman of Heirs Holdings, to its Advisory Council on Entrepreneurship and Growth.
This high-level council, convened by IMF Managing Director Kristalina Georgieva, is dedicated to shaping policies that drive innovation, entrepreneurship, and private sector-led economic growth.
The announcement was made in a press statement released on Thursday, March 27, 2025.Elumelu, who also serves as Chairman of UBA Plc, is a well-known advocate for entrepreneurship in Africa.
Through the Tony Elumelu Foundation, he has mentored, trained, and provided funding to over 25,000 African entrepreneurs since 2015.
His philosophy, Africapitalism, underscores the importance of Africa’s private sector in driving economic transformation through long-term investments that generate both social and economic value.
According to the official statement, “Heirs Holdings Founder and Group Chair, Tony O. Elumelu, CFR, has been appointed by the International Monetary Fund (IMF) to its Advisory Council on Entrepreneurship and Growth, convened by IMF Managing Director, Kristalina Georgieva.”
The statement further explains the council’s role, noting that it consists of global business leaders, policymakers, and academics focused on identifying and addressing regulatory barriers that hinder entrepreneurship.
Their primary objective is to craft policies that improve resource allocation, foster innovation, and drive sustainable economic expansion through the private sector. Elumelu’s inclusion ensures that Africa’s entrepreneurial potential is well represented in global economic discussions.
Other distinguished members of the council include Professor Ufuk Akcigit, Harberger Professor of Economics, University of Chicago; HRH Ambassador Reema Bandar Al-Saud, Saudi Ambassador to the United States; Marc Benioff, Chair, CEO, and Co-Founder, 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.
During the council’s inaugural meeting on Wednesday, March 26, 2025, Kristalina Georgieva highlighted the significance of the council’s role in shaping economic policies that foster entrepreneurship and productivity.
“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,” Georgieva stated.
The IMF underscored its commitment to creating favorable macroeconomic and financial conditions for sustainable economic growth among its 191 member nations.
Georgieva expressed concern over the sluggish global economic outlook, emphasizing that “The medium-term outlook for world economic growth is at its lowest in several decades. Much of the slowdown can be attributed to declining productivity growth.”
The newly established Advisory Council will convene quarterly under Chatham House rules to facilitate candid discussions. Insights from these sessions will guide the IMF’s research and policy recommendations aimed at boosting productivity and enhancing long-term economic prospects worldwide.
