The International Monetary Fund (IMF) has officially appointed Tony Elumelu, the esteemed Founder and Group Chairman of Heirs Holdings, to its Advisory Council on Entrepreneurship and Growth. This council is convened by Kristalina Georgieva, the Managing Director of the IMF. The announcement was made public through a press release issued on Thursday, March 27, 2025.
Tony Elumelu, who also serves as the Chairman of United Bank for Africa (UBA) Plc, is recognized as a leading advocate for entrepreneurship across Africa. His philanthropic efforts through the Tony Elumelu Foundation have significantly impacted the continent, having funded, mentored, and trained over 25,000 African entrepreneurs since 2015. Elumelu is a staunch proponent of entrepreneurship as a critical driver for Africa’s economic transformation. His philosophy, encapsulated in the concept of Africapitalism, emphasizes the vital role of the private sector in Africa’s development. He believes that long-term investments by private enterprises can yield substantial social and economic benefits for the continent.
The press statement highlights Elumelu’s new role, stating, “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 Advisory Council is composed of a diverse group of global business leaders, policymakers, and academics, all committed to identifying and dismantling regulatory barriers that hinder entrepreneurship. The council’s primary mission is to recommend policies that improve resource allocation, foster innovation, and stimulate sustainable economic growth led by the private sector. Elumelu’s involvement is expected to ensure that Africa’s entrepreneurial potential is prominently featured in global economic policymaking.
Other notable members of the Advisory Council include Professor Ufuk Akcigit, the Harberger Professor of Economics at the University of Chicago; HRH Ambassador Reema Bandar Al-Saud, the Saudi Ambassador to the United States; Marc Benioff, the Chair, CEO, and Co-Founder of Salesforce; Ana Botín, the Executive Chair of Banco Santander; Natarajan Chandrasekaran, the Chairman of Tata Group; Margherita Della Valle, the Chief Executive of Vodafone Group; Robert Smith, the Founder, Chairman, and CEO of Vista Equity Partners; and Federico Sturzenegger, the Argentine Minister of Deregulation and State Transformation.
During the inaugural meeting of the Advisory Council on March 26, 2025, Kristalina Georgieva emphasized the importance of the council in fostering dialogue among professionals from various sectors. She remarked, “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.”
The IMF’s statement further elaborated on its commitment to assisting its 191 member countries in creating favorable macroeconomic and financial conditions that promote robust and sustainable economic growth driven by productivity improvements. Georgieva pointed out that the current medium-term outlook for global economic growth is at its lowest level in several decades, with much of the slowdown attributed to declining productivity growth. The Advisory Council is expected to convene approximately every three months for structured discussions conducted under Chatham House rules.
These discussions will play a crucial role in shaping the IMF’s analytical agenda and policy research, aimed at promoting macroeconomic and financial policies that encourage higher productivity growth and bolster stronger medium-term economic prospects for its member countries.
