Tony Elumelu gets IMF appointment

The International Monetary Fund (IMF) has named Tony Elumelu, Founder and Group Chair of Heirs Holdings, to its newly established Advisory Council on Entrepreneurship and Growth.

The council, convened by IMF Managing Director Kristalina Georgieva, is tasked with shaping policies that foster innovation, improve resource allocation, and drive sustainable economic growth.

Elumelu, a prominent advocate for entrepreneurship in Africa, has been at the forefront of efforts to empower the continent’s business leaders. Through the Tony Elumelu Foundation, he has supported more than 25,000 African entrepreneurs since 2015, emphasizing the role of entrepreneurship in Africa’s economic transformation.

His philosophy of Africapitalism—which promotes private sector-led development and long-term investments that yield both social and economic benefits—aligns with the council’s mission of tackling regulatory barriers and creating an environment conducive to business growth.

The council comprises influential figures from business, academia, and policymaking, including University of Chicago Professor Ufuk Akcigit, Saudi Ambassador to the U.S. Reema Bandar Al-Saud, Salesforce Co-Founder Marc Benioff, Banco Santander Executive Chair Ana Botín, Tata Group Chairman Natarajan Chandrasekaran, Vodafone CEO Margherita Della Valle, Vista Equity Partners Founder Robert Smith, and Argentina’s Minister of Deregulation Federico Sturzenegger.

During the council’s inaugural meeting on March 26, 2025, IMF Managing Director Kristalina Georgieva emphasized its significance:

“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.”

Elumelu’s appointment is expected to bring Africa’s entrepreneurial potential into global economic discussions, ensuring that policies support inclusive and sustainable growth worldwide.