Tony Elumelu, the founder and Group Chairman of Heirs Holdings, has been appointed to the prestigious International Monetary Fund (IMF) Advisory Council on Entrepreneurship and Growth. The announcement, made Friday, marks a significant milestone for the African entrepreneur who has long championed the transformative power of entrepreneurship in Africa.
Elumelu’s new role was revealed in a statement issued by the IMF, with Managing Director Kristalina Georgieva noting that the Advisory Council is comprised of global leaders from business, academia, and policy-making. These influential figures work together to identify regulatory barriers and propose policies that will drive innovation, resource allocation, and private sector-led economic growth worldwide.
As one of Africa’s foremost advocates for entrepreneurship, Elumelu brings a wealth of experience to the council. His Tony Elumelu Foundation has supported over 25,000 African entrepreneurs since its launch in 2015, offering training, mentorship, and funding. Elumelu’s passion for entrepreneurship is closely tied to his belief in Africapitalism, the idea that Africa’s private sector is key to the continent’s economic growth and development. His philosophy focuses on long-term investments that deliver both social and economic value.
Elumelu’s appointment to the IMF advisory body positions him to ensure that Africa’s entrepreneurial potential is central to global policy discussions. His participation will play a crucial role in shaping policies that encourage entrepreneurship, innovation, and sustainable economic development not just in Africa, but globally.
Other influential members of the IMF Advisory Council include notable figures like Marc Benioff, CEO and Co-Founder of Salesforce; Ana Botín, Executive Chair of Banco Santander; and Robert Smith, Founder and CEO of Vista Equity Partners.
At the council’s inaugural meeting on March 26, 2025, IMF Managing Director Kristalina Georgieva highlighted the council’s purpose to foster an environment conducive to innovation and productivity. She emphasized the importance of collaboration between business leaders, financial experts, and policymakers to build a thriving private sector and stimulate robust economic growth.
Elumelu’s appointment signals a major step forward in the global recognition of entrepreneurship as a driver of change, particularly in emerging markets like Africa.
