The International Monetary Fund (IMF) has appointed Tony Elumelu, the Founder and Group Chairman of Heirs Holdings, to its Advisory Council on Entrepreneurship and Growth, which is convened by Kristalina Georgieva, the financial institution’s managing director.
This disclosure is contained in a press statement issued on Thursday, March 27, 2025, and seen by Nairametrics.
Elumelu, who is also the Chairman of UBA Plc, is Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for Africa’s economic transformation.
A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.
What the statement is saying
The statement partly reads, ‘’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 comprises global business leaders, policymakers, and academics, dedicated to identifying and addressing regulatory barriers to entrepreneurship. Its mandate is to recommend policies that enhance resource allocation, stimulate innovation, and catalyse sustainable private sector-led economic growth. Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policymaking.
‘’Other members of the Council include: Harberger Professor of Economics, University of Chicago, Professor Ufuk Akcigit; Saudi Ambassador to the United States, HRH Ambassador Reema Bandar Al-Saud; Chair, CEO, and Co-Founder of Salesforce, Mr. Marc Benioff; Executive Chair, Banco Santander, Ms. Ana Botín; Chairman, Tata Group, Mr. Natarajan Chandrasekaran; Chief Executive, Vodafone Group, Ms. Margherita Della Valle; Founder, Chairman and CEO, Vista Equity Partners, Mr. Robert Smith and Argentine Minister of Deregulation and State Transformation, Mr. Federico Sturzenegger.’’
What the Managing Director of IMF is saying
Speaking at the inaugural meeting of the Advisory Council on Wednesday, 26 March 2025, the IMF Managing Director, Kristalina Georgieva, noted that the council brings together a group of professionals to share their views and experiences on how macroeconomics and financial policies can play a supporting role for innovation, entrepreneurship and productivity.
She said, “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.”
More insights
IMF in its statement noted that as part of its efforts to help its 191 member countries create more conducive macroeconomic and financial conditions for strong and durable economic growth driven by productivity enhancements, Georgieva, on Wednesday, March 26, 2025, convened an inaugural meeting with her new Advisory Council on Entrepreneurship and Growth.
“The medium-term outlook for world economic growth is at its lowest in several decades,” Ms. Georgieva noted. “Much of the slowdown can be attributed to declining productivity growth.”
The IMF Managing Director’s Advisory Council will meet approximately once every three months in structured discussions under Chatham House rules.
The discussions with the Council will inform the IMF’s analytical agenda and policy research aimed at promoting macroeconomic and financial policies that are conducive to higher productivity growth and can support stronger medium-term economic prospects across its membership.
