The International Monetary Fund
(IMF) on Thursday announced the appointment of Heirs Holdings Founder and Group Chairman, Tony
Elumelu, into its Advisory Council on Entrepreneurship and Growth.
The IMF Managing Director, Kristalina Georgieva, said Elumelu, who is also Chairman of the United Bank of Africa Group, was appointed into the
Advisory Council she convened in recognition of his achievements as Africa’s leading advocate of entrepreneurship whose Foundation has funded, mentored and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa.
A self-made entrepreneur, Georgieva said Elumelu’s embracing of entrepreneurship was fundamental to his concept of Africapitalism, which highlights 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.
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.
The IMF said Elumelu would be instrumental in ensuring that
Africa’s entrepreneurial potential was 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, Ambassador Reema Bandar Al-Saud; Chair, CEO, and Co-Founder of Salesforce, Marc Benioff; Executive Chair, Banco
Santander, Ana Botín; Chairman, Tata Group, Natarajan
Chandrasekaran; Chief Executive, Vodafone Group, Margherita Della
Valle; Founder, Chairman/CEO, Vista Equity Partners, Robert Smith, and Argentine Minister of Deregulation and State Transformation, Federico Sturzenegger.
Speaking at the inaugural meeting of the Advisory Council on Wednesday, the IMF Managing Director, Kristalina Georgieva, noted: “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.”
