The International Monetary Fund (IMF) has appointed the Founder and Group Chairman, Heirs Holdings, Tony Elumelu, to its Advisory Council on Entrepreneurship and Growth, convened by IMF Managing Director Kristalina Georgieva.
The appointment was disclosed in an official statement issued on Friday.
The Advisory Council of the IMF comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
“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,” Ms Georgieva said at the Council’s inaugural meeting held on 26 March.
“Elumelu, 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 the economic transformation of Africa.
“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.
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“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policymaking.
The IMF said the council would help identify and address regulatory barriers that hinder entrepreneurial activity, especially in emerging markets. It will also develop policy recommendations to enhance resource allocation, stimulate private investment and catalyse inclusive growth.
Other members of the advisory council include Ufuk Akcigit, Harberger Professor of Economics at the University of Chicago; HRH Reema Bandar Al-Saud, Saudi Ambassador to the United States; Marc Benioff, Chair, CEO and Co-Founder of Salesforce; Ana Botín, Executive Chair of Banco Santander; Natarajan Chandrasekaran, Chairman of Tata Group; Margherita Della Valle, Chief Executive of Vodafone Group; Robert Smith, Founder and CEO of Vista Equity Partners; and Federico Sturzenegger, Argentine Minister of Deregulation and State Transformation.
Mr Elumelu’s appointment comes amid heightened engagement between the IMF and African economies.
Over the past two years, the fund has scaled up financial support and policy advice across the continent as countries grapple with high inflation, weakening currencies, debt sustainability challenges and the lingering effects of the COVID-19 pandemic and Russia’s war in Ukraine.
