The International Monetary Fund (IMF) has appointed Tony Elumelu, founder and group chair of Heirs Holdings, to its advisory council on entrepreneurship and growth, convened by Kristalina Georgieva, IMF managing director.
The entrepreneur’s appointment was announced in a statement
on Friday.
The IMF advisory council comprises global business leaders,
policymakers, and academics, dedicated to identifying and addressing regulatory
barriers to entrepreneurship.
The council is said to be mandated to recommend policies
that enhance resource allocation, stimulate innovation, and catalyse
sustainable private sector-led economic growth.
“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,” the statement reads.
“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.
“Elumelu will be instrumental in ensuring that Africa’s
entrepreneurial potential is central to global economic policymaking.”
Other members of the council include Ufuk Akcigit, Harberger
professor of economics at the University of Chicago; Reema Bandar Al-Saud,
Saudi ambassador to the United States; Marc Benioff, chair, CEO, and co-founder
of Salesforce; and Ana Botín, executive chair at Banco Santander.
Others are Natarajan Chandrasekaran, chairman of Tata Group;
Margherita Della Valle, chief executive of Vodafone Group; Robert Smith,
founder, chairman and CEO of Vista Equity Partners, and Federico Sturzenegger,
Argentine minister of deregulation and state transformation.
Speaking at the inaugural meeting of the advisory council on
March 26, Georgieva 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”.
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