As a solution to this problem of bad/corrupt governance, an African billionaire has offered a lucrative monetary prize to any African leaders that meet certain standards of governance.
The contest, launched in London, will award winning leaders $5m (£2.7m) over 10 years when they leave office, plus $200,000 (£107,000) a year for life. The award will go to African heads of state who deliver security, health, education and economic development to their constituents.
In an interview with the Financial Times newspaper, Mr Ibrahim, 60, said leaders had no life after office. "Suddenly all the mansions, cars, food, wine is withdrawn.
Some find it difficult to rent a house in the capital. That incites corruption; it incites people to cling to power. The prize will offer essentially good
people, who may be wavering, the chance to opt for the good life after office,"
What do you think of this prize? It is actually similar to the Netflix innovation prize we discussed recently. Do you think it will be effective in combatting the corruption in many African governments?
Economist Tyler Cowen thinks the prize is too small. Here is another post about it where the author is skeptical, thinking that is gives a reward for something that should be expected.
(Source: Marginal Revolution)