NAIROBI // Supporters of the opposition party in Togo took to the streets yesterday and throughout the past week to demonstrate their outrage over the country's presidential election results, which they say were rigged. Not surprisingly, the ruling party called in the police to quell the protest with tear gas and batons.
Faure Gnassingbé, the president, claimed victory after officials announced he had won 60 per cent of the vote in the tiny West African country. Mr Gnassingbé took power after his father, Gnassingbé Eyadéma, died in 2005 after ruling since 1967.
Africa analysts were not surprised with the election result or the violent aftermath. It has become all too common for the ruling party in most African countries to cling to power, usually by force or the threat of it. And, like the formulaic plot of a predictable movie, the opposition usually cries foul, launches a bloody protest and is eventually beaten into submission.
With 53 countries spread across a vast continent, there is almost always an election about to take place or just concluded somewhere in Africa. From steamy, one-party West African backwaters to mineral-rich, rainforested kleptocracies to stable southern African democracies, the politics of Africa are as diverse as the continent's geography.
But there is one constant that observers of the continent can almost always count on: whenever there is an election in Africa, things will probably go pear-shaped.
History shows why Africa has such a hard time staging peaceful transitions of power. Most African "democracies" are barely 50 years old, having thrown off the shackles of colonisation just a generation ago. African political scientists argue that democracy on the continent needs more time to develop to resemble that of the West.
Looking further in history to pre-colonial Africa explains why many African leaders are reluctant to give up power. Before European powers divided the continent into colonies, Africa was a hodgepodge of kingdoms based mostly along tribal lines. Chiefs were entitled to all the riches of the kingdom and ruled for life or until a more powerful adversary could overthrow them.
This mentality still persists today and explains the so-called "African Big Man" syndrome whereby leaders loot the state's resources, entitle their cronies and tribesmen and cling to power - often for life.
The Economist Intelligence Unit's index of democracy, which ranks all the countries of the world by how democratic they are, gives Africa a dismal rating. With the exception of South Africa, Cape Verde and Botswana (numbers 31, 34 and 39 on the list), most African nations rank in the bottom half. Twenty-nine countries are in the bottom third.
Likewise, the 2010 Freedom in the World report from Freedom House, a Washington-based think tank, says 19 per cent of African countries are free, the lowest region in the world. The organisation bases its survey on political and civil liberties, including free elections.
Most elections in Africa are hardly free or at least are perceived to be unfair. In Kenya's flawed election in late 2007, Mwai Kibaki, the president, claimed victory, sparking opposition protests that nearly degenerated into civil war. More than 1,300 people died in clashes that quickly became tribal.
A few months later, more Zimbabweans voted for Morgan Tsvangirai than Robert Mugabe, but not enough for a clear majority and the presidential poll went to a runoff. Mugabe supporters harassed and intimidated the opposition and Mr Tsvangirai withdrew before the second round, citing security concerns.
Kenya and Zimbabwe both formed unity governments to solve their political crises, but those coalitions have fractured and analysts warn there could be more violence after upcoming elections. There is also potential for violence after the elections in Sudan and Burundi this year. Both countries are holding their first presidential elections since crippling civil wars. Ethiopia also votes this year, its first poll since 200 died in post-election violence after the general election in 2005.
Some countries, such as Equatorial Guinea, Eritrea, Chad and Gabon, are one-party dictatorships where presidential elections are still held, but the outcomes are never in doubt.
In other countries, coups or assassinations are the only way to remove someone in power. The president of Guinea-Bissau was assassinated last year and Madagascar, Guinea and Niger all experienced coups in the past two years. Central African Republic predicted a coup attempt last week before next month's presidential elections.
There are a few examples of good governance in Africa where benevolent leaders serve at the will of the people and step aside when the time comes. This happens mostly in southern African countries such as Botswana, South Africa and Namibia.
Ghana, too, has held peaceful, democratic transitions of power and was even recognised by Barack Obama, the US president, when he chose the country for his first official visit to Africa.
So, are African leaders trending towards more or less democracy? If the Mo Ibrahim Foundation is an indicator, the prognosis is not good. The foundation, named for the Sudanese telecom mogul, awards the Ibrahim Prize, worth US$5 million (Dh18.3m), each year to the African leader who best demonstrates good governance and who democratically transfers power to their successor.
At the end of 2009, the foundation decided to send a message to African leaders. Their choice for the award: no one.
mbrown@thenational.ae
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
New Zealand 15 British & Irish Lions 15
New Zealand 15
Tries: Laumape, J Barrett
Conversions: B Barrett
Penalties: B Barrett
British & Irish Lions 15
Penalties: Farrell (4), Daly
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
FIGHT CARD
Sara El Bakkali v Anisha Kadka (Lightweight, female)
Mohammed Adil Al Debi v Moaz Abdelgawad (Bantamweight)
Amir Boureslan v Mahmoud Zanouny (Welterweight)
Abrorbek Madaminbekov v Mohammed Al Katheeri (Featherweight)
Ibrahem Bilal v Emad Arafa (Super featherweight)
Ahmed Abdolaziz v Imad Essassi (Middleweight)
Milena Martinou v Ilham Bourakkadi (Bantamweight, female)
Noureddine El Agouti v Mohamed Mardi (Welterweight)
Nabil Ouach v Ymad Atrous (Middleweight)
Nouredin Samir v Zainalabid Dadachev (Lightweight)
Marlon Ribeiro v Mehdi Oubahammou (Welterweight)
Brad Stanton v Mohamed El Boukhari (Super welterweight
SPECS%3A%20Polestar%203
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3ELong-range%20dual%20motor%20with%20400V%20battery%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E360kW%20%2F%20483bhp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E840Nm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20automatic%3Cbr%3E%3Cstrong%3EMax%20touring%20range%3A%3C%2Fstrong%3E%20628km%3Cbr%3E%3Cstrong%3E0-100km%2Fh%3A%3C%2Fstrong%3E%204.7sec%3Cbr%3E%3Cstrong%3ETop%20speed%3A%3C%2Fstrong%3E%20210kph%20%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh360%2C000%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ESeptember%3Cbr%3E%3C%2Fp%3E%0A
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
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