Few have done more to entrench democracy in Africa than Mohamed Ibrahim through his Mo Ibrahim Foundation established in 2006. The foundation’s signature effort is the Ibrahim Prize. Three years after leaving office, an “exceptional role model” former head of state or government is awarded US$5million over a period of ten years, and an additional US$200,000 every year for life. Despite such a generous offer—over three times the Nobel Peace Prize—the Mo Ibrahim Prize has been awarded in only seven of the 15 years of its existence. The late Nelson Mandela was an honorary laureate in 2007. No worthy candidate has been found in the years since.

Design flaws and the changing global dynamics doomed the Ibrahim Prize. While the prize is the most generous of any awards out there in monetary terms, it was never close to what African leaders can “make” while in power. The presidency offers more than just direct financial rewards; there are indirect gains too that cannot be satisfied by monetary compensation. “Bribing” African leaders to be models of good governance misses the point that there is no ceiling for greed, and greed is insatiable.

One year after the Mo Ibrahim Foundation award was launched, the United States launched AFRICOM (United States Africa Command), and a year later, the global financial crisis hit. Combined, these factors stymied democratization in Africa.

While, of course, Africa’s democracy cannot be predicated on a single prize, there has been no discernible improvement since the award was launched and it is fair to question whether the award is even necessary. For, despite the award, Africa’s democracy has been in far worse shape since it was launched.