Business magnate Mo Ibrahim, founder of the Mo Ibrahim Foundation, has announced that the Foundation will not be awarding prize money to any former African leaders for good governance this year.

The annual Ibrahim Prize for Achievement in African Leadership awards the recipient with U.S.$5 million dollars to be paid out over 10 years and thereafter U.S.$200,000 a year for life.

The Prize Committee said in a statement that there were "some credible candidates" but they "could not select a winner". Ibrahim, said that the prize committee is independent of the Board.

"It is the Prize Committee's decision not to award a prize this year and we entirely respect it," said Ibrahim. "We made clear at the launch of the Foundation that there may be years when there is no winner."

The focus of the Foundation's is to promote good governance in Africa and rocognise excellence of leadership on the continent. Previous recipients of the prize are Festus Mogae of Botswana and Joaquim Chissano of Mozambique.

The Foundation said that despite the decision not to name a prize recipient this year, the forum scheduled for Dar es Salaam, on November 14 and 15 will take place. The focus on the discussions will be climate justice, agriculture and food security and regional economic integration.

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