Unofficial sovereign wealth funds and duration in power in Africa

Larissa Nawo, Désiré Avom, Kyle McNabb and Luc Nembot

No wp-2019-57, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: This paper argues that in weak states, leaders whose hold on power is secured by the public fortune have turned to the use of sovereign wealth funds (SWFs), especially unofficial SWFs, to cement their hold on power. Unofficial SWFs are private funds created from resource rents with the appearance of public investment-holding firms that use governmental legitimacy to invest at home and abroad, managed indirectly by political leaders or their families in order to advance a political agenda, wealth accumulation, patronage, repression, and loyalty.

Keywords: Autonomy; Natural resources; political survival; Elites; Sovereign wealth funds; Politician; political leaders (search for similar items in EconPapers)
Date: 2019
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