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The Union of Comoros (Comoros) is an archipelago of four islands and several islets located in the Western Indian Ocean, just south of the Equator and less than 200 miles off the East African coast. Comoros covers a total area of 2 235km2, and has an estimated population of 832 347 in 2018. It is estimate that a third of the population lives in urban areas, including Moroni, Mutsamudu and Domoni. With almost 400 inhabitants per square kilometre, the Comoros is densely populated, and over half of its population (53 percent) is under the age of 20. The country experienced marginal economic growth, from 2.2 percent in 2016 to 2.5 percent in 2017. This was largely driven by improved electricity supply, an increase in emigrant remittances, and developments in infrastructure. Structural reforms and policies to diversify the country’s economic base have not yielded notable results, and as a result, the country remains heavily dependent on foreign aid.
Comoros has a relatively small and underdeveloped financial sector. The Comorian banking and financial system comprises 10 institutions approved by the Central Bank of Comoros including: four banks, three decentralised financial institutions or microfinance institutions and three financial intermediaries. The Government of Comoros noted the increasing inaccessibility of adequate housing for the urban population. Over the years since independence, population growth, recurrent socio-politico-economic crises, aggravated by the global financial crises have led to housing finance being mostly dependent on the private sector. To this effect, it was recommended that mechanisms of financing be put in place to partly make up for the insufficiency of public resources, and also to mobilise all the partnerships likely to facilitate access to housing for more people.
After some improvement since 2011, the IMF points that Comoros’s near-term outlook remains challenging. Critical recommendations for the country’s development include the implementation of a comprehensive set of transformative policy measures; Initiatives to overcome persistent and severe physical and human capital constraints; and unlocking bottlenecks in basic infrastructure such as roads and electricity. These would create an improved business climate which is expected to strengthen governance and judicial effectiveness, and to address financial sector fragilities and unlock long-term growth prospects. The IMF further highlights that a strong reform commitment and deeper engagement with the donor community is required for Comoros to ensure that the authorities’ detailed strategic development plan is underpinned by sustainable financing sources in order to meet inclusive growth objectives. The ambitions of the Comorian Government are to increase the competitiveness of manufacturing, agri-processing and construction, and environmental sustainability. Implementation of this plan will create further opportunities with respect to housing construction and social housing. As the economy progresses, there might be enormous scope for housing and housing financing with a particular emphasis on social housing.
Find out more information on the housing finance sector of Comoros, including key stakeholders, important policies and housing affordability:
- Access to Finance
- Housing Supply
- Property Markets
- Policy and Regulations
- Additional sources
Each year, CAHF publishes its Housing Finance in Africa Yearbook. The profile above is from the 2018 edition, which has up-to-date profiles for 54 African countries.Download yearbook
The Union of Comoros (Comoros) is an archipelago of four islands and several islets located in the Western Indian Ocean, just south of the Equator and less than 200 miles off the East African coast. Comoros lies approximately halfway between the island of Madagascar and northern Mozambique at the northern end of the Mozambique Channel. The total area of the Comoros is 2 235km2 with a population estimated at 832 347 in 2018 (an increase of 2.26 percent over 2017). The United Nations estimated that about one-third of the population lives in urban areas, including Moroni, Mutsamudu and Domoni. Moroni is the largest city and capital on the semi-autonomous island Grande Comore with a population of 55 000.
Formerly a French colony, Comoros became independent in 1975. It comprises three islands: Anjouan, Moheli and Grand Comore; a fourth island, Mayotte, is still a French territory. Under the federal system, each of the main islands has its own president and elected legislature. The governors, formerly elected, were appointed by the president after the constitution was amended in 1982. There are also four municipalities: Domoni, Fomboni, Moroni, and Mutsamudu.
More than 20 coups or attempted coups and a long period of political and institutional instability characterise the political history of the Comoros. In 2001, the Fomboni Accord led to the adoption of the new Constitution, establishing the Union of the Comoros with broad autonomy for the islands. A secession attempt in 2008 requiring military intervention by the international community resulted in an amendment to the Constitution in 2009 for the presidential terms to be five years non-renewable. The president is assisted by three vice presidents, one from each of the three islands, and the number of ministers is set constitutionally at 10. The national congress was convened in February 2018 to assess conditions after 42 years of independence and recommended an overhaul of the system of a rotating presidency among the islands through potential constitutional reforms.
Comoros is one of the poorest countries in the world; most of the population rely on subsistence agriculture and fishing. The Comoros economy is highly dependent on foreign aid, remittances and tourism. Cassava, sweet potatoes, rice and bananas are the staple crops along with yams, coconuts and maize. Meat, rice and vegetables are leading imports. Comoros is the world’s second-largest producer of vanilla, with one-third of exports going to France, and the world’s leading producer of ylang-ylang, a perfume oil. Cloves and copra are also exported. The fishing industry has potential but is still mainly undeveloped.
Access to land and overpopulation remains a developmental issue. With almost 400 inhabitants per square kilometre, the Comoros is densely populated, and over half of its population (53 percent) is under the age of 20. The last household survey conducted in 2014 revealed that almost 18 percent of the population lives under the international poverty line set at US$1.9 per capita per day. About 70 percent of the poor live in rural areas where the incidence of poverty is estimated at 49.9 percent against 31 percent in urban areas. In Moroni the poverty rate is estimated at 36.5 percent, compared to poverty levels of more than 45 percent in Ndzouani and Mwali. There is considerable inequality, with a Gini index of 45.3. The Comoros, which was ranked 160 (out of 188) on the UN’s Human Development Index in 2016, must focus its efforts on combating hunger and malnutrition.
Economic growth increased marginally from 2.2 percent in 2016 to 2.5 percent in 2017, mainly as a result of improved electricity supply and an increase in emigrant remittances. Marginal improvements were also noted in infrastructure, mainly rehabilitation of priority roads. Yet structural reforms to diversify the economic base of Comoros produced minimal results. Policies to enhance regulatory efficiency and maintain open markets to develop a more dynamic private sector did not render the expected results. Thus, Comoros remains heavily dependent on foreign aid while the burdensome business environment restricts sustained economic development.
The African Economic Outlook 2018 also states that the purchase of new power stations led to the recovery of electricity production, which revitalised entire sectors of the economy, including tourism, hospitality, trade and the distribution of fresh food products. Moreover, growth was boosted by rising international prices of the country’s main export products and improved diplomatic relations with Saudi Arabia and its Persian Gulf allies, which led to significant budget and off- budget support for public investment. Nevertheless, the current political climate poses a serious risk for the economy mainly a result of the new leaders’ decision to challenge the constitutional principle of alternating presidencies between the country’s three main islands, a practice that has ensured institutional stability and peaceful transitions of power since 2001. Further, the cost of fuel subsidies to the two public electricity companies absorbs a sizeable portion of the government budget and creates ongoing cash flow problems.
In its Annual Report 2016, the Central Bank of Comoros reported an improvement in the rate of growth mainly due to better electricity production and distribution, improved public investment and a low inflation rate (1.8 percent in 2016 compared to 1.3 percent in 2015). The Central Bank of Comoros, in its bi-annual Economic Report for 2017, states that 2017 had been marked by lesser downside risks compared to the previous year, resulting in higher domestic demand, improved public investment and increased small and medium enterprise activities. However, despite this recovery, the growth momentum in the Comoros remains fragile, partly due to the inadequacy of adjustments made by the public authorities. The latter would have required more sound and targeted policies that would enable the country to better mobilise resources and direct them to the productive sectors.
Private consumption has been well-oriented, connected to the regular payment of wages and salaries and the increase in private sector demand for credit. Other factors such as private transfers, including remittances from the diaspora, which increased by 12.5 percent compared to 2016, road rehabilitation, telecommunication and air transport developments contributed to economic growth in the Comoros in 2017. In 2017, the Consumer Price Index was influenced mainly by a number of internal measures taken by the authorities, the decline in prices of certain goods and services included in the household consumption basket, and an increase in food prices, followed by “communication” and “restoration” costs. The evolution of imported and local prices shows a clear difference over the long term. The price of local goods remains higher than the price of imported goods. The World Bank’s 2018 Doing Business Report ranks Comoros at 158 out of 190 countries surveyed in ease of doing business compared to 153 in 2016. The Comoros made improvements in six indicators including starting a business, getting electricity and trading across borders. Despite, these improvements, the country’s ranking fell as other countries made more improvements.
Comoros ranked 160 in the UN Human Development Index for 2016 and 121 in the 2018 Economic Freedom Index. Improvements were noted in labour freedom, judicial effectiveness, and trade freedom, offsetting declines in the tax burden and government spending indicators. The report further noted that contracts are weakly enforced, and property rights are not well protected. The high level of poverty and low level of development in Comoros restricts the development of housing including social housing. Comoros receives a considerable amount of foreign aid including in the area of housing, however the institutional infrastructure is still lagging behind. Nevertheless, with the development of the economy and efforts from the Government of Comoros, these bottlenecks are expected to gradually lessen.
Access to Finance
Comoros has a relatively small and underdeveloped financial sector. In its 2016 Annual Report, the Bank of Comoros reports no major changes in the banking and financial services sector. The Comorian banking and financial system comprises 10 institutions approved by the Central Bank of Comoros: four banks, three decentralised financial institutions or microfinance institutions and three financial intermediaries. At the end of December 2016, the Comorian banking system had 125 outlets, including head offices, spread all over the country, including 14 for the four banks (La Banque pour l’Industrie et le Commerce, La Banque Fédérale de Commerce, Exim Bank and La Banque de Développement des Comores), 67 for the three networks microfinance networks (L’Union des Meck, L’Union des Sanduk d’Anjouan and L’Union des Sanduk de Mohéli) and 44 for financial and postal services (La Société Nationale des Postes et des Services Financiers).
The Central Bank of Comoros states that, in 2016, deposits amounted to KMF 102.7 billion (US$0.24 billion), an increase of 18.6 percent, compared to KMF 86 billion (US$0.2 billion) at the end of 2015. Deposits were mainly driven by individuals and private companies, which at the end of December 2016, accounted for 44 percent and 46 percent of total deposits respectively. As at December 2017, deposits fell to KMF 97.7 billion (US$0.23 billion) as a result of a marked decreased (24 percent) in deposits of public enterprises. However, deposits of private enterprises increased by 2.7 percent and household deposits increased by 1.6 percent over 2016. Credit increased continuously through the year to reach its peak in December 2016. Loans to the private sector increased from KMF 68.7 billion (US$0.16 billion) at the end of December 2015 to reach KMF 75.2 billion (US$0.18 billion) in December 2016 and KMF 79.6 billion (US$0.19 billion) in December 2017. These loans were mainly granted to the private sector enterprises (41.5 percent of total financing in 2017 compared to 46.2 percent in 2016) and households (52.9 percent of total financing in 2017 compared to 43.5 percent in 2016). While short-term loans increased by 1.2 percent, medium-term loans decreased by 1.7 percent and long-term loans increased by 9.6 percent between 2016 and 2017.
According to the Central Bank of Comoros, there were 366 048 open deposit accounts in 2016 against 318 659 in 2015, and 51 275 loan accounts in 2016 against 49 368 in 2015. In financial terms, the total consolidated balance sheets of the eight credit institutions increased by 15.8 percent, from KMF 106.8 billion (US$0.25 billion) in December 2015 to KMF 123.7 billion (US$0.29 billion) in December 2016, and then dropped marginally by 1.6 percent to reach KMF 121.7 billion (US$0.29 billion) in December 2017, as a result of a decrease in both credits and deposits. Non-performing loans (NPLs) as a ratio of total loans granted increased from 19.1 percent in 2015 to 20.7 percent in 2016 and then to 23.4 percent in 2017.
The Central Bank of Comoros further reports that the performance of banks and financial institutions have deteriorated during 2017, as noted by the decrease in deposits during the year and the unfavourable quality of the portfolio. However, the Central Bank of Comoros expect improvement in the banking climate for the coming year. A draft regulation on governance has been opened for consultation with credit institutions and is expected to come into force during 2018. The Central Bank of Comoros is also working on regulation concerning electronic money.
The International Monetary Fund (IMF) has welcomed the steps taken to modernise the monetary policy framework and encouraged the authorities to carefully sequence the envisaged reforms.1 It was noted that, though the financial sector was well-capitalised and liquid, there was still the need to address growing financial sector vulnerabilities including the high level of NPLs, which are important factors in ensuring credit growth and private sector development. The IMF also encouraged the Comorian authorities to ensure that its Anti-Money Laundering framework is in line with international standards, thus addressing the problem of correspondent banking relationships. The IMF recommended that Comoros address the growing banking sector vulnerabilities by closely monitoring the financial institution’s NPL portfolios and isolated tensions, resolving ongoing governance problems, and moving swiftly with the recapitalisation of the state- owned postal bank.
The World Bank’s 2018 Doing Business Report ranks Comoros as 122 for accessing credit (down from 118th in 2017 and 109 in 2016), and 168th in respect of resolving insolvency, up from 169 in 2017. There is currently no stock market present in the country, nor are there primary or secondary fixed-income markets for government or commercial debt. Government financing is mostly undertaken in the form of direct credit from domestic commercial banks, and liquidity levels are controlled through the modification of reserve requirements only. The main source of inflow for the Comorian economy is remittances which totalled US$138.4 million in 2017 (21.3 percent of GDP) compared to US$130.6 million in 2016 (21.2 percent of GDP).
 Central Bank of Comoros (2018). Annual Bulletin for the Year 2017.
 International Monetary Fund (June 2018). IMF Country Report No 18/189 Union of the Comoros 2018 Article IV Consultation. http://www.imf.org/~/media/Files/Publications/CR/2018/cr18189.ashx (Accessed 31 July 2018).
According to the World Bank’s Worldwide Governance Indicators, the Comoros is regularly ranked in the group of countries whose performance is inadequate in terms accountability, political stability, absence of violence, government effectiveness, regulatory quality, rule of law and control of corruption. Though some progress has been made in most of the indicators, a deterioration was noted in terms of rule of law for 2016. The Comorian economy is structurally dominated by the public sector. This is reflected in the size of the wage bill of the civil service (about 8 percent of GDP) or similar services, which annually absorbs most of the central government budget and leaves little leeway for public investment. The IMF noted that following reforms, the nominal wage bill was stable but fell markedly as a percentage of revenues.
The main feature of the public sector in the economy is the predominance of government shareholding in the country’s main strategic enterprises such as the communications, water and electricity, and the Hydrocarbons Company of Comoros as well as financial institutions. Thus, government spending for social housing is quite limited. Moreover, given that the banking sector lacks dynamism, private lending for private construction for the middle and low income groups is also limited. Since 2015, credit to the private sector has been decreasing due to lending risks from persistently high MPLs and high excess liquidity. Moreover, Comoros has a high incidence of poverty with almost 18 percent of the population living under the international poverty line set at US$1.9 per capita per day. In 2012, almost 30 percent of children under five suffered from chronic malnutrition and stunted growth. The Gini index for Comoros is 44.9. These circumstances reduce the affordability of a housing unit by the poor Comorians.
The Government of Comoros note in their report to the UN Habitat III that adequate housing has become increasingly inaccessible to the urban population in the last 20 years. Domestic public funding for housing is only for public servants. Prior to the independence of Comoros, no attempt was made to solve the housing problem or set up a clear programme for housing. Population growth, and recurring socio-politico-economic crises, aggravated by the global financial crises have led to housing finance being mostly dependent on the private sector. Since 2015, credit to private sector has been decreasing due to lending risks from persistently high non-performing loans and high excess liquidity. There has been a timid emergence of housing loans by financial institutions, but these are mostly accessible to residents of major cities. At present, housing loans are mostly accessible to private sector employees and senior civil servants. However, the financial institutions are aiming to offer housing loans at lower costs. To this effect, it was recommended that mechanisms of financing be put in place to partly make up for the insufficiency of public resources, and also to mobilise all the partnerships likely to facilitate access to housing for more people, for example by creating a solidarity fund.
 The World Bank (2018). The Worldwide Governance Indicators. http://info.worldbank.org/governance/wgi/index.aspx#home (Accessed 28 July 2018).
 The World Bank (2017). Report on Comoros Economic Governance Reform. 15 Dec 2017. http://documents.worldbank.org/curated/en/151281514405727345/pdf/Comoros-Economic-Governance-Reform-Grant-P131688-ICRR-12152017.pdf (Accessed 30 July 2018).
Approximately 65 percent of all housing units in the Comoros are made of straw with roofs made from cocoa leaves and are privately owned; about 25 percent were made of durable materials including stone, brick, or concrete. Of all housing units, nearly 90 percent were owned, 3 percent rented, and 3 percent occupied rent free. Around 98 percent of the population had access to improved sanitation systems and safe water. As per the housing survey conducted in 2014 by the Government of Comoros in collaboration with United Nations Children’s Fund, it was noted that 69 percent of households had electricity while 27 percent had an earth floor.
Housing in Comoros varies from two-room structures covered with palm leaves to multilevel buildings made of stone and coral. The part of the house at street level often serves as a shop or warehouse, but in earlier times that level housed slaves or servants. Some Western-style houses, with indoor bathrooms and kitchens, also exist. Because of the practice of “matrilocality” – a social custom where the offspring of a family reside with their mother – females often remain part of their mother’s household, even after marriage. This is owing in part to the practice of polygamy, as well as the traditional need for Comorian men to travel away from their communities in search of work. The family home can be expanded, or a separate structure can be built for a woman to inhabit with her children.
There remains scope for eventual further credit facilities from private banks and financial institutions to improve on those houses. In the absence of affordable dwellings supplied by the market, a consortium from Iran proposed, in 2014, to construct 5 000 housing units throughout the three islands over a period of four years as a follow-up of the UN Habitat programme 2008-2013. However, the project is not yet completed.
As at 2015, more than 70 percent of the urban population lived in extremely difficult sanitary conditions and the average housing area did not exceed 30 square metres. Three quarters of the population lived in two-room houses with a surface area not exceeding 20m2. The construction sector companies are mainly focused on the construction of private homes in urban areas compared to public works. An important part of housing construction, especially in rural areas, is self-construction. It was therefore recommended that new construction methods be proposed, which favour the use of available local materials while protecting the environment and ensuring sustainable development. To this end, the UN Habitat Project was facilitated through the construction of terracotta brick factories on the three islands. This has led to the creation of jobs and the training of masons in basic construction techniques supported by China and Tanzania.
 Ministère des Finances, du Budget et du Plan. Direction Nationale du Recensement (2007). Analyse des données du Recensement des Comores 2003. 14 volumes.
Poverty remains prevalent in Comoros at 42.4 percent, as reported in the 2016 Article IV Consultation, and the housing standard is basic. Nevertheless, the market for Comoros up-market properties has been growing over recent years led mainly by demand from foreigners. A number of factors including international aid, increased tourism and the nation’s relationship with France, Saudi Arabia and its Persian Gulf allies have contributed to the growth in residential and commercial property ownership. The purchase price of an average three-bedroom semi- detached house in Comoros remains in the range of US$131 000 to US$700 000.
Rental of a three-bedroom apartment also ranges between US$1 000 and US$1 500 per month. Foreigners who make a substantial investment in the country are eligible to apply for Comorian nationality under the Economic Citizenship Act, passed in 2008. This allows the few property dealers in Comoros to engage in speculative strategies on the market. Most of the housing units in Comoros are rudimentary and are privately owned.The World Bank’s 2018 Doing Business Report ranks Comoros in the 111th position for registering property compared to 90th in 2017. Comoros is better than the average for Sub-Saharan Africa in terms of: the number of procedures and the number of days required. However, the cost of registration as a percentage of the property value is higher for Comoros, and the quality of land administration is weaker.
 The World Bank Doing Business (2018). Ease of doing business in Comoros. http://www.doingbusiness.org/data/exploreeconomies/comoros (Accessed 12 Sept 2018).
Policy and Regulations
Currently, the Ministry of Energy, Agriculture, Fisheries, Environment, Regional Planning and Urban Planning has the responsibility of overall administration of housing and related issues. Previously, housing was under the responsibility of the Ministry of Territorial Management, Urbanisation, Housing and Energy. One of the main priorities of the government is the stable supply of energy at a reasonable cost and which is accessible to all. Energy is considered indispensable for economic development in particular for the supply of water, hospitals, schools, housing and transport. The current institutional set-up for urban land management involves the ministries responsible for finance; development planning and housing; and municipalities.
The absence of a cadastre did not enable secure land rights; as such the ‘direction du cadastre et de la topographie’ was created post 2015. Comoros receives much foreign aid especially from Saudi Arabia and its Persian Gulf allies, including for social housing. These developments have brought some improvement in credit for households, house ownership and a slight reduction in the poverty rate.
Despite the fact that the credit market is at a basic stage, the Central Bank of Comoros has put in place prudential norms. In its 2015 report, the Central Bank of Comoros reported that, following on-site inspection, it noted that compliance with Bank Prudential Ratios were well respected by the financial institutions though the internal audit function needed to be reinforced. In their 2016 annual report, the Central Bank of Comoros highlights that the inspection carried out on the financial institutions revealed some shortcomings in terms of governance, in particular credit granted to manager, staff and board members.
In recent years, authorities have undertaken several measures to enhance financial intermediation and strengthen the country’s banking and financial sectors. Such efforts include the facilitation of entry for foreign banks, reforms to the investment code in 2007, and establishing a National Agency for Investment Promotion. The country’s authorities have, in collaboration with the Central Bank of Tanzania, the Central African Banking Commission, the French Prudential supervisory authority and the IMF, strengthened regulatory and supervisory frameworks so as to expand the scope of prudential regulations, and increase the effectiveness of control procedures. In line with the credit risk management, old doubtful or contentious debts with a maturity of more than three years will have to be fully provisioned.
 International Monetary Fund (June 2018). IMF Country Report No 18/189 Union of the Comoros 2018 Article IV Consultation.
After some improvement since 2011, the IMF points out in the 2018 Article IV for Comoros, that the near-term outlook remains challenging. The IMF recommends that Comoros build on current reform efforts through the implementation of a comprehensive set of policy measures which will contain vulnerabilities and achieve sufficiently high sustainable growth rates and raise the living standards. Furthermore, Comoros should work towards overcoming persistent and severe physical and human capital constraints, particularly bottlenecks in basic infrastructure such as roads and electricity. An improved business climate is expected to strengthen governance and judicial effectiveness, and address financial sector fragilities and unlock long-term growth prospects.
The IMF further highlights that a strong reform commitment and deeper engagement with the donor community is required for Comoros to ensure that the authorities’ detailed strategic development plan is underpinned by sustainable financing sources and will meet its inclusive growth objectives. The ambition of the Comorian Government is to increase the competitiveness of manufacturing, agri-food craft and construction, respectful of the environment, so as to, amongst other objectives, have a set of construction companies that significantly increase their production capacity and provide supplies in the areas of housing and road infrastructure construction. Implementation of this plan will create further opportunities with respect to housing construction and social housing. As the economy progresses, there might be enormous scope for housing and housing financing with a particular emphasis on social housing.
African Development Bank Group (2016). Comoros Country Strategic Paper 2016-2020. https://www.afdb.org/fileadmin/uploads/afdb/Documents/Project- and-Operations/COMOROS_-_2016-2020_Country_Strategy_Paper.pdf (Accessed 20 July 2018).
African Development Bank Group (2018). African Economic Outlook 2018. https://www.afdb.org/fileadmin/uploads/afdb/Documents/Publications/African_ Economic_Outlook_2018_-_EN.pdf (Accessed 20 July 2018).
Banque Centrale des Comores (2016). Rapport Annuel 2016. http://www.banque-comores.km/DOCUMENTS/Rapport_annuel_2016.pdf (Accessed 12 Sept 2018).
Comoros infos (2014). “Construction de 5000 logements sociaux aux Comoros.” 18 March 2014. http://www.comores-infos.net/construction-de-5000-logements-
sociaux-aux-comores (Accessed 21 Sept 2018).
Making Finance Work for Africa (2018). Comoros Financial Sector Profile. https://www.mfw4a.org/index.php?id=394 (Accessed 12 Sept 2018).
UN Country Profile – Comoros 2018. https://www.un.org/development/ desa/dpad/wpcontent/uploads/sites/45/LDC_Profile_Comoros.pdf (Accessed 12 Sept 2018).
World Atlas (2018). Comoros. https://www.worldatlas.com/webimage/ countrys/africa/km.htm (Accessed 12 Sept 2018).
World Bank Data (2018). Comoros – Total population. https://data.worldbank.org/indicator/SP.POP.TOTL?end=2018&locations=KM&sta rt=2001 (Accessed 12 Sept 2018).
World Bank (April 2018). Comoros. http://pubdocs.worldbank.org/en/ 249791492188156070/mpo-com.pdf (Accessed 12 Sept 2018).
Mo Ibrahim Foundation (2018). 2017 Ibrahim Index of African Governance, Index Report. http://s.mo.ibrahim.foundation/u/2017/11/21165610/2017-IIAG- Report.pdf?_ga=2.253668937.1942901850.1517602704- 502629705.1517602704 (Accessed 22 July 2018).