Botswana's former President Festus Mogae has won a $5m prize to encourage good governance in Africa.

Mr. Mogae, who stepped down in April after two terms in office, said he was honored and humbled by the award.

Botswana is one of Africa's most stable countries and has had regular multi-party elections since independence in 1966.

Announcing the prize, former UN chief Kofi Annan also commended Mr. Mogae for his action to tackle the Aids pandemic.

The Ibrahim Prize, the most valuable individual annual prize in the world , was set up by Sudanese-born telecoms entrepreneur Mohammed Ibrahim.