Gazi Anowar :
Bangladesh is witnessing an alarming surge in oligarchic influence, with a small group of politically connected elites consolidating power across key sectors, raising concerns among experts about the nation’s democratic integrity and economic stability.
The Centre for Policy Dialogue (CPD) stated that oligarchs are exploiting the banking system to further their interests, undermining good governance, transparency, and accountability in the financial sector.
Economist Debapriya Bhattacharya noted that despite Bangladesh’s development, the benefits are not reaching everyone, indicating the emergence of an oligarchic society characterized by a significant concentration of wealth and political influence.
The South Asian Network on Economic Modelling (SANEM) reported that corruption in the banking sector led to a loss of Tk 100 billion ($900 million) in the 2016-17 fiscal year, attributing the economic downturn to an oligarchy of political elites entrenched in the previous regime.
Furthermore, a study published in the journal Democratization emphasized that elite capture and the erosion of civil society have contributed to democratic backsliding in Bangladesh.
The rise of oligarchs has also been linked to increasing income inequality. Government reports revealed that the income ratio between the top 5% and the bottom 5% of earners escalated from nearly 30:1 in 2010 to over 80:1 in 2022.
Experts warn that without significant reforms to curb oligarchic dominance, Bangladesh risks further economic disparity and democratic erosion.
“There must be a balance of power in any democratic state,” Ali Ahsan Zunaid, convener of UP Bangladesh, told The New Nation. “The rise of an oligarchic class disrupts social equity and undermines the principles of justice and fairness upon which our nation is built.”
On Friday the UK Parliament hosted a significant panel discussion , focusing on Bangladesh’s democratic transition and the importance of reform under the leadership of Interim Government Chief Advisor Dr. Muhammad Yunus.
Held at the House of Lords, the event featured notable participants including Baroness Manzila Uddin, British MP Dr. Rupa Huq, Professor Naomi Hossain, Ayub Karam Ali, and Shaheen Khan. A key panelist was Al Jazeera journalist Zulkarnein Sayer Khan Sami.
The discussion was attended by researchers, journalists, academics, members of the Bangladeshi diasporas, and officials from the Bangladesh High Commission in London.
During the panel, Sami emphasized the necessity of institutional reform from within Bangladesh’s state apparatus. “If we are to bring about meaningful change in Bangladesh, ensuring transparency in political financing must be the first step,” he said. “Despite receiving funds from various local and foreign sources, political parties in Bangladesh rarely disclose who finances them.”
Sami also expressed concern over the growing influence of an oligarchic class in the country.
“The rise of oligarchs is deeply troubling,” he noted. “We are witnessing the emergence of a shadow government-individuals and groups operating outside the formal political structure yet wielding power like the state itself. This hidden framework makes key decisions and shapes public opinion while remaining beyond public accountability, posing a grave threat to democracy.”
Panelists also explored the relevance and applicability of Dr. Yunus’s reform agenda in navigating Bangladesh toward a more transparent and participatory democratic system.
The event highlighted the UK Parliament’s continued interest in Bangladesh’s political trajectory and the crucial role of international dialogue in supporting democratic governance.
