The General Conference of UNESCO conferred on the Prize the highly symbolic name of Félix Houphouët-Boigny, the "Sage of Africa". In his lifetime, President Félix Houphouët-Boigny appointed intuitu personae Mr Abdou Diouf, former President of the Republic of Senegal, Patron of the Prize, and Mr Henri Konan Bédié, former President of the Republic of Côte d’Ivoire, Sponsor of the Prize.
In establishing this Prize, the General Conference of UNESCO wanted to reaffirm its commitment to peace and dialogue between cultures and civilizations. It desired to endow itself with a significant instrument so as to encourage and honour all those who contribute to bringing about a world of greater mutual support and human fellowship.
In order to achieve the objectives of the Prize in favour of peace, an International Commission for Peace Research was also set up by UNESCO. Composed of eminent figures, this Commission is engaged in an in-depth study on peace, conflict resolution and dialogue among civilizations and cultures.