This morning marked a pivotal moment in Botswana’s history as President Advocate Duma Gideon Boko launched the Botswana Economic Transformation Programme (BETP) and officially opened the Call for Ideas. In his address, President Boko acknowledged that the national economy has remained stagnant and that efforts to diversify beyond the country’s traditional dependence on diamond mining have not been successful. He emphasized that the economy stands at a critical juncture, calling for decisive action and comprehensive transformation.

President Boko outlined a strategic agenda centered on four key priorities. The priorities include emphasis on the need to transition from a resource-based economy to a diversified, services-led economy capable of generating high-value employment, attracting long-term investment, and fostering globally competitive institutions. It includes proposed positioning Botswana as a regional hub for cross-border financial activity. He highlighted the importance of leveraging Botswana’s legal certainty, political stability, and strong international reputation. Further underscored the goal of delivering sustainable economic value in alignment with the government’s manifesto—a charter of aspiration aimed at national development.

Key Goals and Drivers

The BETP is a response to several economic challenges, including:

• Diamond Dependence: The program directly addresses Botswana’s long-standing reliance on diamonds, which have historically accounted for a significant portion of its exports and revenue. Recent declines in diamond revenue and global demand have highlighted the vulnerability of this economic model.
• High Unemployment: With a high unemployment rate, particularly among the youth, the BETP aims to create a more inclusive economy that generates high-value employment opportunities.
• Slowed Growth: The program seeks to accelerate economic growth, which has slowed in recent years, by attracting investment and boosting productivity.

The BETP is also aligned with the broader national strategy, Vision 2036, which aims to transform Botswana into a high-income country.

Strategic Pillars and Implementation

While the specific pillars of the BETP are closely tied to the new government’s agenda, the overall approach is anchored on several key action points:

1. Economic Diversification: Shifting from a resource-based economy to a diversified, services-led model. This involves supporting key economic clusters such as agriculture, tourism, finance, and information technology.
2. Regional Hub: Positioning Botswana as a hub for financial services and other cross-border activities within the region.
3. Investor Confidence: Leveraging Botswana’s political stability and strong international reputation to attract both local and international investment.
4. Government Alignment: Ensuring that economic value is delivered in line with the government’s mandate and priorities.

To facilitate the program’s implementation, the government has adopted a “big fast results” model inspired by other successful transformation initiatives. Key implementation mechanisms include:

• Economic Transformation Labs: These labs are designed to fast-track investment opportunities and eliminate bureaucratic hurdles.
• Presidential Delivery Dashboard: A new system has been introduced for real-time monitoring and transparency. The president and vice president are set to review progress with ministers and report to the nation on a regular basis.
• Private Sector Collaboration: The program emphasizes the role of the private sector as a primary driver of national wealth.
• International Partnerships: The government is working with international consulting firms to develop precise, measurable objectives for the program.

Shape Botswana’s Future – Share Your Bold Ideas Today: Call for Ideas