Botswana is charting a revolutionary course for its economy, moving decisively to seize control of its primary resource and pivot toward a diversified, digital-first future. In a compelling interview with Bloomberg Television, President Duma Boko outlined a bold vision, centred on the newly launched Sovereign Wealth Fund and a landmark move to secure a controlling interest in the De Beers diamond conglomerate.
The ambitious agenda is encapsulated in the Botswana Economic Transformation Program (BETP), a strategic initiative designed to liberate the nation from its decades-long reliance on a single commodity—diamonds. The President identified digitalisation as the “pivot point” of the new economy, alongside accelerated investment in agriculture and infrastructure. This pivot aims to unlock the dynamism of young professionals through the deployment of cutting-edge technologies like telemedicine and Artificial Intelligence (AI).
A Radical New Wealth Fund
At the heart of this revolution is the launch of a new Sovereign Wealth Fund (SWF), which the President described as “new and radical.” This SWF marks a fundamental philosophical shift, moving away from a model where diamond revenue merely funded consumption, to one that powers serious, long-term investment for the future.
The fund’s mandate is twofold:
Domestic Consolidation: The SWF will consolidate State-Owned Enterprises (SOEs) to ensure they are properly managed, self-sustaining, and no longer require support from the national budget. This includes an overhaul of management to introduce personnel with “deep domain experience” to curb wastage and eliminate corruption. A key example is the restructuring of Air Botswana, disposing of grounded aircraft and unbundling the civil aviation authority to ensure regulatory functions are separated from commercial operations.
Aggressive International Investment: For the first time, Botswana is actively looking outward, seeking to invest internationally to diversify its portfolio. Strategic targets include a 30% stake in the Lobito refinery in Angola and a potential stake in an oil block and port in Namibia.
Taking the Diamond Throne
Perhaps the most dramatic declaration is the government’s firm intention to acquire a controlling stake—upwards of 50%—in De Beers. Currently, the government holds 15%, while Anglo American holds 85%.
The move is framed unequivocally as a matter of “economic sovereignty” for Botswana, which currently produces 70% of De Beers’ natural diamonds. The objective is to have a “firm voice” and effective control across the entire diamond value chain, particularly in marketing, which the President suggests has been lacking.
“There’s no way in which a fake can outshine the real,” he stated, reaffirming the enduring value of natural diamonds over synthetics and positioning the nation to lead the market with proper marketing and traceability. The government is confident in securing the necessary funding from a formidable consortium of partners, including the Omani Sovereign Wealth Fund, Qatar, and Angola, with the transaction expected to be finalised by the end of October.
Swift Action on Public Health Crisis
The President also provided an update on the nation’s public health challenges, confirming that a temporary 21-day state of public health emergency had been declared and successfully concluded. This decisive action was taken to immediately address the critical shortage of medicines in health facilities across the country.
Crucially, the emergency period has passed, and the administration is now focused on deploying durable, long-term measures to ensure the shortages do not recur. By moving quickly to address the immediate crisis and instituting systemic reforms, the government demonstrates its commitment to both immediate national well-being and sustained institutional efficiency.
The President expressed absolute confidence in the country’s trajectory, stating that a deadline for comprehensive change has been set for the next three years, with an upgrade to the nation’s credit rating firmly anticipated within that timeframe.
Credit and Source:
This article summarises the discussion from an interview originally aired on Bloomberg Television.
Full Interview: Duma Boko on Botswana Economy, Wealth Fund, Diamonds and De Beers
