Vice President and Minister of Finance Ndaba Gaolathe has announced that the Botswana Economic Transformation Programme (BETP) will primarily target unemployed citizens as part of a sweeping strategy to diversify the country’s economy and reduce reliance on diamonds.
Addressing Parliament yesterday, Gaolathe said the BETP carries the potential to attract up to P500 billion in investment while creating more than 500,000 jobs across multiple sectors. He emphasised that the initiative represents a decisive shift from Botswana’s traditional dependence on diamond revenues towards a broader, more resilient economic model.
According to the Vice President, key sectors identified under the BETP include solar energy, specialised health services, and digital technology. These sectors are expected not only to address unemployment but also to generate high-value employment opportunities and position Botswana competitively within the regional and global markets.
Gaolathe further noted that economic diversification is critical in fortifying Botswana against external shocks.
He added that the transformation programme seeks to ensure long-term economic stability.
Furthermore, he underscored the need for Botswana to position itself as a regional hub for cross-border financial services. Strengthening financial services, he said, would enhance investment flows and increase the country’s competitiveness within the Southern African region.
He outlined that his ministry has sufficient data supporting the recent budget speech and its resolutions.
Gaolathe revealed that the Ministry of Finance is currently undertaking key surveys, including the Quarterly Multi-Topic Survey and the Multi-Topic Household Survey, to assess both short-term and long-term unemployment trends.
The survey findings indicate that more than 88,000 citizens are classified as discouraged job seekers who have stopped actively looking for employment.
Consequently, the BETP, he said, is designed to respond directly to these realities by stimulating job creation, promoting inclusive participation, and fostering sustainable economic growth. As Botswana confronts rising unemployment and fluctuating global markets, the programme signals a bold attempt to re-engineer the country’s economic future beyond diamonds.
