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Elections are taking place during a period of economic uncertainty for a country that heavily depends on diamond mining. Botswana, the world’s second-largest diamond producer after Russia, has been the source of the largest rough gems discovered in the last ten years.
Botswana is set to conduct its general election on October 30, as announced by President Mokgweetsi Masisi. Masisi aims to secure a second and final term following the endorsement of his candidacy by his ruling party. This election will determine the composition of Parliament and the lawmakers who will subsequently choose the president.
It takes place during a period of economic uncertainty for a country that heavily depends on diamond mining. Botswana, the world’s second-largest diamond producer after Russia, has been the source of the largest rough gems discovered in the last ten years. Sales of rough diamonds at Debswana, a company co-owned by the Botswana government and the De Beers Group, have plummeted by nearly 50% in the first half of 2024, as reported by officials. This decline has negatively impacted government finances and sparked criticism towards President Masisi and the Botswana Democratic Party (BDP) for failing to diversify the economy.
Unemployment has surged, exceeding 27%, with youth unemployment surpassing 45%. Delays in salary payments for government employees have emerged due to the strained financial situation, tarnishing Botswana’s reputation for effective governance and raising concerns about potential austerity measures. Botswana’s modest economy has a GDP of USD 21 billion.
According to the International Monetary Fund, diamond mining and sales represent 80% of Botswana’s exports, one-third of fiscal revenue, and a quarter of the GDP, highlighting the urgent need for economic diversification.
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The BDP plans to focus on processing mineral resources to create new revenue streams while developing the agriculture and tourism sectors. According to the Independent Electoral Commission, which oversees elections, over a million people have registered to vote, with rising unemployment being a significant concern for voters.
