Botswana’s Business Community Urged to Fight Economic Downturn

(3 Minutes Read)

The President highlighted the nation’s overreliance on diamonds, calling it not just a vulnerability but a strategic liability. In the 2024-25 financial year alone, mineral revenues fell short by a staggering P17.8 billion, Gaolathe said, adding that this pushed the budget deficit to P24.8 billion, equivalent to 9 per cent of the country’s GDP

Acting President and Minister of Finance of Botswana, Ndaba Gaolathe, has offered a glimmer of hope to the business community despite an economy projected to contract by 0.4%.

Officially opening the Business Botswana Northern Trade Fair (BBNTF) recently, Gaolathe acknowledged the economic downturn, noting that its real and harsh impact will result in small businesses struggling to survive, companies scaling back operations, and entrepreneurs shelving ideas due to high risk.

The President highlighted the nation’s overreliance on diamonds, calling it not just a vulnerability but a strategic liability. In the 2024-25 financial year alone, mineral revenues fell short by a staggering P17.8 billion, Gaolathe said, adding that this pushed the budget deficit to P24.8 billion, equivalent to 9 per cent of the country’s GDP.

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Gaolathe emphasised that the outlook isn’t entirely bleak. He explained that the government made a deliberate choice to engage the world, knocking on doors, forging partnerships, securing funding, and marketing Botswana as a destination for long-term, strategic investment. He further revealed growing investor interest, particularly in infrastructure development, spanning energy, logistics, water, and digital connectivity.