Latest news with #DumaBoko
Daily News Egypt
14-07-2025
- Business
- Daily News Egypt
Botswana Devalues Pula Amid Global Diamond Market Slump
Botswana has announced a 2.76% devaluation of its national currency, the pula, as part of a revised monetary strategy to soften the blow of the ongoing global downturn in diamond demand, a senior finance official confirmed Thursday. The country, which operates a flexible exchange rate regime reviewed biannually, links the pula to a currency basket that includes the South African rand. The new adjustment—up from the 1.51% devaluation set in December 2024—is intended to boost the competitiveness of local products and curb rising demand for foreign currency. Despite being regarded as one of Africa's most stable economies, Botswana's GDP contracted by 3% in 2024 due to a sharp decline in diamond exports, which form the backbone of its economy. Further contraction is expected in 2025. Said Tsimono, a Ministry of Finance official, said that dwindling foreign currency reserves have placed the country's exchange rate framework under pressure. Reserves now cover just five months of imports, down from more than ten months previously, according to a June report by BMI Research. President Duma Boko approved the currency devaluation, signaling the government's commitment to sustaining macroeconomic stability. Analysts believe that while challenges persist, Botswana remains in a stronger position compared to regional peers such as Nigeria and Angola, which have faced severe foreign currency shortages in recent years.
The Star
30-06-2025
- Business
- The Star
Botswanan president urges state-owned enterprises to explore int'l markets
GABORONE, June 30 (Xinhua) -- Botswanan President Duma Boko on Monday urged state-owned enterprises (SOEs) and parastatals to increase productivity and profitability and to explore international markets. During a meeting with the executives of SOEs and parastatals in Gaborone, the capital of Botswana, Boko called for reforms to ensure that these entities operate as self-sustaining, profitable organizations. "SOEs must embrace technology, efficiency, and innovation to achieve global competitiveness," he said. Boko said the government has begun the development of the National Transformation Program (NTP), a comprehensive, expert-led initiative designed to accelerate Botswana's development. "The NTP is implementation-based and focused on specific actions by various ministries and agencies, including SOEs and parastatals," he added. For his part, Botswanan Minister for State President Moeti Mohwasa highlighted the unique roles of the SOEs, stressing the need for them to adopt agility, accountability, and sound governance to deliver tangible value to the country. According to the International Monetary Fund, SOEs are prevalent in transportation, energy, communications, and financial services, including retail banking and development finance, in Botswana.
Forbes
28-06-2025
- Business
- Forbes
How Botswana's Sustainable Natural Diamond Story Sparkled At JCK
Diamond exports provide Botswana's economy with strong supplies of foreign exchange and have helped ... More finance industrial development, improvements in Botswana's infrastructure plus nationwide free education. Various jewelry trade fairs run simultaneously during the annual June Las Vegas jewelry week, but the JCK show, presented by RX Global at The Venetian Expo from June 6 to June 9, and its high-end companion fair, Luxury, generated consequential events and design news while marking milestones along the industry's path toward sustainability. More than a global trade show, JCK is also a dynamic seminar site programmed with JCK Talks educational panel discussions and presentations delivered by experts from various jewelry industry realms-- and countries. Bogolo Kenewendo, Botswana's Minister of Minerals and Energy, formed part of the Botswana delegation ... More at JCK 2025. According to RX Global figures, JCK 2025 drew 30,000 industry professionals, including over 17,000 attending buyers, decision-makers, store owners and media reporters. For designers and retailers, some of the most relevant and intriguing exhibitors included the AGTA GemFair, GEMS Pavilion and the Hong Kong Pavilion. JCK's most industrially and globally influential attendees however, included The President of Botswana, His Excellency, Duma Boko, Botswana's Ambassador to the U.S., Mpho Churchill O. Muphoting and Botswana's Minister of Minerals And Energy, Bogolo Kenewendo. President Boko, leader of the Umbrella for Democratic Change (UDC) party, has been in power since November 2024; presidential terms in his country run for five years. A human rights lawyer and graduate of Harvard Law School, President Boko and his administration advocate a human rights-centered approach to governance. Besides being one of the world's most economically and culturally dynamic jewelry trade shows, JCK ... More is also an internationally valued news source via its print JCK Magazine and online version President Boko, Ambassador Muphoting and their delegation came to JCK because "After Russia, Botswana is the world's second most important natural diamond producer,' said Lisa Koenigsberg, Ph.D., President of Initiatives in Art and Culture (IAC). Founded by Dr. Koenigsberg, this New York-based nonprofit organization organizes cross-disciplinary, international conferences regarding diamonds and gold that have included leading figures from Botswana's diamond industry. FEATURED | Frase ByForbes™ Unscramble The Anagram To Reveal The Phrase Pinpoint By Linkedin Guess The Category Queens By Linkedin Crown Each Region Crossclimb By Linkedin Unlock A Trivia Ladder This is an aerial view of Botswana's Jwaneng mine, which is the world's richest diamond mine and the ... More second largest. It is located in south-central Botswana, about 110 miles southwest of the nation's capital, Gaborone. Dr. Koenigsberg continued, 'Data published in the June 2025 Kimberley Process Certification Scheme stated that, in 2024, Botswana produced 28.2 million carats of diamonds, and nearly matched Russia in terms of value by generating $3.308 billion, or 28.8 percent of global output.' In comparison, The Kimberley Process Certification Scheme reported that Russia accounted for 32% of global rough diamond production by volume, which translates to 37.3 million carats. In terms of value,' she added, 'Russia contributed 29% of global output, totaling $3.335 billion.' According to Sarin Bachmann, senior vice-president of the RX Jewelry portfolio. "President Boko and ... More Ambassador Muphoting demonstrated at JCK how Botswana's commitment to sustainable diamond mining and achieving carbon neutrality exemplifies the forward-thinking leadership that our industry needs." As Sarin Bachmann, senior vice-president of the RX jewelry portfolio wrote in an email, 'At JCK, President Boko and Ambassador Muphoting demonstrated that Botswana's commitment to sustainable diamond mining and achieving carbon neutrality exemplifies the forward-thinking leadership that our industry needs.' As leaders of the world's second-most significant diamond producing nation, Bachmann continued, 'Botswanans see JCK as the ideal platform to make a presentation and to engage deeply with the global community of retailers, manufacturers, designers, and media professionals who are in a position to drive change.' In summary, 'President Boko and the Botswanan delegation reaffirmed the global access and influence that JCK encourages and provides. The Botswanans,' Bachmann continued, 'dedicated significant time to connecting with industry professionals and meeting with members of the media in their Botswana House pavilion on the JCK show floor, as well as working with their partners in the Natural Diamonds Council in that organization's members-only Lounge.' Natural diamonds can look and feel manifestly magical: this cathodoluminescence image of a diamond ... More documents how the gemstone emits light when bombarded by an electron beam. Any discussion of Botswana diamonds must note that before diamonds were discovered there by the De Beers Group in 1967, the country's per capita income hovered around US$80 a year. Today, according to the World Bank, Botswana's diamond wealth, robust institutions, wise economic management, and relatively small population of about 2.5 million have made it an upper-middle-income country (UMIC). In 2025 Botswana's purchasing power, as measured by GDP per capita at purchasing power parity (PPP), is estimated to reach around $17,044. (PPP indicates the value of goods and services that can be purchased in Botswana with one unit of a common international currency, adjusted for price differences between countries.) The Natural Diamond Club lounge at JCK 2025 was sponsored by the Natural Diamond Council, which ... More hosted various dynamic community-building events for industry professionals. President Boko and Ambassador Muphoting, described how Botswana is retaining maximum value from each stone by training Botswanans to cut and polish their country's diamonds rather than sending them abroad and losing revenues generated from cutting and polishing. The statesmen also mentioned how climate change-induced problems affecting the country's lands and citizens are driving the nation's energy and environmental policies. Their forward-thinking comments were of great interest to Dr. Koenigsberg, whose organization IAC is staging its 15th annual Gold + Diamond conference in New York this July 14, 15 and 16. 'Some of the conference panels and speakers address similar issues that Messrs. Boko and Mophuting touched on in their JCK talks." For example, she related, 'Among other subjects, this July's Gold + Diamond Conference will discuss how natural diamond producing countries, such as Botswana, can act to retain maximum value from their diamonds and thus enrich citizenry. She added that, 'Global directives compel increased environmental and climate regulation in countries such as Botswana. While greener practices can create both positive and negative impacts, who, and what, will bear the costs?" The Gold + Diamond Conference attendees will examine these questions examination and the formation of effective solutions.' As President Boko's press secretary Emang Mutapati explained to this writer in Botswana House, 'There is no better representative than Botswana's president to bring the country's natural diamond story to this show." In Botswana House, Mutapati explained, the theme and motto of the space was 'Rooted in Organic Luxury'. "This concept of working with nature,' she continued, 'is helping create a strong future for Botswana, its diamond industry, and its people' As President Boko, Ambassador Muphoting and Ms. Mutapati all related, elements of Botswana's short term and long term sustainability strategy involve implementing pre-emptive measures to enhance Botswana's ability to successfully deal with the effects of drought and floods. In addition to expanding weather warning systems and water management projects, distribution of drought-tolerant seeds and drought-tolerant cattle breeds are now in the works. Botswana is also investing in mitigation efforts by phasing out hydrofluorocarbons (HFCs) and promoting various energy efficiency measures. While President Boko and Ambassador Muphoting outlined Botswana's long-term plans for becoming a net-zero, climate-resilient, and prosperous nation by 2050, they also emphasized how the country is working to increase its proportion of renewable energy in its power generating-sources, with a goal of reaching 30% renewables by 2030. Reaching this goal is vitally important, as coal-rich Botswana relies heavily on coal for electricity generation, and coal burning is a key contributor to global warming. The good news is that Botswana is taking steps to develop 1.5 GW of solar power projects by 2030 to help reduce its reliance on coal.
Zawya
03-06-2025
- Business
- Zawya
Repositioning an african child from labour to leadership in global energy, banking & investment markets
Introduction: A New Season for Africa Africa stands at the threshold of a defining era. Our continent, blessed with abundant natural resources and a youthful population, has long contributed to global markets. Yet, too often, the African child has been prepared for labour, not leadership. The time has come to shift this paradigm — not through blame or confrontation, but through deliberate repositioning, innovation, and unity. This is an invitation to policymakers, business leaders, youth, and change-makers: let's shape a new Africa together. Energy, Investment & Banking: Africa's Power Levers These three sectors are not just pillars of modern economies — they are global power levers. Control these, and you control economies. Influence these, and you influence policy. Lead these, and you lead nations. Energy is the fuel of every industrial and digital revolution. Investment is the language of power and future-proofing. Banking is the bloodstream of economic systems. Together, they determine who sits at global tables and who waits in corridors for crumbs. We are no longer preparing our youth merely to take jobs. We must equip them to structure deals, advise governments, innovate fintech solutions, and develop transformative energy policies. An Example of Regional Leadership: Namibia & Botswana's Oil Refinery Vision Recently, President Duma Boko of Botswana visited Namibia, marking a milestone in regional cooperation. The two nations discussed the possibility of jointly developing an oil refinery — a strategy that could pioneer sustainable value-chain investment within Southern Africa. This initiative signals more than economic opportunity; it represents the region's first steps toward creating capacity for leadership, technical expertise, and long-term collaboration. But for it to truly succeed, youth must be deliberately included at every level — from conceptualisation to execution. I challenge both the Namibian and Botswana governments to prioritise youth engagement within such strategic projects. The leaders of today must ensure that succession is planned through mentorship, skills transfer, and shared leadership. Building a Future-Ready African Workforce For too long, Africa's youth have been positioned to inherit industries without the skills, networks, or platforms to lead them. If Africa is to compete in tomorrow's global energy, finance, and investment markets, we must: Establish sector-specific mentorship and leadership pipelines. Incorporate youth advisory councils within national and regional projects. Create Pan-African investment clubs for young professionals. Invest in financial, energy, and fintech education aligned with future markets. Promote African languages, cultures, and regional unity alongside global competitiveness. As Dr. Sam Nujoma once said, 'A united people, fighting for a common goal, will always emerge victorious.' Our common goal must be economic sovereignty, shared leadership, and collective prosperity. A New Tone for African Thought Leadership Let my articles and work be known not for fighting nations, but for liberating minds, changing the tone, and inspiring honest conversations. Let them call upon African leaders to mentor the next generation, to share wealth with wisdom and peace, and to shape economies that reflect our unity, resilience, and aspirations. This is about repositioning the African child — not by removing others, but by claiming our rightful space at global tables. It's about signalling what Africa has been missing and what we could achieve together. Conclusion: It Starts With Us Africa's greatest untapped asset is not its minerals, oil, or land — it's its young people. We are capable of becoming Africa's deal originators, investment strategists, energy policymakers, and fintech pioneers. But this requires bold leadership, deliberate mentorship, and youth-centred succession planning. Our leaders must make it part of their agenda to see it through. And we, the youth, will hold them accountable with wisdom, respect, and unity. Copyright © 2022 - All materials can be used freely, indicating the origin Provided by SyndiGate Media Inc. (
The Star
28-05-2025
- Business
- The Star
Global venture partners joins forces with Botswana to drive economic growth and media expansion
Staff Reporter | Published 3 hours ago Global Venture Partners (GVP) is excited to announce a landmark strategic partnership with the Botswana Investment and Trade Centre (BITC) that will deliver substantial media value, estimated at about $13 million, to enhance Botswana's global profile. This collaboration will help drive Botswana's economic diversification and elevate the country's standing within the media, tourism, luxury, and sustainability sectors. Through this strategic partnership, GVP intends to establish its African headquarters in Botswana, leveraging its prestigious media brands, Billboard Africa, Rolling Stone MENA, and Robb Report Africa. This partnership is made possible through GVP's collaboration with Penske Media Corporation, ensuring the expansion of Botswana's visibility on a global scale. GVP is based in Dubai, which serves as the hub for global operations. This partnership with Botswana is part of a broader global movement by GVP, with a specific focus on Botswana as a key gateway to Africa. Botswana represents a stable, forward-looking environment that aligns with GVP's vision for long-term, sustainable growth across the continent. Joshua Wilson, Managing Director of GVP, stated, 'GVP is focused on investing across the African continent, with a mass expansion agenda in mind. We are investing in key sectors such as financial services and infrastructure in Rwanda and Ghana, while focusing on expanding the creative sector in South Africa. Our strategy also includes pursuing strategic investments in Ethiopia, Nigeria, Tanzania, and other key jurisdictions to drive growth and innovation across Africa.' Under the leadership of President Advocate Duma Boko, Botswana continues to drive a vision for diversification that positions the country as a model of stability, sustainability, and ethical governance. With its commitment to responsible mineral sourcing, conservation, and prudent economic management, Botswana stands as a beacon of opportunity and growth in Africa, yet it remains underappreciated for its extraordinary accomplishments. Through this collaboration with BITC, GVP is poised to provide tangible value in the following areas: Media Expansion: A substantial media value infusion, using GVP's renowned media brands to promote Botswana as a leading global investment and tourism destination. Infrastructure Development: Supporting Botswana's diversification efforts with key projects in residential and commercial infrastructure, energy, and large-scale arena developments. Banking & Finance: Driving financial innovation and cross-border trade with GVP's banking operations, further enhancing Botswana's financial landscape. Research & Analytics: Expanding research initiatives that will provide actionable insights for investment and development opportunities across Botswana and Africa. As Botswana continues its forward-thinking approach to economic growth and diversification, GVP's African headquarters will serve as the foundation for expanding its brands and commercial operations across the continent. Further quotes from the Government of Botswana and other key stakeholders will follow, underscoring the significance of this transformative strategic partnership. 'We appreciate GVP for recognising the value of locating the headquarters of their African operations in Botswana. ''For Botswana, this partnership holds great significance; it is a first that Botswana will be present in key global media spaces. ''This will amplify our visibility and positioning on the global stage, and we will now have the opportunity to share Botswana's profound story of growth and opportunity, resulting in a significant positive impact on our investment promotion efforts, tourism awareness, and the growth of the creative sector. ''I'm confident that BITC, through the Brand Botswana initiative, will bring together stakeholders to partner and ensure a collective implementation of this partnership for Botswana to derive maximum benefit', Hon Tiroyaone Ntsima, Minister of Trade and Entrepreneurship.
