BOKONOMICS: Reviving the economy

President Advocate Duma Boko on Tuesday led a high-level business engagement forum between the government and the private sector where he outlined how government’s plans to transform the economy with the private sector taking the lead. The forum was convened by the Office of the President in partnership with the Botswana Stock Exchange (BSE), Botswana Investment & Trade Centre (BITC) and Business Botswana under the theme, “Mapping A New Collaboration: Building the New Botswana”. 

Boko said the private sector is very pivotal in the development of the country and economy, adding that government will prioritise formulation of laws that allow the private sector to do business effectively. He said Botswana is facing the reality of an economy that is dominated by high income and wealth inequality. “We are thriving to create decent jobs that will create decent living wage and we have set the P4000 wage. I am unapologetic about the living wage and we are willing to support the business community for us to achieve the P4000 living wage,” said Boko. 

He said another challenge that the country is facing is high unemployment across the breadth and width of the country, affecting particularly the youth. He said for the situation needs collaborative approach to address. According to Boko, there is a need to bring efficiency in the economy by closing down gaps on areas such as corruption and wastages hence the need to digitilise the economy. 

He said an efficient economy would allow the businesses to function properly and unlock their growth potential to the highest level. Boko said Botswana has an economy that has jobless growth – with no growth on jobs creation over the years. “We need to invest in infrastructural development so that we can attract foreign direct investment. We don’t have climate efficient infrastructure. The recent floods have shown beyond question that we don’t have climate efficient infrastructure,” Boko regretted. 

He also said everyone, including the business community, will participate in the drafting of the National Development Plan 12 (NDP) 12 so that when it is presented and adopted it will reflect inclusivity and ensure equitable redistribution of wealth. The business community commended the government for its efforts of creating a conducive environment for doing of business. 

BSE 

Meanwhile, BSE Board Chairperson Neo Mooki said the BSE is not just a marketplace for shares and bonds — it is a platform for economic transformation, a place where entrepreneurs, SMEs, corporates, and government entities should be able to raise the capital needed to turn ideas into industries. Mooki said the BSE is well-positioned to help with this. “We need more SMEs to list so they can grow and create jobs, and we must attract more international capital to fuel our economy’s growth,” she said. She stated that they must facilitate funding for infrastructure through capital raising from the private sector, adding that there is also a need to tap into climate transition finance to power the economy. 

“We must make the BSE a truly Pan-African financial hub. This is exactly what global financial centres like Singapore did. In the 1990s, Singapore’s market was practically non-existent. But by creating an investor-friendly environment and embracing regional listings, fintech, and innovation, Singapore became Asia’s leading financial hub,” said Mooki.