• STRONG, FOCUSED FORCE OF NATUREMay 7, 2025
    DR ITUMELENG SEITSHIRO  TECHNICAL ASSISTANT TO THE EXECUTIVE HEAD OF PROJECTS – DEBSWANA  RelatedPosts STRONG, FOCUSED FORCE OF NATURE Modernising the exchange Debswana production down 31% LAGAGO TAMOCHA  “BE yourself; everyone else is already taken” by Oscar Wilde is… Read more: STRONG, FOCUSED FORCE OF NATURE
  • Modernising the exchangeMay 7, 2025
    MASEGO PHETO-LENTSWE  HEAD, CLEARING AND SETTLEMENT  RelatedPosts STRONG, FOCUSED FORCE OF NATURE Modernising the exchange Debswana production down 31% BOTSWANA STOCK EXCHANGE  MASEGO Pheto-Lentswe has built a strong reputation in banking, risk management, and capital markets. With nearly three… Read more: Modernising the exchange
  • Batswana (66%) favour direct election of PresidentMay 5, 2025
    AfroBarometer, ‘a pan-African, non-partisan survey research network that provides reliable data on African experiences and evaluations of democracy, governance, and quality of life’ has released key findings on how the majority of Batswana favour the direct election of their… Read more: Batswana (66%) favour direct election of President
  • The Papacy is not a United Nations seat or a World Cup final!May 5, 2025
    DIMAKATSO MICHELLE POLOKELO  Some people are busy trying to turn the next Papal Election into a competition for hosting of a World Cup Final. “It’s Africa’s turn”, some say, as if the Chair of Peter rotates like the UN… Read more: The Papacy is not a United Nations seat or a World Cup final!
  • Molome takes chargeMay 5, 2025
      Cinderella Monica Molome, the newly elected president of the Botswana National Front Women’s League (BNFWL) is fast at work aiming to transform the BNFWL into a force to reckon with together with her fellow comrades elected into the… Read more: Molome takes charge
  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders
  • Login
  • Register
Friday, May 9, 2025
17 °c
Gaborone
21 ° Tue
22 ° Wed
24 ° Thu
26 ° Fri
The Patriot On Sunday
Advertisement
  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders
No Result
View All Result
Cart / $0.00

No products in the cart.

  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders
No Result
View All Result
The Patriot On Sunday
No Result
View All Result
Home Business

Diamonds push budget into P2 billion surplus

patriot by patriot
October 5, 2023
in Business
235
0
491
SHARES
1.4k
VIEWS
ShareShareShare
  • A surplus attained in the first quarter of 2023
  • Growth credited to increased diamonds receipts
  • GIA rises to P14.1 billion in February 2023

BAKANG TIRO

editors@thepatriot.co.bw

RelatedPosts

STRONG, FOCUSED FORCE OF NATURE

Modernising the exchange

Debswana production down 31%

The 2022/23 budget performance for the 11 months to February showed a relatively strong fiscal position supported by higher-than-expected revenue amid an under-spending in the budget estimates, the Ministry of Finance has revealed in its 2023 first quarter comprehensive economic report.

The Ministry said generally revenues have exceeded projections for the period April-February while expenditures came in below budget estimates. Growth is attributed to strong demand for diamonds.

The result is a budget surplus of P2 billion for the period under review, compared to a deficit of P127.9 million that was recorded for the financial year 2021/22 and a deficit of P4.8 billion that was projected for the whole financial year 2022/23 budget year,” the economic report underscored.

It added that total revenues and grants amounted to P67.6 billion over the 11 months period from P59.7 billion the same period in FY2021/22, representing an increase of 13.1 percent.

“The growth in total revenue was largely attributed to increased receipts from mineral revenues, owing to strong demand for Botswana’s rough diamonds. In this regard, mineral revenue grew by 43.3 percent during the review period. Non-mineral income tax also increased during the period reflecting the effects of a 5 percent upward adjustment of public officers’ salaries effected in FY2022/23,” the ministry added.

Cumulatively, the realised surplus has contributed to an accumulation of Government cash balances held at Bank of Botswana by P3.2 billion. On the back of this, the report noted that the Government Investment Account (GIA) rose to P14.1 billion in February 2023, from P8.5 billion prior year.

“It is anticipated that the GIA will remain in a relatively good position by the end of FY2022/23. However, over the short term, the fiscal outlook remains uncertain owing to weak performance in the global economy and declining diamond prices. These could affect diamond revenues, with potential implications on the budget balance and accumulation of buffers needed to cushion the economy against potential future shocks to public finances,” stressed Minister Peggy Serame’s ministry.

Diamonds market

Turning focus to the diamond sector, the report indicated that while domestic growth prospects for 2023 are uncertain, the performance in the diamond market was mixed during the first quarter of the year.

“For instance, production was higher-than-expected while rough diamond sales were low. Latest data show that Debswana production, which accounts for over 60 percent of De Beers output, reached 6.9 million carats during the first quarter of 2023 from 6.2 million carats mined over the same period the previous year. This represented growth of 11.3 percent during this period,” it highlighted.

The increase in production is largely due to higher treated grade ore and increased processing levels at the Orapa plant than increased demand. Orapa mine has bolstered Debswana’s output.

For example, information contained in the Bank of Botswana (BoB) Monetary Policy Report for August pointed out that Debswana production for Q2 2023 increased to 5.8 million carats and it was primarily driven by increased processing of ore volumes at the Orapa Mine.

The surge in Debswana production level signaled a 5.6% increase as compared to similar quarter in 2022.

The BoB report said production at Lucara Diamond Corporation (Karowe Mine) increased by 4.8% to 90 497 carats in the second quarter of 2023 from 86 317 carats produced in the corresponding period in 2022.

Related

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Previous Post

Vacancy: Standard Chartered 

Next Post

ODC to pay Govt P263m dividend

Related Posts

STRONG, FOCUSED FORCE OF NATURE
Business

STRONG, FOCUSED FORCE OF NATURE

May 7, 2025
Modernising the exchange
Business

Modernising the exchange

May 7, 2025
Debswana production down 31%
Business

Debswana production down 31%

May 5, 2025
Jobs bloodbath looms
Business

Jobs bloodbath looms

April 29, 2025
PPRA rebrands
Business

PPRA rebrands

April 24, 2025
Absa invests P2.5 billion in projects
Business

Absa invests P2.5 billion in projects

April 24, 2025
Next Post
ODC to pay Govt P263m dividend

ODC to pay Govt P263m dividend

  • STRONG, FOCUSED FORCE OF NATUREMay 7, 2025
    DR ITUMELENG SEITSHIRO  TECHNICAL ASSISTANT TO THE EXECUTIVE HEAD OF PROJECTS – DEBSWANA  RelatedPosts STRONG, FOCUSED FORCE OF NATURE Modernising the exchange Debswana production down 31% LAGAGO TAMOCHA  “BE yourself; everyone else is already taken” by Oscar Wilde is… Read more: STRONG, FOCUSED FORCE OF NATURE
  • Modernising the exchangeMay 7, 2025
    MASEGO PHETO-LENTSWE  HEAD, CLEARING AND SETTLEMENT  RelatedPosts STRONG, FOCUSED FORCE OF NATURE Modernising the exchange Debswana production down 31% BOTSWANA STOCK EXCHANGE  MASEGO Pheto-Lentswe has built a strong reputation in banking, risk management, and capital markets. With nearly three… Read more: Modernising the exchange
  • Batswana (66%) favour direct election of PresidentMay 5, 2025
    AfroBarometer, ‘a pan-African, non-partisan survey research network that provides reliable data on African experiences and evaluations of democracy, governance, and quality of life’ has released key findings on how the majority of Batswana favour the direct election of their… Read more: Batswana (66%) favour direct election of President
  • The Papacy is not a United Nations seat or a World Cup final!May 5, 2025
    DIMAKATSO MICHELLE POLOKELO  Some people are busy trying to turn the next Papal Election into a competition for hosting of a World Cup Final. “It’s Africa’s turn”, some say, as if the Chair of Peter rotates like the UN… Read more: The Papacy is not a United Nations seat or a World Cup final!
  • Molome takes chargeMay 5, 2025
      Cinderella Monica Molome, the newly elected president of the Botswana National Front Women’s League (BNFWL) is fast at work aiming to transform the BNFWL into a force to reckon with together with her fellow comrades elected into the… Read more: Molome takes charge
The Patriot On Sunday

© 2024 Copyright The Patriot On Sunday - Inspired by Search Mart.

Navigate Site

  • About Us
  • Advertise
  • Disclaimer
  • Contact Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders

© 2024 Copyright The Patriot On Sunday - Inspired by Search Mart.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?