• President Duma Boko launched the Botswana Economic Transformation Programme (BETP) on June 15

• BETP aims to cut diamond reliance by boosting services, investment, and sustainable growth

• It follows a 50% drop in diamond revenue and 27.6% unemployment, with labs and oversight tools to drive reforms

Botswana President, Duma Boko, officially launched the Botswana Economic Transformation Programme (BETP) on Monday, June 15, 2025. The program aims to revitalize the economy and reduce unemployment in the southern African nation.

The BETP focuses on four key pillars: steering the economy toward services, transforming the country into a regional financial hub, leveraging its political stability to attract investment, and promoting sustainable and inclusive growth.

"Our economic transformation program will be both a catalyst and a vehicle to propel the country toward a more diversified, resilient, and globally connected economy," the Botswanan Head of state declared.

This initiative follows the government's expressed intention to diversify the national economy. The goal is to reduce the country's dependence on revenues from mineral products, particularly diamonds.

Botswana is highly exposed to the performance of its diamond sector, which is the main source of fiscal revenue. Diamonds account for 90% of exports, according to the World Bank. In the first nine months of 2024, revenues from this precious stone dropped by 50%. This situation is pushing the country to accelerate its economic diversification efforts given its reliance on mining income.

Growth has slowed in recent years. It stood at 3.2% in 2023, down from 6.5% in 2022. A further contraction to 3.1% is expected in 2024, according to the Bretton Woods institution. This slowdown is attributed to weak diamond demand and declining production.

Inflation averaged 2.8% in 2024, which led to cumulative interest rate cuts of 75 basis points to 1.9%, below regional averages, the Bank of Botswana noted. The unemployment rate remains high at 27.6%, coupled with severe inequalities and worsening droughts that threaten livelihoods. However, 2025 is expected to bring a slight rebound in the economy, projected at 3.2%, due to market recovery.

With this new program, Botswana aims to revitalize its economy and create jobs. The BETP also includes the creation of economic transformation labs to accelerate investment opportunities and eliminate bureaucratic delays. Additionally, a presidential dashboard will ensure monitoring and transparency across all ministries.

Lydie Mobio