Botswana’s newly elected President, Duma Boko, is sending a clear message: the nation’s economic future lies in its own hands.
In a game-changing declaration, Boko announced a sweeping policy aimed at transforming Botswana from a raw material exporter into a value-added powerhouse, starting with its most prized possession: diamonds.
Speaking to a public assembly in Ramotswa, President Boko declared, “No diamond will leave this country raw — all will be cut and polished here.” This isn’t just about diamonds, however. It’s part of a broader, ambitious strategy to ensure that all of Botswana’s rich mineral resources – including copper and nickel – are processed domestically before export.
“We are moving to a point where no mineral will leave this country without being processed,” Boko asserted, as reported by The Projects Magazine. He emphasized the government’s commitment to enacting the necessary legislation, stating, “We will bring the laws required to make this happen — and when we do, nothing will stand in our way. We are going there.”
This bold move comes at a critical time for Botswana. While diamonds account for a staggering 80% of its export revenue and 30% of its GDP, the economy has been facing significant headwinds. Last year saw sales by Debswana, the joint venture with De Beers, plummet by over half. The economy contracted by 3.1%, the country’s credit rating has been downgraded, and the budget deficit has widened to a pandemic-era high of 9% of GDP. Foreign reserves have been severely depleted.
Currently, Botswana processes only an estimated 10% of its rough diamond production. President Boko’s vision, if realized, promises to not only maximize the value derived from its most crucial resource but also to diversify the economy and reduce its long-standing reliance on raw diamond exports. This is a pivotal moment for Botswana, as it seeks to redefine its economic destiny.
