Botswana unveils plans to boost non-mining sector growth

24 Nov 2023

Botswana is planning to support initiatives to boost the growth of non-mining industries, according to the country's finance minister, Peggy Serame.

The aim is for Botswana to achieve high-income status by 2036, Serame said during a consultative forum with parliament members, highlighting job creation, economic diversification, and fiscal sustainability, amongst other factors.

Botswana's economy is heavily dependent on mining, which makes up around 35% of GDP, with diamonds contributing approximately 94% of the total mining share in GDP, as per an OECD (Organisation for Economic Cooperation and Development) report.

The finance minister underscored the country's eight main priorities within the second Transitional National Development Plan in a bid to boost non-mining industries.

These include attracting foreign direct investment, financial sector reform, export-led growth, green transition, fiscal sustainability, supporting the private sector through business environment reforms and value-chain development, education and human capital development, and infrastructure development and spatial planning, The Star reports.

"The priorities are expected to further fuel the current positive economic growth trajectory, expand the country's productive capacity, accelerate economic transformation, and fortify the economy against adverse external shocks," the finance minister stated.

Serame went on to add that in order to accelerate Botswana's progression towards reaching high-income status, policymakers need to alter their mindset.

She stressed the need for the creation of new laws, modifications to current laws and the implementation of policies to boost entrepreneurship, increase productivity, bolster export-led growth, create employment and diversify Botswana's economy.