Botswana’s VP Gaolathe Urges Bold African Leadership at AfDB 60th Anniversary

Gaolathe expressed concern over the continued undervaluation of Africa’s natural assets, especially in the context of global carbon markets.

At the celebration marking the 60th anniversary of the African Development Bank Group (AfDB) and its 53 years of partnership with Botswana, Vice President and Finance Minister Ndaba Nkosinathi Gaolathe delivered a powerful call for African self-determination in finance, trade, and resource management. The event, held in Gaborone, Botswana, was a convergence of leaders, diplomats, and development experts who reflected on the Bank’s historic contributions while casting a bold vision for Africa's future.

A Vision for a Resilient Africa

In his keynote address, Gaolathe highlighted the pressing need for African leaders to build an “economically viable and resilient continent” amid mounting global challenges—ranging from geopolitical tensions and restrictive tariff regimes to diminishing access to international funding.

“Africa must no longer be a passive recipient in global value chains,” he stated. “It must become a value definer, not merely a price taker.” This call to action resonated across several key sectors, including finance, energy, minerals, and technology.

Celebrating AfDB’s Transformative Legacy in Botswana

Gaolathe praised the African Development Bank not only for its infrastructure investments but also for its strategic and policy support over the decades. He acknowledged projects that have become pivotal to Botswana’s development, such as:

• The Lobatse-Kanye and Nata-Maun roads

• The Gaborone-Lobatse Water Supply system

• The Morupule B Power Plant

“The Bank has been more than a financier,” Gaolathe noted. “It has been a quiet yet steady partner in thinking, reforming, and reimagining Botswana’s future.”

Since 1972, AfDB has financed 67 projects in Botswana, totaling over $2.6 billion across agriculture, finance, energy, transport, and industrial sectors.

From Scarcity to Sovereignty: Rethinking Africa’s Wealth

Gaolathe expressed concern over the continued undervaluation of Africa’s natural assets, especially in the context of global carbon markets.

“When African carbon credits are traded at a fraction of their real value, that is not commerce; it is quiet violence,” he said, echoing African Development Bank President Akinwumi Adesina’s warning against “carbon grabs” targeting African forests and carbon sinks.

He also endorsed the Bank’s proposal for a Critical Minerals-Backed African Currency and called for the inclusion of natural capital in national balance sheets. “Africa is rich. We hold over 30% of the world’s critical minerals, yet we export dust and import debt. That paradigm must end,” Gaolathe emphasized.

Southern Africa’s Progress and Vision

Leila Mokaddem, AfDB’s Director General for Southern Africa, praised the Bank’s expanding role in regional integration and agricultural transformation. She pointed to the Kazungula Bridge, connecting Botswana and Zambia, as a “gateway of integration” across the Southern African Development Community (SADC).

Another highlight was the Pandamatenga Agriculture Infrastructure Project, which has revolutionized 40,000 hectares of farmland and boosted cereal output by 46%.

Honoring a Pan-African Dream

Angola’s Ambassador to Botswana and Dean of the Diplomatic Corps, Beatriz Morais, commemorated the foundational moment in 1964 when 25 African nations convened in Khartoum to forge a financial institution “by Africans, for Africans.” She noted how that dream has matured into a continental force for development and sovereignty.

Personal Reflections and Forward Strategy

Adding a personal touch to the celebration, Mothobi Matila, a former Ministry of Finance official turned AfDB retiree, reflected on his journey with the Bank, describing it as “an equal opportunity place” that became his “second home.”

Moono Mupotola, AfDB’s Country Manager for Botswana and Deputy Director General for Southern Africa, reiterated the institution’s commitment to Botswana. She outlined the 2022-2026 Country Strategy, which prioritizes:

• Economic governance reform

• Private sector development

• Infrastructure modernization

These strategic pillars aim to boost Botswana’s competitiveness and build a resilient economy capable of withstanding future shocks.

Looking Ahead: Building with Purpose

Mokaddem concluded with a call to build “the next decade of partnership with purpose, optimism, and shared commitment.” As the AfDB marks its Diamond Jubilee, the consensus among speakers was clear: Africa’s future lies in redefining its global role—not through dependency, but through innovation, ownership, and unity.