Botswana's Shift: Diversifying Beyond Diamonds

Botswana's newly elected President Duma Boko aims to finalize a sales agreement with De Beers while emphasizing economic diversification. Botswana's economy heavily relies on diamonds, but Boko seeks to expand into renewable energy and agriculture sectors. The deal with De Beers includes increasing the government's share of diamond profits.

Botswana's fresh leadership under President Duma Boko is setting a transformative agenda for the nation. Boko, prioritizing economic diversification, is on the brink of sealing a significant sales pact with De Beers—a long-standing goal for the Southern African country heavily reliant on diamond exports.

Addressing attendees at the World Economic Forum in Davos, Boko confirmed substantial alignment with De Beers, marking tomorrow as a hopeful date for finalizing their agreement. This comes amidst plans to boost Botswana's stake in the diamond giant, aiming to shift away from single-commodity dependence.

With Botswana's GDP per capita outperforming regional averages, thanks to strategic investments in social welfare, Boko's vision includes a pivot to climate-smart agriculture and renewable energy. This pivot signals an effort to buffer the economy from diamond market volatility and reduce youth unemployment.

(With inputs from agencies.)