President Duma Boko has launched the Botswana Economic Transformation Programme (BETP) with the goal of revitalizing the national economy and reducing unemployment.
The BETP is built around four key pillars: shifting the economy toward services, turning the country into a regional financial hub, leveraging its political stability to attract investment, and promoting sustainable and inclusive growth. "Our economic transformation programme will be both a catalyst and a vehicle to propel Botswana toward a more diversified, resilient, and globally connected economy,” declared the President.
This initiative comes at a time when the government has reiterated its determination to diversify the national economy and reduce the country’s heavy reliance on mining revenues—particularly diamonds.
Through this new programme, the southern African nation aims to reinvigorate its economy and create jobs. The BETP also includes the establishment of economic transformation labs to fast-track investment opportunities and eliminate bureaucratic delays, as well as a presidential dashboard to monitor and ensure transparency across all ministries.
Botswana remains heavily dependent on the diamond sector, which accounts for 90% of its exports and is the primary source of government revenue, according to the World Bank. Over the first nine months of 2024, diamond revenues dropped by 50%. In this context, the country is accelerating its diversification efforts.
Economic growth has slowed in recent years, falling to 3.2% in 2023 from 6.5% in 2022, with a further decline expected to 3.1% in 2024, notes the Bretton Woods institution. This slowdown is mainly due to weak diamond demand and declining production.
Inflation averaged 2.8% in 2024, prompting cumulative interest rate cuts of 75 basis points, bringing the benchmark rate down to 1.9%—below regional averages, according to the World Bank.
Unemployment remains high at 27.6%, coupled with stark inequality and worsening drought conditions threatening livelihoods. However, 2025 is expected to see a modest economic rebound to 3.2% thanks to improving market conditions.