Industry News by Nemesis

Botswana New President Wants To Branch Out of Diamonds

April 3, 2018

Botswana’s new president Mokgweetsi Masisi, who took over from Ian Khama on Sunday, said he will give priority to diversifying the country’s economy from dependence on diamonds.

Ian Khama, a son of the country’s first president Seretse, stepped-down after two five-year terms.

“We still seek to build a Botswana in which sustained development is underpinned by economic diversification,” Masisi was quoted by Reuters as saying.

“One of my top priorities ... will be to address the problem of unemployment especially amongst the young.”

The news agency noted that the new president would face a huge task in trying to reduce Botswana’s dependence on the diamond trade while creating more jobs.

Masisi said his government would increase access to technical education and set up initiatives in tourism, mining, beef and financial services.

Botswana, which is the world’s second largest diamond producer in volume and value terms, registered a 17 percent drop in rough exports in 2017 to 36.03-billion pula ($4-billion).


Source: Rough&Polished

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