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    Botswana’s women boxing on the rise 

    Boxers Finally Receive their Prize Money from 2022 African Championships

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      Botswana’s women boxing on the rise 

      Boxers Finally Receive their Prize Money from 2022 African Championships

      Darts Expects Only P50K from BNSC for 2023/24

      Darts Expects Only P50K from BNSC for 2023/24

      Botswana athletes to train in USA

      Botswana athletes to train in USA

      Debswana’s BAA Sponsorship Plays Critical Role in Developing BW Athletics – Theetso

      Debswana’s BAA Sponsorship Plays Critical Role in Developing BW Athletics – Theetso

      Boxers yet to Receive Prizes from 2022 African Boxing Championships 

      Boxers yet to Receive Prizes from 2022 African Boxing Championships 

      April will see 2nd Instalment of Summer Kids Marathon

      April will see 2nd Instalment of Summer Kids Marathon

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      Botswana’s high-income status goal is achievable – Serame

      mm by Baboloki Meekwane
      April 12, 2022
      in News
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      Botswana’s high-income status goal is achievable – Serame

      GABORONE 7 February 2022, The minister of Finance and Economic Development Peggy Serame presenting the proposed budget for 2022/23 financial year to the National Assembly in Gaborone on 7 February 2022. Serame is the first female finance minister in the country to propose the national budget in the parliament. Serame is carrying a bag which is made in Botswana. (Pic: MONIRUL BHUIYAN/PRESS PHOTO)

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      • Annual GDP growth of 6 % necessary to achieve high-income status
      • Structural changes are critical

      In order to fulfill its aspirations of moving from upper-middle income to high-income status, Botswana has to achieve an annual real GDP growth of around 6 percent over the next 15 years (from 2022 to 2036), a feat that the Minister of Finance and Economic Development, Peggy Serame, says is realistically achievable.

      Answering a question about Botswana’s balance of trade, Serame told Parliament that the required GDP growth is significantly higher than the average annual GDP growth of 4 percent over the decade before the shock caused by the COVID-19 pandemic in 2020, hence structural change in the drivers of growth is required.

      She said a high-income economy is achievable but is primarily dependent on raising productivity as a critical component of economic growth and to enable Batswana to become competitive at an international level, as well as diversifying exports.

      Minister Serame noted that the government has implemented various policies and measures to encourage local production for import substitution. This includes the Economic Diversification Drive (EDD) introduced in 2011 to address challenges of economic diversification, export development, poverty, inequality, exclusion, unemployment, development of SMMEs, and to improve the regulatory and business environment.

      She hailed the passing of the Economic Inclusion Act that aims to promote effective participation of targeted citizens in the economy and the Public Procurement Act to help achieve some level of import substitution in a number of areas.

      According to the World Bank, when Botswana gained independence in 1966, it was one of the poorest countries in the world. However, by 1986 Botswana had achieved middle-income status, the World Bank classified it as an upper-middle-income country in 2005. Significant mineral wealth (mainly diamonds), good governance, prudent economic management and a relatively small population of slightly more than two million have made it an upper middle-income country that aims to become a high-income country by 2036 through a transformation agenda that it has adopted.

      Tags: COVID-19Economic Diversification Drive (EDD)Economic Inclusion ActMinister of Finance and Economic DevelopmentPeggy SerameSMMEsWorld Bank

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