09 Jun 2019

 

Minister of Tertiary Education Research Science and Technology Mr Thapelo Olopeng has applauded Botswana Stock Exchange (BSE) for the BSE Annual Secondary Schools Finance and Investment Competition.

The initiative will see Botswana raising future billionaires through the stock markets.

Speaking during the BSE Opening Bell Ceremony on June 7, Mr Olopeng said the initiative would help to create capital market awareness among secondary school pupils and expected to increase financial literacy and promote a culture of investment among young people.

Mr Olopeng stated that it was without doubt that financial education and inclusion had become a matter of national importance.

“You are all aware that from a social welfare perspective, management of personal finances is a matter of great concern,” said Mr Olopeng, adding that it had been proven that investing into various streams of income led to financial freedom and happier lives.

He said when people were financially literate, they relieved government of the burden of social welfare.

Mr Olopeng further commended the initiative for attaining the global recognition after it was bestowed the Best Educational Initiative Africa Award at the Structured Retail Products (SRP) Africa Awards in Cape Town, South Africa on March 7.

He therefore encouraged BSE to keep raising Botswana flag high as a corporate citizen.

Mr Olopeng said it was important for tertiary students to know that even with the smallest allowances they earned, they could still invest on the stock market, and have a hassle-free life after university.

Furthermore, he said investing on the stock market was not only preserved for the rich, but for anyone with a bank account, adding that the participation of the private sector in bridging the knowledge divide for students was important.

“You are all aware that my ministry is tasked with providing and building knowledge and innovation through the development and implementation of the policy on tertiary education, research, science and technology in order to transform this economy from a resource based to a knowledge based one,” said Mr Olopeng, adding that with the connection, BSE would continue to empower students in order for them to lead better and successful lives, which could propel them into the innovation ecosystem.

Mr Olopeng said it was pleasing that over the years government had introduced business related subjects, such as Accounting and Commerce, into the secondary school curriculum.

He said most of those subjects were the preserve of the tertiary education curriculum, adding that it was done in recognition of the fact that teaching those subjects at a lower level equipped pupils with financial literacy for future use.

Mr Olopeng encouraged the schools that would participate in the competition to persevere to win the ultimate price in August, saying being short-listed to participate in a competition of that magnitude was not easy.

He also acknowledged the tireless efforts and dedication of the teachers who made those competitions a resounding success. For his part, the CEO of BSE, Mr Thapelo Tsheole said in 2017, BSE floated an Expression of Interest to forge partnerships with tertiary institution student clubs across Botswana in a bid to raise awareness about capital markets among the student community.

Mr Tsheole stated that through that exercise, BSE partnered with the University of Botswana Finance Society in a campaign aimed to encourage the student community to open Central Securities Depository accounts and participate in the stock market.

Regarding the BSE senior secondary schools finance and investment competition, Mr Tsheole pointed out that the competition was first established in 2013 with the overall aim of sensitising and educating the student community about capital markets.

The strategic aim is to increase financial literacy and promote a culture of investing from a young age.

He said the competition was initially opened to senior secondary schools who were domiciled in Gaborone, but in subsequent years, it was opened to all senior secondary schools across the country

Mr Tsheole stated that to date, BSE received an average of 30 submissions every year, and that the record holder for the competition was Lobatse Senior Secondary School with three wins since the competition inception in the past seven years.

He said the total prize money was P15 000. The best student will walk away with a share voucher worth P2 500, second position student wins a share voucher worth P1 500, and third place wins P1 000 voucher.

All the vouchers are used to buy shares from BSE. ENDS