29 Aug 2024

Constant evaluation of the economy is necessary to achieve Vision 2036 goals and such can be achieved by monitoring the vital signs of the economy to ensure that it stays on the path of growth.

Minister of Trade and Industry Honourable Mmusi Kgafela said when officially closing the 17^th National Business Conference in Francistown yesterday.

Economic health checks have the potential to be a diagnostic tool to immense value, providing insights into many areas, Minister Kgafela said and explained that regular reviews could help identify areas where the country was lagging behind or needed redoubling of efforts to refine the roadmap to success.

He said identifying emerging trends and opportunities could alert the country to opportunities and challenges, enabling the government to adopt and respond with agility. 

He said the private sector must take the reins and chart a new course towards economic diversification.

“We cannot ignore the giant that stands before us, the waning mineral wealth that has long been the backbone of our prosperity. Together, we must rally the collective might and ingenuity to secure our economic future,” Minister Kgafela added.

To navigate the new and uncertain terrain, he said the private sector and government must adopt a new way of thinking, and embrace a mindset resilience, adaptability, and growth.

“This is not a moment for half measures. It is a moment that demands boldness, courage, and willingness to break from the past, said Minister Kgafela.

“We cannot underestimate the catalytic effect of policymaking, infrastructure, development, and investment incentives for our economic revitalisation efforts,” he said. He, therefore, urged the private sector to seize upon a rare opportunity for growth and diversification, leveraging the vast potential of the African Continental Free Trade Area (AfCFTA) which was a game changer for Botswana’s private sector.

“It offers a platform of new markets and establishes supply chains and joint ventures with African neighbours,” he said.

Mr Kgafela said such could be the vital spark that ignited the industrialisation drive, creating new value chains, new products and new opportunities.

He implored captain of industries, entrepreneurs and visionaries, to embark on a journey of SMMEs creation that surpassed the current numbers of the 2024 conference. ends