11 Feb 2025

In order to rebuild this economy, we will implement the required changes through four interlinked strategic phases, says Minister of Finance, Mr Ndaba Gaolathe.

He was presenting the first ever national consolidated budget estimates by the Umbrella for Democratic Change government 101 days after being declared the winners of the previous general elections.

“These are halting the financial haemorrhaging in government, stabilisation and preparation for take off, initial tangible steps for change and building a New Botswana,” he said.

Mr Gaolathe, who is also Vice President, said the new administration was determined to cultivate a culture of fairness, diligence, urgency, wealth creation, service and collective effort. He added that this process had already begun with the Efficiency in Process Initiative that would drive revenue collection across ministries, departments and agencies.

He further said government sought to dismantle trade barriers through strengthening institutions responsible for licensing and regulation and by addressing structural bottlenecks.

Additionally, government also seeks to improve the business regulatory framework and transform state owned enterprises into high performance organisations that deliver on their mandates and engines of wealth creation. In the medium to long term, government would work on broadening the economic base and revenue streams, Mr Gaolathe said.

“To secure Botswana’s future, we must diversify the economy through expanding sectors such as tourism, agriculture, manufacturing, information technology and healthcare. A central pillar of this strategy is the diversification of the mining sector and an aggressive drive for mineral beatification,” he said.

He also said government would execute mega projects, such as rail, road networks, power and information and communication technology (ICT) infrastructure.

“In the coming financial year, we will commence execution of meticulously structured mega infrastructure projects, crafted in collaboration with reputable global investors including strategic game changing projects such as the Chobe-Zambezi Water Transfer Scheme. A national sovereign wealth fund would also be established to invest in sustainable domestic and foreign assets across industries in order to cushion against unforseen disasters as well as create wealth for current and future generations," Mr Gaolathe said.

Also, he said the new administration would explore and reimagine the role of the CEDA and Botswana Development Corporation with the possibility of creating a National Fund of Funds, which would design modernised and high impact investment models. ENDS