11 Feb 2025

The dominance of few players in some industries exposes inefficiencies that stifle competition and innovation, Vice President and Minister of Finance, Mr Ndaba Gaolathe says.

Presenting budget estimates on Monday, he said the budget was determined to build an economy in which every citizen enjoys fair access to opportunities. Mr Gaolathe said preliminary evidence indicated that citizens were encountering artificial barriers impeding their access to lucrative sectors such as poultry, automobile, retail, franchising and distribution among others.

“As a government rooted in the principle of fairness, we are going to strengthen institutions responsible for licensing and regulatory oversight to address structural and market barriers,” he said.

Mr Gaolathe said one of the challenges hindering effective execution for change in the country was the speed and alignment at which laws were amended to pave way for effective execution of measures pronounced by government.

He said the new administration had set itself a bold objective of facilitating international investment in mega, transformational projects with the potential to create economic value and to dilute the country’s over dependence on diamonds.

Mr Gaolathe stated that a landmark achievement was the successful conclusion of negotiations with DeBeers Group, resulting in an enhanced rough diamonds sales agreement and the extension of mining licenses beyond 2029.

“This agreement ensures greater value retention for Botswana and strengthens our position as a global leader in the diamond industry,” he said. ENDS