Botswana President Eyes Quick Diamond Pact with De...

Botswana President Eyes Quick Diamond Pact with De Beers

Zim Now Writer

Botswana’s newly elected President, Duma Boko, expressed optimism about finalizing a long-delayed diamond sales agreement with De Beers, a unit of Anglo American, as early as Friday.

Speaking at the Reuters NEXT Newsmaker event during the World Economic Forum in Davos, Boko emphasized the urgency of sealing the deal while outlining plans to reduce the country's economic reliance on diamonds.

The 55-year-old lawyer assumed office in November after a historic election victory that ended the Botswana Democratic Party’s nearly six-decade rule. Finalizing the sales pact, which would gradually increase Botswana’s share of diamonds from the Debswana joint venture to 50% over the next decade, is a top priority for Boko’s administration.

Boko also confirmed progress in discussions to raise Botswana's ownership stake in De Beers, currently at 15%.

As the world’s top diamond producer by value, Botswana has channelled its diamond revenues into healthcare, education, and social welfare, achieving a GDP per capita of $7,250 in 2023—well above the sub-Saharan African average. However, a global downturn in the diamond market and rising unemployment have created economic challenges.

Despite forecasts of 3%-4% GDP growth this year, Boko stressed the need for economic diversification. His administration plans to focus on renewable energy, climate-smart agriculture, and expanding the mining sector beyond diamonds.

On the campaign trail, his coalition pledged to double the minimum wage, enhance social services, and ensure a more independent judiciary.

"The so-called liberation parties did the best they could, but many have now outlived their usefulness," Boko said.