As the World Economic Forum (WEF) in Davos continues, Botswana’s newly elected president, Duma Boko, has positioned himself as a leading voice for Africa’s economic transformation. In an exclusive interview with CNBC Africa, Boko outlined his administration’s economic priorities, emphasizing regional trade, infrastructure development, technology, and the role of Africa’s youth in shaping the continent’s future.
His remarks come at a pivotal moment as Africa seeks greater economic independence through the African Continental Free Trade Area (AfCFTA) and prepares for the upcoming G20 summit in South Africa, where African nations will have an opportunity to reshape global trade discussions.
Highlights
- Deepening Regional Trade: Boko reaffirmed Botswana’s commitment to the AfCFTA, emphasizing the need for stronger intra-African trade and harmonized trade policies.
- Strategic Infrastructure Investments: He discussed plans to expand trade corridors and upgrade infrastructure to facilitate the free movement of goods and services across Africa.
- G20 and Africa’s Global Position: Boko emphasized the importance of Africa’s presence at the G20, calling for equitable trade practices and a rules-based global economic system.
- Technology and Economic Growth: He highlighted the role of AI, blockchain, and fintech in transforming Botswana’s economy and promoting greater efficiency in governance and business.
- Empowering Africa’s Youth and Women: Boko called for greater inclusion of young people and women in leadership and economic decision-making, framing it as a survival imperative for Africa’s long-term growth.
Strengthening Regional Trade Through AfCFTA
Boko is a firm advocate for intra-African trade, noting that Africa’s reliance on external partners for economic growth is unsustainable. He believes that the AfCFTA, which aims to create a single African market, is a game-changer for economic self-reliance.
“We want to move away from trade protectionism and create a more equitable trading environment where smaller economies are not disadvantaged,” Boko stated.
Key benefits of the AfCFTA include:
- Lower trade barriers and harmonized regulations across Africa.
- The development of cross-border trade corridors to facilitate the free movement of goods and services.
- A unified African digital payment system, will streamline transactions and reduce trade friction.
Botswana aims to be at the forefront of this transformation, leveraging its strategic partnerships within the Southern African Customs Union (SACU) and beyond.
Botswana’s Role at the G20: Reshaping Global Trade
With South Africa hosting the G20 summit, Boko sees an opportunity for Africa to reshape global trade relations. He emphasized the importance of Africa speaking with one voice to demand fairer global trade policies and greater investment in African economies.
“The G20 is our chance to rescript the African narrative and push for a more inclusive global economic system that recognizes Africa’s potential,” he said.
Boko outlined three key priorities for Africa at the G20:
- Advocating for fairer trade rules that benefit emerging economies.
- Pushing for climate action financing to help Africa develop sustainable energy solutions.
- Expanding technology partnerships to enhance skills development and innovation across the continent.
Botswana’s participation in these discussions signals a shift in Africa’s global engagement strategy, one that prioritizes self-reliance and strategic partnerships.
Technology and Innovation as Economic Pillars
Boko has placed technology at the center of Botswana’s economic transformation strategy. He outlined ambitious plans to leverage AI, blockchain, and fintech to create:
- More efficient governance systems, reducing corruption and inefficiencies.
- New economic sectors, including AI-driven agriculture, green energy, and fintech innovations.
- Blockchain-based solutions for industries such as diamonds, healthcare, and digital payments.
Botswana has already successfully used blockchain for tracking the provenance of its diamonds, ensuring transparency in the global diamond trade. Boko’s administration aims to expand blockchain use cases to certifications, digital identity management, and supply chain logistics.
Diamonds and Economic Diversification
Botswana’s diamond industry remains a crucial economic pillar, but Boko acknowledged the need for diversification.
“Our economy has been powered by diamonds, but we must expand beyond them. We are now prioritizing manufacturing, green energy, and digital transformation, creating new economic engines for growth.”
The government is currently renegotiating its diamond partnership with De Beers, as Anglo American considers divesting from the sector. Botswana seeks to retain a strong position in diamond production while expanding into beneficiation and value-added industries.
Botswana’s Vision for Renewable Energy
Boko also highlighted Botswana’s push for renewable energy, focusing on:
- Decentralized energy grids powered by solar and wind to improve rural electrification.
- Encouraging households to generate and sell excess energy back into the national grid.
- Scaling up green hydrogen production to position Botswana as a regional energy hub.
These investments in sustainability align with Africa’s broader climate change agenda and provide new opportunities for investors.
Empowering Youth and Women: A Necessity for Growth
Boko framed the inclusion of youth and women in leadership and economic decision-making as a survival imperative.
“Africa is the youngest continent in the world. If we do not harness the creativity and drive of our young people, we will fall behind in the global economy,” he stressed.
His administration is taking key steps to empower young people and women, including:
- Increasing access to capital for youth-led startups.
- Expanding STEM education and digital skills training.
- Breaking barriers for women in business and leadership, ensuring equal opportunities in Botswana’s economy.
Botswana’s new leadership believes that youth-led innovation will be critical in shaping Africa’s future. Boko sees this as an opportunity to set an example for other African nations to follow.
The Path Forward: A New Chapter for Botswana and Africa
Boko’s economic vision marks a new chapter for Botswana—one that prioritizes regional integration, technology, and inclusive growth. His focus on leveraging Africa’s resources and youth-driven innovation aligns with the continent’s broader push for self-reliance and economic transformation.
As Africa prepares for the G20 and deepens its trade ties under the AfCFTA, Botswana is positioning itself as a key player in shaping the continent’s economic future.
For further insights on African economic developments, visit Brimco.io.
