In one of the most significant political upheavals in modern African history, Duma Boko—a 55-year-old Harvard-trained constitutional lawyer—defied the odds and became the President of Botswana in October 2024, toppling a ruling party that had held power uninterrupted since the country’s independence in 1966.
In doing so, he sent a powerful signal across the continent and the global investment community: Botswana is ready for structural reform, political renewal, and economic diversification.
Duma Boko has been named one of Time’s 100 Most Influential People of 2025.
Highlights
- Duma Boko ended nearly six decades of one-party rule in Botswana.
- His victory was fueled by discontent over corruption and foreign corporate influence.
- Boko vows to diversify the economy beyond diamonds and has identified cannabis and solar power as strategic sectors.
- The President has pledged to double the minimum wage, boost maternal and elderly welfare, and create thousands of jobs.
- Botswana’s reliance on De Beers and falling global diamond prices present significant economic challenges.
The End of an Era: Political Change in Botswana
Botswana has long been praised as one of Africa’s most stable democracies. But that reputation masked growing voter discontent over elite entrenchment, economic stagnation, and a sense that national resources served foreign interests more than local livelihoods.
The Botswana Democratic Party (BDP)—which had governed since 1966—faced mounting criticism over opaque diamond deals and rising inequality.
In the October 2024 elections, the Umbrella for Democratic Change (UDC), led by Boko, capitalized on this frustration. The victory was a political win and a generational shift that broke the myth of BDP invincibility.
Economic Crossroads: Botswana Beyond Diamonds
Botswana is the world’s top producer of gem-quality diamonds, and over 80% of its foreign exchange earnings come from the industry. However, the diamond sector has faced a double bind:
- Plunging global diamond prices, driven by oversupply and the proliferation of lab-grown alternatives
- Mounting pressure over Botswana’s revenue-sharing agreement with De Beers, which many citizens feel lacks transparency and fairness
As diamond exports dwindle, the nation faces the same question confronting other commodity-dependent economies: What comes next?
President Boko’s Vision: Diversify or Decline
Duma Boko’s campaign rhetoric was bold, but the realities of governance are sobering. His plan to double the minimum wage and expand social welfare programs must be balanced against declining revenues. Yet, the President is undeterred. In his own words:
“We can no longer afford to depend on a single commodity.”
Boko has earmarked cannabis legalization and export and solar energy infrastructure as pillars of a new economic model. Botswana’s year-round sunlight and open landscapes make it ideal for solar investments, while global demand for medical cannabis continues to rise.
These sectors are not only viewed as economic lifelines but also as tools for job creation and small business development, which are key to addressing Botswana’s youth unemployment crisis.
Investor Implications: Opportunity and Caution
The international investment community is closely watching Botswana. Boko’s ascent represents both opportunity and uncertainty:
- Opportunity lies in the government’s openness to diversify and break monopolistic dependencies, particularly in renewable energy, agritech, and pharmaceuticals.
- Caution stems from potential tensions with entrenched corporate interests, such as Anglo American’s De Beers Group, and the fiscal risks of populist social spending.
Still, early signals indicate a government committed to establishing transparent, rules-based frameworks that promote long-term partnerships.
The Road Ahead: Navigating Reform
Botswana’s reform will not be easy. The country must manage its fiscal position, restructure key contracts, and woo foreign investors without compromising sovereignty. International development partners, such as the International Monetary Fund (IMF), the World Bank, and the African Development Bank, are likely to play essential roles in providing technical support and budgetary relief.
Crucially, Boko must maintain the trust of a public that voted for transformation, not mere transition. His administration’s credibility will hinge on delivering real economic change within a narrow window of political goodwill.
