This morning (Friday 26 January), government officials, regulators and business executives met at Avani Hotel in Gaborone for this year’s installment of the Absa Botswana Economic Forum.
Those in attendance were able to share perspectives on the state of the economy and the business landscape ahead of the National Budget Speech, to be delivered on 5 February.
Under the theme ‘Powering Economic Prosperity: Unlocking Botswana’s Growth Potential’, the forum offered a platform for dialogue and collaboration towards building a more resilient, inclusive and sustainable economy.
The event was packed with a series of presentations and panel discussions on various topics, including the 2024 economic outlook, global economic challenges and their impact on the local economy, as well as possible strategies for unlocking growth.
Speaking at the forum, ABSA Botswana Managing Director, Keabetswe Pheko-Moshagane underlined the power of partnerships, noting this is entrenched in the bank’s purpose of ‘Empowering Africa’s tomorrow…together one story at a time.’
Breaking down the theme, Pheko-Moshagane touched on the setbacks experienced by the global economy in recent years, which have reversed efforts towards economic growth.
According to the Absa MD, such challenges include, “Persistently high levels of global inflation, especially in the United States and major European countries leading to higher interest rates, substantial economic downturn in China resulting from the property crisis, withdrawal of fiscal support and high debt, extreme weather occurrences in Sub-Saharan Africa as well as conflict in the Middle East, which would result in significant disruptions to energy markets and major trade routes.”
Despite this, Pheko-Moshagane remains confident that strong partnerships and collaborations between the government and private sector will go a long way to unlocking Botswana’s growth potential.
Delivering the keynote address, Assistant Minister of Trade and Industry, Beauty Manake reiterated these challenges, citing their potential burden on the economy, including climate change which is becoming more and more costly, with citizens looking to government and business leaders for solutions.
She further highlighted the urgent need for economic diversification from minerals in light of the recent threats to BW’s diamond industry by the ongoing Russia-Ukraine war.
“While Botswana’s economy has undergone transformation over the past decades, the shift has been largely into non-tradable services with limited gains in employment, income equality and export diversification,” she said.
Despite this uncertain outlook, the Assistant Minister found comfort in her belief that Botswana has all the ingredients to succeed.
“Particularly if we make a conscious decision to meet the challenges of today,” Manake concluded.
