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BOB becoming more transparent

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BOB becoming more transparent
EXCITED: Sesinyi

The Bank of Botswana (BoB) is becoming more transparent, according to the Central Bank’s Head of Communications, Andrew Sesinyi.

Speaking at a recent dinner hosted by the bank in honour of International Monetary Fund (IMF) Deputy Managing Director, Tao Zhang, Sesinyi said the bank is openly willing to work with the media.

The development comes in the wake of the recent National Petroleum Fund scandal, where an excess of P200 million is believed to have been embezzled from the oil fund depository.

The central bank has since taken control of the fund in an effort to control it and curb potential mismanagement of the remaining funds in the depository.

For his part, the IMF second in command said many countries in sub-Saharan Africa, including Botswana, need to reduce vulnerabilities from debt, while at the same time finding ways to finance large infrastructure and social spending needs.

“These are essential to meet the UN Sustainable Development Goals and achieve higher and more inclusive growth,” noted Zhang.

He continued that with regards to the global output, the high growth rates in the United States and China indicate there is a pickup in diamond prices, and sales and production are on the rise.