MEETING WITH BOTSWANA CABINET MEMBERS and PERMANENT SECRETARIES
Under the leadership of the Vice President and Minister of Finance
Remarks
By
Mr. Claver Gatete
United Nations Under-Secretary-General and
Executive Secretary of ECA
Gaborone, Botswana
29 January 2025
Your Excellency Ndaba Nkosinathi Gaolathe, Vice President of the Republic of Botswana and Minister of Finance,
Honourable Ministers,
Distinguished colleagues,
Ladies and gentlemen:
It is an honour for us to be here today in the esteemed presence of the entire Cabinet members of Botswana.
On behalf of the United Nations Economic Commision for Africa (ECA), I wish to extend congratulations to Your Excellency and your government following your election victory — a clear affirmation of the trust and confidence that the good people of Botswana have in your leadership.
I also convey my deepest gratitude for the warm hospitality extended to us during our stay in your beautiful country.
Botswana has not only been our gracious host but also a source of inspiration as we engaged in deep reflections and strategic deliberations over the past few days.
Your Excellencies, our successful ECA Senior Leadership Team (SLT) Retreat here in Botswana has reinforced the urgency of our mission to advance Africa’s economic transformation.
As we transition from our retreat to this important dialogue with your esteemed government, we recognize the critical moment Botswana faces and we are here to listen to your priorities.
The economic landscape is shifting, and new strategies are required to sustain growth, ensure resilience and secure a prosperous future for all.
Indeed, Botswana’s story is one of remarkable progress.
From a low-income nation at independence to an upper-middle-income country today and one of the two countries at investment grade rating, your nation is recognised as a symbol of good governance, sound economic management and resilience.
However, as the numbers indicate, we are at a turning point.
GDP growth, which once averaged 7% in previous decades, has slowed to just 2.7% in 2023 and is projected to further decline to 1% in 2024.
To be clear: the heavy reliance on the diamond sector underscores the need for urgent diversification.
As has become evident, when growth is largely dependent on international markets, then any shocks would affect it.
Yet, Botswana’s strengths — its governance, educated human capital, and emerging sectors, including the service sectors — offer a foundation for new pathways to inclusive, sustainable growth and job creation.
But if Botswana’s aspiration to become a high income economy and eradicate poverty by 2036 is to succeed, then it must re-engineer a strategic focus for revitalization.
First, Botswana must leverage its competitive advantages.
Beyond diamonds, the country possesses untapped potential in agriculture — particularly beef and leather value chains — digital innovation and renewable energy.
Second, Botswana’s youth must be at the center of its growth agenda.
It is commendable that Botswana has an above-average educated population on the continent.
The energy and innovation of young people are key to unlock new industries, promote entrepreneurship and drive technological transformation.
Investing in skills development, digital literacy and youth-led enterprises will create the jobs and industries of the future. Tourism, diversification.
Third, enhancing governance efficiency and accountability is paramount.
Streamlined public sector processes, improved regulatory frameworks, and strengthened institutions will enhance investor confidence and accelerate economic progress. Reform in these areas is key.
The Botswana Integrated Sustainable Financing Strategy (BSFS) is a critical step in bridging the financing gap for sustainable development, and its effective implementation will be crucial in this endeavour.
We are confident that Botswana can accelerate its economic transformation agenda.
To turn these priorities into action, we propose three key policy interventions:
First, there is a need to reassess Botswana’s development model for greater impact.
Creating a good environment for private sector investment.
Second, it is important that Botswana invests in high-return sectors that create jobs for the youth.
Third, it is crucial to strengthen policy coherence and coordination.
This will enhance policy effectiveness and ensure that growth is inclusive and sustainable.
Excellencies, the ECA and the entire UN system, remain committed to support Botswana to navigate this economic transition.
We are ever ready to work with your government to develop innovative solutions, mobilize strategic partnerships and ensure that policies translate into real, measurable outcomes for the people of Botswana.
We believe that with the right strategies and decisive action, Botswana can build a diversified, knowledge-driven and globally competitive economy.
I thank you once again for your hospitality and leadership, and I pause at this juncture to listen to Your Excellencies, and also look forward to our discussions today.