Botswanan president says to diversify economy, reduce reliance on diamonds

Botswana should diversify its economy to reduce its heavy dependence on diamonds, President Mokgweetsi Masisi said at the general debate of the 77th session of the UN General Assembly.

Botswana is facing "an uphill battle" to attract investors to diversify its economy away from dependence on diamonds, the president said, while pointing out the resource is still the "bedrock" of its economy.

When Botswana achieved independence 56 years ago, it was among the world's poorest countries, but now it is an upper-middle-income country, Masisi noted.

He said it was fortunate to discover "what has turned out to be the largest diamond reserve across the Kimberley Belt".

The president added that Botswana's recovery plan includes strengthening its protection system to ensure the inclusion of vulnerable groups and persons living with disabilities.

As adequate financing is needed to achieve sustainable development, an effective mobilisation of domestic and international financial resources, as well as their prudent use, are imperative, he said.

The president voiced support for the call of UN Secretary-General Antonio Guterres for a world in which "power, wealth and opportunity are shared more broadly and fairly" at the international level.

He said Botswana aims to further broaden conversations with partners, including the United Nations, governments, civil society and the private sector, as it endeavours to realise the 2030 Agenda.

On COVID-19 vaccination, the president said that many countries in the Global South, especially in Africa, did not meet the World Health Organisation's 70 per cent vaccination rate by mid-2022, stressing the urgent need for vaccine equity.