Botswana Economy | Botswana Economic Growth

Botswana’s economy has been recognised continentally and globally for the steady growth and development it has achieved since independence. At independence in 1966, Botswana was one of the poorest countries in Africa; but a combination of a disciplined fiscal policy coupled with tranquility in the country has seen Botswana turn her fortunes around and achieve an estimated GDP per capital of $11.400 as of 2006.

Botswana has maintained an average economic growth of of 9% since independence and has got one of the fastest growing per capita income rates in the world with the nationals enjoying a standard of living similar to that of Turkey and Mexico.

The backbone of Botswana’s economy is mining, with the diamonds being the biggest mineral. Other minerals in Botswana are: Silver, Salt, Iron ore, Nickel, Soda ash, Coal, Potash, Copper, Oil  and Uranium since the mineral’s discovery in 2007.Plans have been set for the mining of Uranium to begin by 2010.Botswana’s economy has got other earners in Tourism, Subsistence farming and Cattle rearing. The service sector is another revenue earner for the economy with a labour force of more than 200.000. It should be noted that Botswana is a member of the South African Customs Union (SACU).

However, in recent years the economy’s growth is being impeded by a couple of factors like:

  • Unemployment which has been put at 24% with unofficial reports of the figure being as high as 40%.
  • HIV/AIDS epidemic with 1 in 3 Batswana infected by the dreadful disease, this being the second highest infection rate in the world.
  • The threat of diamond depletion in 20 years.

Below are important business contacts in Botswana:

Botswana Export Development & Investment Authority (BEDIA)
Plot 28, Matsitama Road, The Main Mall, Gaborone, Botswana
Tel: 318 1931
Website: www.bedia.co.bw
Ministry of Trade and Industry
Postal address: P/Bag 004, Gaborone, Botswana
Tel: 360 1200
Website: www.mti.gov.bw

Botswana Development Corporation
Moedi, Plot 50380, Gaborone International Show grounds, Gaborone, Botswana
Postal address: P/Bag 160, Gaborone, Botswana
Tel: 365 1300
Website: www.bdc.bw