Botswana’s President Mokgweetsi Masisi conceded defeat today, November 1, in the general election. This marks the end of 58 years of continuous rule by the Botswana Democratic Party (BDP).
The opposition coalition, known as the Umbrella for Democratic Change (UDC), won a surprising victory in the country, which is the second largest diamond producer in the world. Duma Boko, the leader of UDC and a Harvard-educated human rights lawyer, is now poised to become Botswana’s next president.
One of the primary challenges for the new government will be managing the diamond industry and finding ways to diversify the economy. Botswana relies heavily on its diamond resources, which have made it one of Africa’s wealthiest nations.
The global economic downturn has severely impacted Botswana’s diamond-based economy. Just before the election, Botswana’s central bank reported a 52 percent decline in sales by Debswana, the joint venture between De Beers and the Botswana government, during the first three quarters of 2024.
Currently, Botswana faces an unemployment rate of 27 percent, with the International Monetary Fund (IMF) projecting economic growth of only 1 percent this year. This is a sharp decline compared to the 5.5 percent growth recorded in 2022.
Diamonds contribute to about 80 percent of Botswana’s export earnings and are vital to the economy of this southern African nation, which discovered diamonds in Orapa just six months after gaining independence from Britain in 1966.
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