Execution, not ambition hinders economic diversification – Gaolathe
Larona Makhaiza | Monday September 8, 2025 10:21
Speaking at the World Savings and Retail Banking Institute (WSBI) conference, Gaolathe said that whilst Botswana has long set its bold aspirations for economic transformation, the challenge has consistently been translating those ambitions into practical outcomes.
“For too long our challenge has not been ambition but execution,” he said. “The Botswana Economic Transformation Programme through the Big Fast Results represents our commitment to closing this gap, to prepare not just our people for the future but also the future for our people.”
The Finance Minister said that Botswana, this time around, will not be deterred from executing economic diversification under the new government, as plans are already in motion which have been tested through time.
“Unlike many frameworks that emphasise policy design, BFR is unapologetically delivery oriented, embedding accountability, measurable milestones and timely outcomes,” he said.
He further stressed that Botswana cannot afford to slip up on the ambition of diversifying the economy, as what was once this country’s only contribution towards the GDP has faced a downturn.
“In Botswana, our diamond-led growth model has served us well, but it cannot deliver our high-income aspirations. “That is why we are decisively pursuing reforms under BETP to build a productive, inclusive, technology-driven and globally competitive economy,” he said.
It is in this thought, Gaolathe said, that the country’s aspirations and desires are in line with what WSBI is advocating for in financial inclusion, which is incessantly a challenge in Africa. WSBI has a mission to bolster financial inclusion and sustainability.
“In this, we share a common purpose with WSBI of moving beyond theory to practical results that uplift households, empower communities and build confidence in financial systems,” he said.
The VP noted with concern that financial inclusion remains Africa’s unfinished business, as the World Bank’s Global Findex 2025 shows that while 79% of adults in Botswana have bank accounts, in Africa, the percentage is just 55.
However, Gaolathe said that Africa is capable of turning out the figures in its favour, and the conference is just a start towards the long-held ambitions, which now only need execution.
“I am deeply encouraged by this conference under the thoughtful leadership of Botswana Savings Bank and WSBI. “The discussions span digital innovation, MSME financing, women and youth entrepreneurship, rural outreach and risk management in the digital area,” he said.