Gaborone’s ambition to become Africa’s next financial superhub
Pauline Dikuelo | Monday November 2, 2026 10:54
The Botswana Stock Exchange (BSE) is pursuing an ambitious transformation that could reshape Gaborone’s position in Africa’s financial landscape. Through its 10X by 2030 strategy, the Exchange aims to grow its capital markets tenfold, attract international investment and channel domestic savings into productive economic activities.
At the centre of this ambition is product innovation, which Bolokwe describes as essential to mobilising capital and supporting economic growth.
“Investment products constitute the financial architecture through which capital is formed, mobilised, and strategically allocated,” he says.
Beyond traditional equities and bonds, the Exchange has introduced products including Exchange-Traded Funds (ETFs), Eurobonds, commercial paper and asset-backed securities.
Bolokwe said the strategy is already showing progress noting that to date total market capitalisation has increased by 57.9 per cent, surpassing P1.1 trillion. The domestic bond market has grown by 17% to P46 billion, while ETF turnover has tripled to more than P1 billion.
However, the exchange’s ambitions extend beyond market growth to financing Botswana’s economic transformation.
He further said the BSE is aligning its product pipeline with the Botswana Economic Transformation Programme (BETP), which identifies 186 sovereign projects valued at approximately P514 billion. To connect investors with these opportunities, the exchange is developing infrastructure funds, project bonds, green bonds and sustainability-linked financing instruments.
Bolokwe said among the proposed initiatives is a P20 billion Botswana Infrastructure Fund being structured with an African Development Finance Institution. The Exchange has also finalised a municipal bond framework that could enable Gaborone City Council to raise financing directly from capital markets.
He said these instruments could provide alternative funding for infrastructure while reducing reliance on conventional government borrowing.
Embracing digital finance
Tokenisation is another frontier in the BSE’s transformation. The technology represents ownership rights in assets through digital tokens, potentially making investments easier to divide, transfer and trade. Bolokwe says the Exchange has completed a proof of concept with a global stablecoin issuer and developed a business case for a pilot project to tokenise sovereign debt securities, subject to regulatory approval.
“By fractionalising high-value assets, mirroring the architectural concept of our gold-backed ETFs, tokenisation drastically lowers investment thresholds, amplifies secondary market liquidity, and facilitates continuous 24/7 trading,” he explains.
The BSE aims to deploy the necessary technology and partnerships during the first half of 2027. Its product pipeline also includes a proposed US$500 million unsponsored depository receipt linked to Dangote Refinery, special purpose acquisition companies, an exchange-traded note offering exposure to silver prices and seven additional international ETFs tracking indices such as the FTSE 100 and Nikkei 225.
Making investing accessible
Despite its institutional ambitions, the Exchange recognises that ordinary citizens must benefit from its expansion.
Bolokwe says young Batswana are increasingly drawn to speculative crypto-assets, partly because traditional investments can present financial and structural barriers.
The BSE plans to address this through fractional investment products and digital distribution channels. Its NewGold ETF, for example, provides exposure to physical gold through smaller investment units.
The exchange also plans to introduce an integrated retail distribution ecosystem that will allow investors to transact through familiar digital channels, making participation in capital markets more convenient.
Green finance and global connections
Sustainable finance is another growth area. The BSE’s Sustainable Bonds Segment has facilitated nearly P100 million for renewable energy and affordable housing. It is also developing a voluntary carbon credit market framework, with support from the African Development Bank, and exploring infrastructure for a national carbon registry.
The proposed carbon market is projected to unlock more than P100 million within 24 months, according to Bolokwe.
Bolokwe also said International integration is equally important. In August 2026, the BSE integrated with Abu Dhabi’s Tabadul Hub, creating a potential channel for cross-border investment between participating markets. The exchange also participates in the African Exchanges Linkage Project.
To improve liquidity, the BSE is working with regulators and clearinghouses to advance securities lending and borrowing, which could strengthen market-making and trading efficiency.
Measuring success
For Bolokwe, the ultimate measure of success will be the impact on citizens and businesses.
“Genuine validation lies in the tangible, measurable improvement of the financial welfare of ordinary Batswana,” he says.
He envisions households building investment portfolios, young professionals accumulating wealth and local businesses accessing capital to expand and create jobs.