Spectators of our own destiny

Mmegi Editor | Tuesday October 7, 2014 13:14

From sectors such as minerals, tourism, services and even the lower rungs of the informal sector, wealthier and more innovative foreigners have supped from golden chalices, while Batswana have had to make do with the crumbs falling from the table.

The absence of preference or retention schemes in the early years of the diamond miracle and their subsequent somewhat reluctant introduction seemed – in the minds of citizens – to reinforce both the inequality and the perception that government was actively promoting the injustice. Over the years, agencies such as CEDA, LEA and a host of policies, including preference schemes driven by the PPADB, have – to various extents – given Batswana a greater helping of the national cake.

An even greater slice will come on November 7 when the country’s first ever equity-based parastatal privatisation takes place offering Batswana a 44 percent slice of the Botswana Telecommunications Corporation Limited. This offer is – as stated above – strictly limited to Batswana and any fronting will not only result in the forfeiture of shares without cash refund, but also imprisonment. This is the time for us to stop watching the development of our economic narrative from the sidelines like mascots at a team sport. It is time Batswana come to the party and put their monies where their mouths are, by investing in a 100 percent Botswana-born, owned and developed corporation.

For more than 33 years, the telecomms utility has faithfully and profitably served Batswana, from the golden era of fixed landlines, to the latter years of mobile phone services and data. Not only has the BTCL successfully adapted over the years, it has evolved into one of the few profitable parastatals recording hundreds of millions of Pula in post-tax profits over the years. The Corporation’s growth prospects are hearty, with mobile and data in particular pointing to many more years of sound profits and further contribution to the country’s economic competitiveness. As BTCL managing director, Paul Taylor, says, the upcoming share offer is a “once in a generation opportunity”.

Now is the time to remove our traditional blinkers, which for years have kept us believing that only cattle can be an investment. Now is the time to gather and garner as much information as possible, sharpen our financial literacy and prepare to participate, in whatever small way, in a brand new chapter in our economic history.

If we do not, then we deserve to continue being sidelined in our own economy with only our own myopia to blame.

Today’s thought

“It makes us proud as a Ministry, as a Government and as shareholders to make this announcement: the BTCL IPO is here and it belongs to us all.”

  - Nonofo Molefhi