Economist calls for budget transparency
Lindiwe Mozola | Wednesday February 4, 2015 13:10
Speaking at the Stanbic Bank Budget Review session held at Thapama Hotel yesterday, Dr Jonah Tlhalefang, a senior economics lecturer at the University of Botswana (UB) said the private and public sectors, as well as the media and public, must hold government accountable for how it uses natural resources.
He said the budget is government’s most powerful instrument to meet the needs, and fulfill the priorities of its people.
Through the budget, Tlhalefang said the government addresses its functions of capital accumulation and ensuring that citizens’ standard of living is improved. “With regard to those functions, government should avail budget strategy papers to members of the public.
When the information is hidden, government will continue getting surprises of economic crisis,” he said.
The UB economist said this year’s budget was business as usual and appears to have adopted a neutral stance, which is not an expansionary budget. Tlhalefang also proposed that government engage the private sector in solving economic challenges. He noted that since the government does not propose any solution to the water and power crisis, they remain binding constraints on development and solutions of those problems requires serious engagement with the private sector together with openness and honesty on part of government. “Why can’t we emulate South Africa which has engaged the private sector in the electricity crisis?” he asked.
He added that government’s slow implementation of projects is worrisome and constrains the growth process and project implementation, which requires more focus to diversify the economy.
Chief Executive Officer of Stanbic Bank Botswana Leina Gabaarane reiterated that government should work hand-in-hand with the private sector. He emphasised that information sharing is very vital in that aspect, adding that the private sector has a role to play in diversifying the economy.
He said the budget would always spell doom for Botswana’s economy if government fails to engage them. “Government needs to facilitate business with the private sector. Our main role as banks is to ensure that there is access to affordable finance by promoting and attracting investors,” he said.