Debswana revenues reach P14bn in Q1
Monday, May 08, 2023 | 600 Views |
Rumbling on: Debswana’s mines have started the year at a brisk pace
The country’s main economic actor sold P56.6 billion in 2022, an all-time high and a boost for budget revenues which have suffered deficits that pre-date the pandemic.
Debswana sells 75% of its production through the De Beers’ ecosystem and the balance, 25%, is allocated for purchase by the Okavango Diamond Company, the state-owned diamond trader.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...