Local fund managers lack international rating

Duncan Mlazi, the assistant minister of Finance and Development Planning, said citizen fund managers could only act as intermediaries between the Bank of Botswana and the actual fund managers.

"Although the growth of the fund management sector in Botswana is highly welcome and important for the development of the broader financial sector, at their current stage of development, appointing local fund managers would simply mean that they act as intermediaries between the (central) Bank and the actual fund managers, given that they are yet to develop the requisite expertise to invest directly in most of the markets where the Bank uses external fund managers," Mlazi said in his answer to Calvin Batsile, MP for Kanye West.