Rethink development strategy, AFDB urges Botswana

Wednesday, May 06, 2015

High unemployment, income inequality and poverty are key development challenges facing Botswana

Botswana’s economy is at a critical juncture and rethinking of the country’s development strategy to promote inclusive growth is required, the African Development Bank (AFDB) has said.

In a Country Strategy Paper (CSP) for the period 2015-2019 approved by the Bank this week, the Tunis based AFDB says there is a need to accelerate the transformation from primary sector-driven economy to advanced manufacturing and services as the country is highly vulnerable to global shocks as evidenced by the 2009 financial crisis.

In 2009, Botswana borrowed $1.5 billion from the AFDB for budgetary support after diamond revenues were adversely affected by the financial crisis.

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Rethink development strategy, AFDB urges Botswana

Botswana’s economy is at a critical juncture and rethinking of the country’s development strategy to promote inclusive growth is required, the African Development Bank (AFDB) has said.