I coined the term Ndabanomics to define the form and character of his economic world outlook. Through this article we give a lens into the economics of Ndaba Nkosinathi Gaolathe.
My overall view is that Ndabanomics is a people centred economic world outlook. Through his policies and strategies, we can focus on how he plans to execute his mandate, the impact it will have and how accountable he undertakes to be for his policies. Let’s be real, a budget is only as good as how it affects you, your business, and the economy!
Economics is not just about numbers; it is also prudent for us to appreciate and understand the man behind the numbers.
Who really is Rre Ndaba Gaolathe?
To different people, he represents different things. He is a calm, collected, eloquent, compassionate and soft-spoken accomplished economist. He is also an unmatched and incredible leader and founder of the Alliance for Progressives (AP) movement, recognised for his visionary approach. Most notably, he is the son of the late former Finance Minister, Rre Baledzi Gaolathe, making his position as Finance Minister a full-circle moment.
Gaolathe was born in September 1971 in Gaborone, the son of Baledzi Gaolathe who served as Botswana's minister of finance from 1999 to 2009 under presidents Festus Mogae and Sir Seretse Khama Ian Khama. He attended Lesedi Primary School and Gaborone Secondary School before studying economics at George Washington University in the United States of America followed by an MBA in Finance at the Wharton School of the University of Pennsylvania completing his studies in 1997.
Now, he is not only Botswana’s Vice President but also the Minister of Finance. In his speech, Ndaba Gaolathe reflected on his political and economic journey, crediting his mentorship under two of Botswana’s past presidents: Sir Ketumile Masire and Mr. Festus Mogae.
This adds depth and flair to his credentials, shaping him into an economist with a rare blend of technical expertise and seasoned political insight. It is for this reason that we see his budget as reflecting the compassionate welfare people centred approach balanced with investment and human capital development; the major hallmarks of the successful Masire and Mogae era economic policies. His leadership is, therefore, a continuation of a legacy. The legacy of a commitment to fiscal responsibility, inclusive growth, and strategic economic transformation.
How will the budget improve the ordinary lives of Batswana?
His first budget speech as Finance Minister must answer a critical question: How will it improve the lives of ordinary Batswana? He characterises his budget as a Budget Focused on Economic Growth and Stability. This is not just a financial roadmap but an emphatic declaration of intent.
It prioritises economic transformation, private sector growth, infrastructure development, job creation, education, and social protection. It seeks to ameliorate unemployment, improve service delivery, and strengthen financial inclusion. For the ordinary citizen, this means better roads, more job opportunities, improved access to healthcare, and stronger financial support for small businesses.
His budget has allocated significant funding to infrastructure development, ensuring that transport networks, ICT, and energy supply remain key enablers of economic growth. A stable and well-developed infrastructure benefits businesses and individuals alike, making service delivery more efficient and opening up new opportunities in trade, logistics, and industrial growth.
If implemented well, this will bring about much-needed employment opportunities, both in direct construction jobs and in industries that rely on improved infrastructure to thrive.
How Will This Budget Improve Everyday Life?
A budget should not just be a document of figures; it should be a tool that translates into real-life improvements. One of the key areas of focus is healthcare, where the government has committed to improving universal health coverage. This will ensure that more citizens have access to affordable and quality healthcare services, reducing the burden of out-of-pocket medical expenses.
Investments in essential medicines, modern medical equipment, and strengthened healthcare infrastructure mean that hospitals and clinics will be better equipped to handle patient needs. The intention is clear: No Motswana should have to choose between their health and their financial well-being.
Unemployment remains one of the biggest challenges facing the country. The budget has introduced measures that will directly and indirectly create jobs, particularly in infrastructure, tourism, and the creative industry among others. The expansion of funding, incubation, and mentorship programmes for entrepreneurship is expected to encourage young Batswana to venture into business, diversifying the economy beyond reliance on traditional industries.
There is also a strong focus on digital transformation, which will open new doors for innovation and job creation in ICT, fintech, and e-commerce.
A growing economy cannot thrive without a skilled workforce, which is why education and skills development remain a priority. This budget recognises the need for Botswana’s education system to be aligned with economic demands. Increased investment in Technical and Vocational Education and Training (TVET) aims to equip young people with practical, job-ready skills. The expansion of bursary programmes s and scholarships ensures that more students have access to quality education. School infrastructure and digital learning capabilities will also receive much-needed upgrades, reflecting a shift toward a future-proof education system.
The budget also acknowledges the needs of vulnerable groups, emphasising social welfare and financial inclusion. There is a commitment to increasing social grants for the elderly, the disabled, new mothers and low-income households, ensuring that the most vulnerable members of society receive the support they need.
School feeding programmes will continue to be funded to provide nutrition for students from underprivileged backgrounds. Investments in affordable housing and urban development will seek to address housing shortages and improve living conditions for many families.
Taxes and the Ease of Doing Business
Taxation plays a crucial role in funding government programmes, but it must also be designed in a way that encourages economic activity. This budget proposes streamlined tax compliance for businesses, making it easier to pay taxes and reducing bureaucratic red tape. Tax legislation extends to developments like the eInvoicing system and Track and Trace system, which is already used by other countries to ensure efficiency and improve correction. This is a step in the right direction.
The introduction of VAT on digital trade ensures that the tax system keeps up with modern economic trends, ensuring fair taxation across industries. The establishment of commercial courts and effective dispute resolution framework through the review of the Arbitration Act of 1959, will boost investor confidence in the efficiency of our economy.
Final Thoughts: A Budget for Growth and Inclusion
The 2025/2026 Botswana budget is not just about government spending, it’s about ensuring that every Pula spent translates into real impact for the people. The policies outlined will affect every household, from the farmer in the rural village to the entrepreneur in Gaborone, the student striving for a better future, and the pensioner looking for security in retirement.
Budgets often seem like abstract financial exercises, but this one carries the weight of real expectations. It is a test of execution. Will businesses see the promised ease of access to financing? Will social welfare beneficiaries experience the improved safety nets? Will our education system truly prepare young people for the economy of the future?
Ndabanomics is not just about theory; it is about real change. It challenges us to hold leadership accountable because a great budget, without proper execution and impact, is just numbers on paper. This is where YOU come in.
The budget has been presented eloquently, the figures have been allocated, and the policies have been outlined. Now, it is up to every Motswana to engage, participate, and ensure that the promises made become the realities we live.
As Botswana embarks on this new fiscal year, I extend my best wishes to our President Rre Duma Gideon Boko, his righthand man Rre Ndaba Gaolathe, and the entire team. Their task is not a small one. Transforming policy into real impact requires vision, resilience, and unwavering commitment.
The nation is watching, hopeful that this budget will deliver on its promises, uplift communities, and create meaningful opportunities for all Batswana. The nation must not only watch but root for Ndaba and his team at the Ministry of Finance to succeed!
May this budget be a catalyst for sustainable growth, inclusive prosperity, and a future where every citizen feels the impact of economic progress. May the execution of these policies be marked by accountability, efficiency, and a people-centred approach that ensures no one is left behind.
As we look ahead, may this be the moment that sets Botswana on a path of long-term economic resilience and shared success. The road ahead requires collaboration between leadership, businesses, and citizens alike. Together, we can turn plans into progress, challenges into opportunities, and aspirations into realities. Pula!
*Cathy Sibanda is a Gaborone-based Financial Consultant. She holds a degree in Finance from the University of Botswana and a Dual Master’s in Finance and Investments from the London School of Finance and the Geneva Business School
