Botswana’s newly elected President, Duma Boko, has announced ambitious plans to diversify the country’s diamond-dependent economy by tapping into the global medicinal cannabis market and harnessing its abundant solar energy. In his inaugural state of the nation address on Tuesday, Boko outlined a strategy to reduce reliance on diamonds, which currently account for 80% of Botswana’s foreign earnings.
“The over 60% decline in diamond revenues in recent years highlights the urgent need to diversify our economy,” Boko stated. His government aims to attract investment in renewable energy, agriculture, tourism, and technology to stimulate growth.
Botswana, with over 3,200 hours of sunlight annually and some of the highest solar energy potential globally, plans to position itself as a leader in solar power. Additionally, the country will begin cultivating medicinal cannabis and industrial hemp, targeting the expanding global market. “We forecast a significant GDP increase through cannabis and hemp-related products, creating jobs and new industries,” Boko said.
Boko’s focus on job creation comes in response to high unemployment rates, which stand at 27% overall and 38% among youth. The new administration aims to boost manufacturing, construction, and youth entrepreneurship to address these challenges.
To modernize its digital infrastructure, Botswana has partnered with Elon Musk’s Starlink to expand affordable internet access nationwide. The satellite internet provider is expected to invest in infrastructure that will transform Botswana into a regional digital hub, Boko added.
The president’s plans come after a historic election that ended the Botswana Democratic Party’s nearly 60-year rule. Boko’s Umbrella for Democratic Change secured 36 parliamentary seats, compared to just four for the outgoing party, marking a smooth and widely praised transition of power.
