Africa-Press – Botswana. As the country continues to look to turn the tide on slow economic growth, a delegation of the Bank of Botswana (BoB), led by governor, Mr Cornelius Dekop, briefed President Advocate Duma Boko and members of the Cabinet at the Office of the President on July 9.
According to BoB head of communications and information, Dr Seamogano Mosanako, the meeting marked the commencement of the annual economic briefings by the central bank, which enabled the bank to present and disseminate information contained in its annual report.
“The Economic Briefing provides highlights of the 2024 annual report and the recent economic developments. Furthermore, an overview of the performance and outlook for the foreign exchange reserves and insights from the theme chapter are discussed. The theme for 2024 was: Next Generation Payment Systems, Innovation and Financial Technologies-Opportunities for Botswana, Dr Mosakako revealed.
The annual report, published in accordance with Section 68 of the Bank of Botswana Act, provides an analysis of economic and monetary developments in the year under review, and presents the annual accounts of the central bank, as well as an overview of its operations, functions and responsibilities.
The 2024 BoB report noticed that the Botswana Gross Domestic Product (GDP) contracted by two per cent in the 12 months up to September 2024, compared with a four per cent growth over a similar period the year before, a contraction attributed to weak performance of the mainstay of the economy, the diamond sector, in the global markets.
While the non-diamond sector had recorded positive growth, it remained modest owing to structural deficiencies in the economy, in particular the slow impact of diversification of national revenue streams.
The report cautioned that “limited fiscal space and sub-optimal performance of the Government Accounting and Budgeting Systems (GABS), which causes disruptions in business operations, slow and muted impact of ongoing economic transformation initiatives, including development of innovation hubs, infrastructure projects, economic diversification drive and beneficiation” needed to be attended to.
In addition to the value of foreign exchange reserves depreciating by 24.5 per cent between December 2023 and December 2024, BoB recorded a total comprehensive income of P5.8 billion, compared to P8 billion recorded over a similar period the year before.
Contributing to the reduced inflows and returns were the volatililty of global financial markets associated with geopolitical tensions and elevated global inflationary pressures.
President Boko, Vice President and Minister of Finance, Mr Ndaba Gaolathe as well as members of Cabinet had the occasion to engage the central bank top guard as the country continues to work on providing solutions and charting a new economic path.
For More News And Analysis About Botswana Follow Africa-Press
