Botswana Looks to Develop Value Chains to Spur its Africa’s GDP Contribution

By Xinhua 

July 14, 2023

President Mokgweetsi Masisi of Botswana has said that as a leading producer of diamonds by value, it is imperative that Botswana should develop value chains for raw materials to allow for greater value addition.

He made the remarks Wednesday when opening the ongoing four-day U.S.-Africa Business Summit 2023 in Gaborone, the capital of Botswana.

With 0.2 percent of the population of Africa, “Botswana contributes about 1 percent of Africa’s GDP,” said Masisi, adding the country aims to further increase the contribution to the continental gross domestic product (GDP).

Masisi said Botswana needs more private sector involvement to drive value chain development in major industries ranging from mining, tourism, agriculture and education.

Botswana’s efforts alone, however, will be an exercise in futility if “we are not fully integrated into the global economic system,” he said.

Meanwhile, he said that the African Continental Free Trade Area (AfCFTA), a free trade area encompassing most of Africa, once fully operational, will build and strengthen regional integration as well as boost intra-Africa trade.

The summit, co-hosted by the Corporate Council on Africa of the U.S. and the government of Botswana, gathered about 1,000 entrepreneurs, international investors, top government officials, and multilateral stakeholders.

The event, which began Tuesday, provided a rare chance for local companies to connect with high-level African government delegations, including heads of state and government, senior U.S. government officials, chief executive officers and senior executives of American and African enterprises.