Will the New Government Fix Botswana’s Broken Economy or Just Rebrand It?

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Explore whether Botswana’s new government is truly fixing the economy or simply rebranding it. A deep dive into the 2024/2025 budget, Vision 2036, and the Reset Agenda, with expert commentary from local economists.


A Nation at a Crossroads

Botswana, once a beacon of economic stability in Africa, now faces mounting challenges: rising unemployment, a shrinking informal sector, and growing public debt. With the unveiling of the 2024/2025 national budget, the question on everyone’s mind is: Will the new government fix Botswana’s broken economy or just rebrand it?

The 2024/2025 Budget: A Glimmer of Hope or More of the Same?

High-Level Spending with Strategic Intent

The government has proposed a 23.5% increase in the national budget, signalling a bold attempt to stimulate growth. Key allocations include:

  • P20.82 billion for “Game-Changing Programmes”
  • P5.43 billion for water and sanitation
  • P3.71 billion for roads and rail
  • P2.63 billion for food security
  • P1.1 billion for research and innovation

“The budget is ambitious in its scope, but the real test lies in implementation,” says Dr. Keith Jefferis, former Deputy Governor of the Bank of Botswana. “Botswana has a history of well-written plans that falter due to weak execution and institutional bottlenecks.”

Reset and Reclaim Agenda: Real Reform or Political Branding?

The economic strategy is anchored in the Reset and Reclaim Agenda, aligned with Vision 2036 and the Second Transitional National Development Plan (TNDP). While these frameworks are visionary, some argue they may be more about optics than outcomes.

Key Initiatives Under Scrutiny

  • Chema Chema Fund: A P200 million revolving fund to support the informal sector.
  • Temo Letlotlo & Thuo Letlotlo: Agricultural support programs.
  • Digital Transformation: Over 170 government services moved online.

“There’s a lot of rebranding in this budget—new names for old programs,” notes Neo Dimbungu, a development economics lecturer at the University of Botswana. “What we need is a shift in how government measures success: not by how much is spent, but by how much impact is made.”

Economic Indicators: Are We Turning a Corner?

Inflation and Growth

  • Inflation dropped from 12.4% in 2022 to 3.5% in 2023.
  • GDP growth is projected at 4.2% for 2024/25.

These are encouraging signs, but they must be weighed against persistent issues like youth unemployment and income inequality.

“We welcome the increased focus on innovation and digital transformation,” says Thapelo Tsheole, CEO of the Botswana Stock Exchange. “However, for the private sector to thrive, we need more than funding—we need policy consistency and regulatory reform.”

Public Sentiment: Hopeful but Cautious

The budget’s increased funding for creative arts (58.8%), sport development (317%), and research (280.9%) has sparked cautious optimism. But skepticism remains.

“The Chema Chema Fund is a step in the right direction,” says Boitumelo Molefhe, economist at Econsult Botswana. “But it must be accompanied by financial literacy programs and market access strategies. Otherwise, it risks becoming another underutilized initiative.”

Is Botswana’s Economy Being Fixed or Rebranded?

The Case for Real Reform

  • Increased investment in infrastructure and innovation.
  • Policy shifts aimed at empowering local entrepreneurs.
  • Digital governance improvements.

The Case for Rebranding

  • Lack of clear implementation timelines.
  • Over-reliance on slogans like “#MyBudget #OurBudget”.
  • Limited transparency in fund disbursement and impact tracking.

What Needs to Happen Next?

To truly fix the economy, the government must:

  1. Ensure transparency in budget execution.
  2. Empower local businesses through access to capital and markets.
  3. Invest in education and skills development aligned with market needs.
  4. Strengthen institutions to reduce corruption and inefficiency.

Internal & External Resources

For more regional context, read our post on Southern Africa’s Economic Outlook.

Fixing or Rebranding? The Jury’s Still Out

Botswana’s new government has laid out an ambitious roadmap. Whether it leads to real economic transformation or just a polished rebrand depends on execution, accountability, and citizen engagement.


What do you think?

Is Botswana on the path to real economic recovery, or are we witnessing a political facelift? Share your thoughts in the comments below and subscribe to our newsletter for more in-depth analysis on African economies.

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