In Davos, Switzerland, Botswana's new President, Duma Boko, expressed optimism about finalizing a sales agreement with De Beers, emphasizing the importance of diversifying the nation's economy. Boko, a 55-year-old lawyer, assumed office in November, succeeding the Botswana Democratic Party after nearly six decades in power.
During a Reuters NEXT Newsmaker session at the World Economic Forum in Davos, Boko confirmed that negotiations with De Beers were at an advanced stage and only required some final adjustments. When questioned about the timing of the deal, Boko stated, "I'm hoping it is tomorrow. I mean it literally."
Under Boko's administration, efforts to increase Botswana's stake in De Beers to 50% over the next ten years are progressing, with discussions also underway to boost the country's 15% ownership in the company. This move aligns with Anglo American's plan to restructure its operations by divesting De Beers.
Recognized as a leading diamond producer globally, Botswana, despite its reliance on diamond exports, has been able to amass substantial wealth invested in critical sectors such as health and education. While the country's economy faces challenges, including a recent downturn in the diamond market and rising unemployment, Boko is committed to expanding Botswana's economic base through green initiatives, renewable energy, and the diversification of the mining industry.
On the global front, Boko downplayed concerns about the return of U.S. President to power, noting that aligning foreign policy with national interests is a common practice. He highlighted the importance of Western involvement in Africa to counterbalance the influence of other global players like China.