A Strategy for Economic Diversification and Sustainable Growth is aimed at addressing the primary challenge of Botswana, which is to diversify the economy to ensure that Batswana continue to enjoy the fruits of sustained economic growth post depletion of minerals, especially diamonds. Minerals are a non-renewable resource and therefore not dependable. His Excellency the former President Festus Gontebanye Mogae established a Business and Economic Advisory Council (BEAC) in August 2005 to address this challenge. The Council, comprised members of high repute from both Government, parastatal and the private sectors. BEAC was mandated to, among others:
- Identify constraints hindering economic diversification;
- Formulate a Strategy and an Action Plan; and
- Identify key projects required for taking Botswana forward.
The work of the Council culminated in two documents: “Botswana Excellence - A Strategy for Economic Diversification and Sustainable Growth” and the “Action Plan”. The Action Plan details projects aimed at driving implementation of the Economic Diversification and Sustainable Growth Strategy. The Action Plan and the Strategy were approved by Cabinet in December 2006 and November 2008 respectively. The Strategy was presented to both the Parliamentary Caucus and Ntlo Ya Dikgosi in February and June of 2009 respectively.
Amongst the Action Items contained in the Action Plan was the establishment of Government Implementation Coordination Office (GICO), which was set up by Government in May 2007. The primary mandate of GICO is to monitor and evaluate the implementation of actions and projects flowing from the Strategy, as well as other policies, programmes and projects. Amongst action items contained in the Strategy are the implementation of specific projects aimed at promoting diversification and growth. Some of these projects are Diamond, Health, Education, Agriculture, Innovation, and Transport hubs.
At a higher level, the Strategy is monitored by His Excellency the President through bi-annual reviews. In addition to bi-annual reviews, the hubs are monitored through the Cabinet Committee on Economy and Employment chaired by His Honour the Vice President which in turn reports to the Economic Committee of Cabinet chaired by His Excellency the President.
The release of this Strategy to the general public is aimed at ensuring that all Batswana know, understand, and contribute to the efforts of Government in diversifying the economy.