BDC swings to deeper interim loss as impairments and funding costs bite

Botswana Development Corporation (BDC) reported a sharply wider half-year loss, as rising impairments, falling loan income and higher funding costs exposed growing strain in its core lending operations.

The state-owned investor posted a group loss of P144.9 million for the six months to December 31, compared with P34 million a year earlier, while total income fell 11 percent to P207.9 million. Operating loss widened to P126.6 million from P27.6 million, signalling a marked deterioration in underlying performance.

A significant portion of the pressure came from expected credit losses, which climbed to P77.5 million from P27.5 million. BDC attributed the spike to a reassessment of credit risk on a single investment exposure under restructuring, highlighting the concentration risk within its portfolio.

At the same time, interest income from loans, a key earnings driver, more than halved to P46.8 million from P113.2 million, reflecting weaker asset performance and reduced cash generation. Finance costs rose to P103.7 million, as the corporation drew down additional funding to support investment activity, further squeezing margins.

Operating expenses increased modestly, with administrative costs rising 9 percent, partly due to ramp-up costs linked to strategic projects including Lobatse Clay Works and Milk Valley.

The balance sheet points to a business leaning more heavily on debt to fund growth. Borrowings increased following a $20 million facility drawdown, while equity declined 3 percent due to cumulative losses. Total assets rose slightly, supported by higher cash balances from undrawn funds parked in interest-bearing instruments.

BDC is now pursuing a one-year turnaround plan focused on capital raising, asset recovery and new investments, as it seeks to reposition itself into a more catalytic investment vehicle ahead of its next strategy cycle.

Building for the Future with An Eye on The Present

Top seven (7) in Africa, seventy (70) in the world and COSAFA champions by 2036. That is Botswana Football Association (BFA)’s dream for the country’s senior football national team, the Zebras.

Leading to that, the BFA wants a competitive Zebras that will not wait more than a decade again to qualify for the Africa Cup of Nations (Afcon) finals. The team has to qualify for Afcon and reach COSAFA finals by 2032.

Though admirable, the ambitious vision is bold and difficult, yet not impossible to achieve. As it is, the current senior national team, which did duty at the last Afcon is aging. The team has an average age of 30 years. Fourteen players, making the majority of team, are aged 30-years and above.

Of the remaining twelve, eight are aged between 27 and 29-years. The remaining four players are aged 25-years and under. These are Losika Rathukudu (20), Monty Enosa (22), Tebogo Kopelang (23) and Thabo Maponda (25).

While the BFA’s vision is to have a winning Zebras in ten years, the reality they have to live with is that the current team has short legs to run on. Even four years, let alone two years, is too long to keep the current team as it is. A fusion of new blood is needed quickly to keep it competitive and make the football mad nation happy.

As such, the BFA does not have the luxury of time to develop. Their success in office is closely tied to the Zebras’ performances. Waiting a decade, when the BFA strategic framework 2036 matures to have a competitive national team, is not an option for them.

With this in mind, the BFA has a two-pronged approach to achieve its vision. The long-term approach is to develop young talents aged between twelve (12) and seventeen (17) years for the national team. These players will be aged between 22-years and 27-years and be at their prime in 2036. This is expected to start soon.

The second approach, which is already underway, is to fast track the development of some young talent which can be infused into the Zebras setup. During the recent Mukuru Four Nations tournament, the Zebras fielded a youthful team as part of this plan. As expected, from the Afcon 2025 team, only Kopelang, Enosa and Ratshukudu made it into the that team.

While the team that played in the Mukuru four nations tournament dished out some impressive performances, they are not regular players at team level. They have spent more time on the substitutes’ bench than on the field of play. This has, and continues to hamper their growth and delay their progression to the national team.

This is exacerbated by the absence of development leagues, where they would normally be expected to gain game time and continue their growth. To address this particular problem, new play rules and regulations have been formulated to give the young players much needed game time.

In the coming season, teams in all BFA governed leagues, including the FNB Botswana Premiership, will be compelled to have youth players in their lineups. This is the BFA’s attempt to ensure young players get much needed game time to fast track their development.

According to the new BFA Play Rules and Regulations, it will be mandatory for all clubs to have youth players in their starting line-ups. Premier League teams will have a minimum of ‘three (3) U23 players and minimum two (2) U20 players in the starting eleven.’

For other leagues, First Division League teams will be expected to have ‘minimum two (5) U23 players and minimum three (3) U20 players in the starting eleven,’ Regional Division One teams will have ‘minimum five (5) U20 players and minimum two (2) U17 players in the starting eleven’ and lower Regional League teams will have ‘minimum six (6) U20 players and minimum two (2) U17 players in the starting eleven.’

According to the BFA, these regulations, which come into effect on the 01st of June 2026 are mandatory. ‘A club that fails to meet the minimum starting line-up requirements shall be deemed non-compliant, and the matter shall be treated as an ineligible team selection breach,’ the regulations state.

The regulations further say teams are obliged to give the youth players in the starting line-up minutes. ‘A club shall not circumvent this Article by listing youth players in the starting line-up without intent to play them meaningfully,’ the rules state.

According to the BFA, the purpose of mandatory youth playing minutes ‘is to prevent token compliance and ensure meaningful development exposure.’ ‘Each club shall ensure that at least two (2) of its starting U20 players complete a minimum of forty-five (45) minutes of playing time each in the match.’

‘For avoidance of doubt, the obligation in Article 25.2.2 is satisfied only where: a) the player remains on the field for at least forty-five (45) minutes of match time; or b) the player is substituted due to verified injury, verified concussion protocol, or verified goalkeeper substitution necessity, recorded by the referee and match commissioner.’

‘Substituting a mandatory U20 player within the first forty-five (45) minutes for tactical reasons, time wasting, or token compliance is prohibited and constitutes a breach,’ the new rules state.

They go on to state that ‘where a club starts the required U20 players, but removes them early without permitted grounds, the club shall be deemed to have failed both the development requirement and the participation requirement, and sporting consequences shall apply.’

Where a mandatory U20 player is substituted before forty-five (45) minutes due to injury, the club will be expected to ‘replace that player with another eligible U20 player where available’ and ‘maintain at least the minimum number of U20 players on the field for the remainder of the match, unless additional injuries make this impossible.’

Under the new regulations, ‘sporting consequences,’ for failing to adhere to the rules ‘shall include forfeiture of the match, unless these Regulations expressly provide an alternative outcome or the competent authority determines otherwise on exceptional grounds.’

‘Without prejudice to the BFA disciplinary procedures, the Competition Organiser shall apply sporting consequences in accordance with a published sporting consequences matrix approved by the BFA NEC.’

Commenting on the new regulations in a post-match interview during the recent Mukuru Four Nations tournament, Zebras head coach Morena Ramoreboli said it is a welcome development.

‘It will help us because if these players at their age can play regularly, then we are able to build a strong national team. Secondly, if we are to follow trends and may be policies from other countries, you will realise that in South Africa, they have an under 23 players playing full time in the first division.’

‘It has helped to develop players for the premier league. And there is also the DStv Diski Challenge league. It helps a lot in terms of producing the under 23s, under 21s for clubs that need those players. There’s ABC Motsepe league that also has a policy of making sure that there is age restriction.’

‘So, with us, we have neighbours who are doing something in terms of may be cheating development and it is working for them. We can easily pick it and put it in place and it will work for us. For me, I think it will benefit us a lot.’

‘I think having a policy that will also be emphasising more on development will help us because it means these young boys will get competition playing regularly and it will help us. If it can be done properly, then we are good to go,’ the Zebras gaffer said.

Press Release Governance: A question of legal certainty in Botswana

In the space of a single week in late March and early April 2026, four separate government communications highlighted a recurring and deepening pattern in Botswana’s public administration: the use of press releases, and in one striking case a verbal presidential announcement, to give effect to measures that appear to carry regulatory force, rather than following the formal statutory procedures laid down by law. While the intent in each case is commendable, the method raises serious questions about legal certainty and the rule of law. A press release cannot create binding obligations where legislation requires action through statutory instruments published in the Government Gazette. Neither, it follows, can a statement made at a press briefing.

The first instance followed the Botswana Energy Regulatory Authority’s adjustment of fuel prices, effective 28 March 2026. On 27 March, the Ministry of Trade and Entrepreneurship issued a press release asking retailers to apply a temporary fuel surcharge at the point of sale to protect consumers. No details were provided on how the surcharge should be calculated, its duration, or the precise legal basis for enforcement. The communication was issued outside the framework of the Trading Margins Regulations.

On 31 March 2026, Government Notice No. 307 of 2026 was published under the Road Transport (Permits) Act (Cap. 69:03), revising public transport passenger fares with effect from 1 April. The new fares attracted immediate public concern. In response, the Ministry of Transport and Infrastructure issued a press release suspending implementation, directing operators to revert to the previous fare structure ‘until further notice’. While a corrigendum later appeared in the Gazette, the initial suspension was conveyed solely through the press statement – raising questions about whether the Minister’s intervention aligned with the statutory allocation of authority under the Act.

On 2 April 2026, the Department of Veterinary Services notified the public, via press release, of a Foot and Mouth Disease outbreak in the Goodhope District, imposing detailed movement restrictions stated to take ‘immediate effect’. No accompanying order had been published in the Gazette under the Diseases of Animals Act (Cap. 37:01), which requires the Director to declare infected areas and prohibit movement ‘by order published in the Gazette’. A binding statutory instrument was only published days later. As with the transport fares, the legal instrument followed the public announcement – when the constitutional order of things requires precisely the reverse.

On 6 April 2026, President Duma Boko announced at a national briefing that the government had waived the requirement for motorists to renew vehicle licences and driver’s licences, citing failures in the renewal system. The Road Traffic Act and its subsidiary regulations are unambiguous: renewal is mandatory and failure to renew attracts daily penalties. Those provisions were not amended. No Statutory Instrument was gazetted. The obligation was suspended by a spoken statement – an instrument that carries no legislative authority whatsoever. This is perhaps the starkest example: a verbal announcement purporting to override an Act of Parliament.

These requirements are not mere administrative formalities. The Statutory Instruments Act (Cap. 02:11) is clear: every statutory instrument must be published in the Gazette and laid before the National Assembly. Botswana’s Constitution embeds the rule of law through its structure – Section 3 affirms fundamental rights including protection of the law, Section 10 guarantees access to an independent court, and Section 86 vests legislative power in Parliament, requiring that executive action remain within statutory bounds. Legal certainty requires that laws be clear, accessible and predictable. When obligations are created or suspended through press releases and verbal announcements, citizens cannot reliably know their legal position, and enforcement risks arbitrariness.

The practical consequences extend beyond individual cases. Unclear pricing rules, unresolved transport costs, and motorists unsure whether their expired discs are lawfully excused all create real exposure for citizens and businesses. Investors rely on stable, transparent legal processes when assessing risk. Repeated reliance on informal communications erodes confidence in the predictability of governance.

None of this suggests bad faith. The pressures of rapid response are real, and public communications serve an important role. Yet they cannot lawfully substitute for the instruments Parliament has prescribed. Where an Act or regulation requires a Gazette order, that instrument must be issued – promptly if necessary – with the press release used to supplement, not replace, it. Legal certainty is not an obstacle to effective governance; it is the foundation that makes governance legitimate and sustainable.*

Food Stress Deepens as 500,000 Face Insufficient Consumption

Roughly 500,000 people in Botswana are experiencing insufficient food consumption, according to real-time monitoring by the World Food Programme (WFP). In a country of just over 2.5 million, the figure represents a substantial share of the population and a stark contradiction to its upper-middle-income status.

The World Food Programme’s Hunger Map indicates that most districts are currently experiencing ‘moderately high’ levels of insufficient food consumption.

Ngamiland records the highest prevalence of insufficient food consumption in the country, at 24.07%, equivalent to an estimated 41,100 people struggling to meet basic dietary needs. Across Botswana, insufficient food consumption rates cluster in a narrow but elevated band of 20% to 25%, underscoring the breadth of the crisis. Ranked from highest to lowest, North East District leads at 24.01% (42,300 people), followed by Kgalagadi District at 23.71% (13,300), Kgatleng District at 23.56% (24,800), and Chobe District at 23.18% (6,400).

Close behind are Central District at 22.98% (154,500), Southern District at 22.93% (53,200), Ghanzi District at 22.78% (12,000), and Kweneng District at 22.7% (83,300). At the lower end, though still above one-fifth of the population, South-East District posts 21.38% (84,200).

While the root causes of Botswana’s food consumption shortfalls are both domestic and external, the pressure is mounting at a particularly difficult time of renewed global food stress. International markets are tightening again, and last week the WFP warned that the Middle East war ‘will inevitably lead to rising food prices and food insecurity.’

For a country like Botswana, where the food system leans heavily on imports, that warning carries real weight on the ground. When global prices rise, the impact is felt quickly in input costs, retail food prices and, ultimately, household budgets. The burden, as the WFP noted, will fall hardest on vulnerable and import-dependent economies, translating locally into higher food inflation and reduced purchasing power for many households.

According to WFP Hunger Map, food insecurity in Botswana is structural rather than episodic, with ‘import dependency’ standing at ‘47.0%’, exposing the country to persistent external supply shocks.

According to the most recent government-backed survey (2022/23, which feeds into the 2024/25 policy cycle), nearly half of Botswana’s population (49.4%) faced moderate or severe food insecurity in 2022/23, underscoring structural constraints in access to adequate nutrition. At the extreme end, 20.2% of the population experiences severe food deprivation, reflecting acute vulnerability tied to income instability and rising living costs.

While government policy responses are scaling up, the persistence of hunger at this scale suggests deeper structural reform may be required particularly in rural livelihoods, food systems, and income distribution.

Government reviews Marriage Act amid calls over same-sex unions

The government is edging cautiously into one of its most sensitive social debates, as it reviews marriage laws while maintaining an officially neutral stance on homosexuality.

Serowe South MP Leepetswe Lesedi asked the Minister of Labour and Home Affairs, Pius Mokgware whether the government might legalise same-sex marriage and how it is responding to growing calls for broader LGBTQ acceptance.

The minister’s reply reflected a government balancing legal precedent with political caution. Botswana, Mokgware said, has not adopted a position with regard to homosexuality, but operates within the framework set by the courts. A landmark 2021 ruling by the Court of Appeal of Botswana upheld the decriminalization of same-sex relationships, striking down colonial-era provisions that criminalized same-sex intimacy as unconstitutional.

‘Consensual same-sex intimacy is therefore not proscribed,’ Mokgware said, adding that public confusion persists over what the judgment permits. In essence, he said, the ruling simply means such relationships are no longer criminal offences.

Marriage, however, remains defined in more traditional terms. The current law recognises unions only between a man and a woman. Yet the government has begun reviewing the Marriage Act, a process that could open the door, at least procedurally, to reconsidering that definition.

‘My ministry is currently reviewing the Marriage Act in line with the Constitution of Botswana,’ Mokgware said, adding that consultations with stakeholders would include ‘issues such as this one’, a cautious reference to same-sex marriage.

The government appears reluctant to move faster than public opinion. It keeps no official data on sexual orientation, Mokgware said, arguing that such matters fall outside the remit of civil registration systems. Nor has it embarked on a centralised campaign to promote LGBTQ acceptance, framing the issue instead as ‘cross-cutting’ and requiring dialogue across society.

That leaves country in a familiar position, legally progressive by regional standards but socially and politically incremental. The courts have dismantled criminal penalties, yet the state has stopped short of endorsing broader recognition.

Stanbic holds profit steady

Stanbic Bank Botswana kept earnings largely unchanged in 2025, as strong growth in trading and fee income offset a sharp squeeze on lending margins in a year defined by tight liquidity and elevated funding costs.

Profit before tax edged up to P951.7 million from P949.7 million, while profit after tax rose slightly to P709.7 million. Stability at the headline level masked significant shifts in the bank’s income mix.

Net interest income fell 21.7 percent to P1.07 billion, as interest expenses surged 86.1 percent to P957.2 million, reflecting intense competition for deposits. The net interest margin narrowed to 3.7 percent from 4.9 percent, underscoring the pressure on traditional lending.

Non-interest income provided the offset. Revenue from trading, fees and commissions rose 62.5 percent to P941.6 million, driven by stronger performance in Global Markets, higher trade volumes and increased foreign exchange activity.

The shift was partly supported by changes in currency market dynamics after the Bank of Botswana widened the pula trading band in July 2025, boosting interbank foreign exchange activity and reducing reliance on the central bank.

Balance sheet growth remained subdued. Total loans and advances declined 9 percent to P21.3 billion, while customer deposits fell 2.1 percent to P22.7 billion, reflecting a more cautious approach to lending in a high-cost funding environment.

Asset quality showed some strain, with credit impairment charges rising to P84.6 million, though cost discipline improved. The cost-to-income ratio fell to 48.6 percent, and operating cash flow strengthened significantly.

The results highlight a shift in earnings drivers, with market activity increasingly compensating for pressure on core lending in a constrained liquidity environment.

Agriculture Rebounds As Economy Contracts by 5.4%

Botswana’s economy shrank sharply in the fourth quarter of 2025, weighed down by a steep contraction in the mining sector, even as agriculture and several non-mining industries showed resilience.

Latest figures indicate that real Gross Domestic Product (GDP) contracted by 5.4 percent during the quarter under review, a deeper decline compared to the 1.9 percent contraction recorded in the same period in 2024. On a quarter-to-quarter basis, the economy declined even more sharply by 11.4 percent, underscoring mounting economic pressures.

The downturn was largely driven by significant declines in key sectors, particularly Mining and Quarrying, which plummeted by 47.0 percent. The sector’s collapse was primarily attributed to a 54.6 percent drop in diamond production, alongside declines in coal and soda ash output, which fell by 13.3 percent and 8.2 percent, respectively.

Other sectors also recorded contractions, with Construction shrinking by 2.3 percent, while Water and Electricity declined by 1.3 percent, reflecting reduced domestic electricity generation and imports.

Despite the overall economic downturn, agriculture emerged as a bright spot in the economy with the Agriculture, Forestry and Fishing sector expanding by 4.2 percent which is a significant turnaround from the 1.9 percent contraction recorded a year earlier. Growth in the sector was largely driven by a 5.7 percent increase in livestock farming, supported by a dramatic 193.2 percent surge in cattle deliveries to the Botswana Meat Commission.

In terms of sectoral contribution to GDP, Public Administration and Defence remained the largest contributor at 18.2 percent, followed by Wholesale and Retail Trade at 13.2 percent, Construction at 12.1 percent, and Mining and Quarrying at 6.8 percent, reflecting the latter’s diminished role during the quarter.

The Wholesale and Retail Trade sector grew modestly by 4.1 percent, although this represented a slowdown from 7.8 percent growth in the previous year. Similarly, Accommodation and Food Services posted a slight improvement, growing by 3.8 percent, supported by gains in both accommodation and food services activities.

In the utilities sector, electricity output declined by 5.0 percent, reversing a strong 78.1 percent growth recorded a year earlier. This was largely due to reductions in both domestic electricity generation (down 11.6 percent) and imports (down 12.1 percent). In contrast, the water subsector grew by 5.8 percent, offering a partial offset.

Taking Politics Out of Football Development and Finding Botswana’s Own Generational Talent

The Afcon Morocco 2025 has come and gone. It had taken Botswana more than a decade to qualify since they made their maiden appearance at Afcon 2012.

As was the case back then, Botswana came unstuck from their recent AFCON outing. The chasm between the country’s players and their counterparts from the rest of Africa was too wide to fathom.

Ranked as the lowest among the whole lot, the Zebras lived to that billing. No win or draw, seven goals conceded, no goals scored and not surprisingly, the first team on the plane back home. This was another chastening experience.

But unlike in the aftermath of her similarly chastening experiences of 2012, valuable lessons, hard as they may be, were learnt. From the ashes of the Afcon Morocco 2025, Botswana, like a phoenix, plans to rise.

No longer willing to wait another decade to qualify and ‘just participate,’ the Botswana Football Association Technical Development Committee (BFA TDC) has come up with a plan.

That plan comes in the form of a visionary strategy known as the BFA Strategic Framework 2036. The ten-year strategic framework was presented to the BFA National Executive Committee (BFA NEC) for adoption during its meeting at Cresta Thapama in Francistown this past weekend.

The presentation was made by two of the country’s experienced coaches and administrators, Dr Daniel Tau and Sikalame ‘Six’ Keatlholetswe. The two were accompanied by BFA Technical Director Kaelo ‘Wire’ Kaelo and BFA vice president technical Tebogo ‘Tico’ Kamati.

As a BFA NEC member at the helm of technical department, Kamati says the framework is ‘a 10-Year Long-Term Athlete Development Plan, guided by a clearly defined Botswana Football DNA.’

The framework is expected to be implemented in ‘manageable four-year cycles,’ and implemented through annual operational plans. The process of implementation is expected to start immediately. The initial process, which is the revision of the BFA strategy by the TDC, will commence this month.

Speaking to Sunday Standard Sports on the sidelines of the BFA NEC meeting, Tau and Keatlholetswe described the strategy as one that ‘will guide all BFA operations for the next ten years.’ It is expected to also create a clearly defined Botswana Football DNA.’

‘We are talking about a vision for football in the country. And the important thing is that we want this vision for football to be aligned to the national vision. This is why we are now talking about a ten-year strategic framework,’ Tau says.

This alignment with Botswana’s Vision 2036, is particularly in context of the country’s ambition of building ‘a high-income economy supported by stronger institutions, human capital development, youth opportunity, national pride and international competitiveness.’

‘We want to align to the national vision so that when Botswana evaluates itself in 2036 with regards to where they are with the high-income status they want, football should say we contributed we have contributed in this manner.’

‘During these ten years, we want to see ourselves develop players who will of course excel in football, but at the same time should be able to trade their talent by playing in lucrative leagues globally as professional players,’ Tau explains.

To ensure there are yardsticks to measure success, the strategic framework will have Key Performance Indicators (KPIs) and high-level targets. At the end of the ten years vision in 2036, the Zebras and the Mares should be champions at COSAFA level.

In terms of continental and world level rankings, the Zebras should be in the top ten (10) in CAF rankings and top sixty (60) in the world, while the Mares should be top seven (7) in Africa and top seventy (70) in the World.

Enroute to those lofty rankings, it is envisaged for both the Zebras and the Mares to be semi-finalists at COSAFA level in 2028 and finalists by 2032. In terms of rankings, the Zebras should be in the top twenty (20) in Africa and top 100 in the world by 2028, while achieving a top fifteen (15) ranking in Africa and top eighty (80) in the world by 2032.

The Mares on the other hand will be expected to be in the top twenty (20) in Africa and top 120 in the world by 2028, and be in the top ten (10) in Africa and top ninety (90) in the world by 2032.

To achieve this, both Tau and Keatlholetswe say there will be a need for continuity irrespective of who assumes the leadership at BFA. As such, they believe that with the strategic framework in place, whoever assumes the BFA office will work towards achieving the vision instead of tearing down everything to start his or her own new vision.

While not entirely taking football politics out of football development, it is envisaged that the strategic framework will minimise its interference. ‘Just like with the national Vision 2036, whoever comes will work towards achieving the vision of this strategic framework. It will only be reviewed when it reaches its maturity, thus ensuring continuity.’

As this is a long-term vision, the development of players who will help achieve this mainly targets talented players between the ages of 12 years and under 17 years. These players will be expected to be aged between 22 years and 26 years and in their prime when the vision ends in 2036.

‘To achieve this, we want to find that one generational talent who can make the country and the world stand up. Unfortunately, no one knows where that player is. So, we will have to spread our net wide across the country and find the player because if we miss them, it will take many more years to find another.’

‘All these things that we do. This strategic framework as well as everything that it entails, is all working towards finding that generational talent wherever it may be,’ Keatlholetswe explains.

Tau and Keatlholetswe say the country should never wait more than a decade to qualify for another AFCON. As such, the strategic framework will ensure the country has a holistic approach towards achieving this.

Tariff Uncertainty Persists as BERA Reviews BPC Application

Botswana’s energy regulator moved to steady public anxiety after reports of a steep electricity price increase triggered concern among households and businesses already grappling with rising costs. In a statement dated April 1, the Botswana Energy Regulatory Authority (BERA) said claims that electricity tariffs for the 2026/27 financial year had been increased by 46% were premature and unfounded.

‘It has come to our knowledge that there are reports circulating, especially on social media, that the 2026/27 electricity tariffs have been adjusted upward by 46%,’ the Authority said, signalling growing sensitivity around energy pricing in the southern African nation.

The regulator emphasised that no final determination has been made on an application submitted by Botswana Power Corporation (BPC), the state-owned utility. ‘The public is informed that a decision has NOT yet been taken on the tariff application by BPC,’ BERA said, adding that it is still reviewing stakeholder input following public hearings held on February 10.

The clarification highlights the delicate balance policymakers face as they weigh cost-reflective tariffs against affordability concerns in an economy where electricity remains a critical input for both industry and households. A sharp increase, if approved, could ripple through inflation, affecting everything from manufacturing to food prices.

BERA sought to reassure consumers that the process remains ongoing and consultative. ‘The Authority is still assessing this application taking into account the submissions made by stakeholders,’ it said. While the denial may cool immediate fears, it underscores that a significant tariff adjustment is still under consideration. The regulator said it would communicate the outcome through official channels ‘once a decision has been taken,’ leaving markets and consumers watching closely for the next move.

Modise Praises Protest That Exposes His Government’s Failures

Last week, a striking political paradox unfolded when a senior government minister publicly praised a youth protest that was, in essence, an indictment of his own administration.

‘Always with you, never above you! I’m proud of the Young Turks!! Moono-Wa-Baithuti and Botswana National Front Youth League Official for rejecting agent provocateurs, and leading a peaceful protest earlier today,’ minister of health Stephen Modise wrote, language that suggested alignment with the very voices calling out systemic shortcomings under his government’s watch.

Despite Modise’s attempt to politicise and frame the protest as a disciplined, party-led action by the Botswana National Front Youth League, the demonstration appeared far broader in scope. Students from across the political spectrum took part, underscoring that the mobilisation was not anchored to any single party structure.

Placards carried by protesters pointed to a deeper, more systemic discontent, highlighting widening frustration among Botswana’s youth over governance failures and a widening gap between policy promises and lived reality, rather than allegiance to partisan causes.

Yet in a move that blurred the lines between accountability and political messaging, Stephen Modise commended the BNF protesters, praising their discipline and peaceful conduct. The contradiction is difficult to ignore. The youth were not marching in support of the state but were demonstrating against its failures. Their protest was a critique of governance outcomes, of opportunities not delivered, and reforms that have yet to materialise at scale. Commentators say for a sitting minister to applaud that moment is to implicitly acknowledge the legitimacy of the discontent, even as he remains part of the machinery being challenged.

In many political contexts, such a protest would trigger defensiveness or rebuttal. But in Gaborone, it elicited endorsement. ‘The strategy by the minister appears calibrated inorder to absorb criticism rather than confront it,’ says a political commentator on condition of anonymity, adding that ‘he was trying to position leadership as empathetic rather than embattled. By validating the protest, the minister amplifies its core message that the government is falling short.’

Botswana’s reputation for stability has long rested on responsive governance and prudent economic management. Yet the persistence of youth unemployment and underemployment is eroding that narrative. The student protest in Gaborone is less an isolated event than a visible manifestation of a deeper structural strain.