NDB returns to profit as new strategy targets green growth

The National Development Bank (NDB) has posted a net profit of P13.1 million for the 2024/25 financial year, marking its second consecutive year of profitability as the state-owned lender positions itself for expansion under a new five-year strategy.

At the launch of its 2025-2030 roadmap, branded Motlhala Wa Pula, Modi wa Isago (Path of Rain, Path of Hope), chief executive Ogone Madisa said the bank aims to evolve into a hybrid institution combining its developmental mandate with stronger commercial banking capabilities.

The strategy prioritises agriculture value chains, green finance, infrastructure and other high-impact sectors aligned with Botswana’s economic diversification agenda. Management plans to accelerate digitalisation, mobilise alternative funding sources, strengthen governance and embed environmental, social and governance standards across its operations.

NDB also intends to introduce differentiated financial products targeting start-ups, small and medium enterprises, corporates and emerging farmers, while expanding partnerships to scale lending capacity.

The bank’s return to profit comes against the backdrop of heightened scrutiny of state-owned enterprises, many of which have struggled with persistent losses. President Duma Boko has pledged to improve the performance of parastatals following concerns over mismanagement and inefficiencies.

Although modest, NDB’s profit signals improved operational stability after years of restructuring. The challenge will be sustaining financial performance while extending credit into sectors often perceived as high risk.

If executed effectively, the strategy could strengthen NDB’s role as a financing vehicle for agriculture, climate-aligned investments and enterprise development, key pillars of Botswana’s long-term growth ambitions.

DCEC Bill faces autonomy test

A draft Anti-corruption Bill which is set to be tabled before the National Assembly is expected to trigger debate over whether the country’s anti-graft body will operate independently or remain under significant executive control.

The Anti-Corruption Bill, 2026, which will be presented by Minister for State President, Defence and Security Moeti Mohwasa, outlines sweeping provisions governing the appointment, discipline, financing and oversight of the country’s anti-corruption agency which continues from the existing Directorate on Corruption and Economic Crime framework.

According to a copy of the Bill which has been seen by Sunday Standard, the debate is is expected to centre on Clause 9 which still gives the President decisive authority in appointing the agency’s Director-General.

The Bill states: ‘There shall be a Director-General who shall be appointed by the President on such terms and conditions as the President deems fit.’

While the draft introduces a parliamentary screening process, the President retains the final decision. According to the proposed law, ‘the President shall, prior to the appointment of the Director-General, submit three nominees. [and] the Parliamentary Committee shall assess and interview the three nominees. and recommend two nominees to the President, one of whom shall be appointed Director-General.’

The Director-General will serve ‘for a five year renewable term or until he or she attains the age of 60 years, whichever is the earlier,’ and must be ‘a legal practitioner who qualifies to be appointed as a High Court judge’ with ‘at least 10 years in anti-corruption, accounting, public administration, law enforcement, finance service, investigation or forensic services or any other relevant profession.’

The President’s influence extends further to the appointment of the agency’s senior leadership.

Clause 13 of the Bill provides that ‘subject to confirmation by the Parliamentary Committee, the President shall appoint the following Deputy Director-Generals. on such terms and conditions as he or she deems fit.’

These include the Deputy Director-General for Operations, Policy and Legal.

The Bill says those appointed must possess ‘knowledge, ability and experience of at least 10 years in law, anti-corruption, criminal justice, governance and forensic accounting. and shall be a person of conspicuous probity.’

The copy of the Bill also shows that the Minister retains extensive control over the agency’s internal functioning including staff employment conditions.

Clause 15 stipulates that: ‘The Minister shall prescribe such conditions of service of the Agency setting out the terms and conditions for the appointment of officers and support staff of the Agency.’

This includes authority over ‘the scale of salaries and allowances. and the promotions, resignations and termination of appointments.’

The Minister also gains powers to define disciplinary rules.

Clause 17 states: ‘The Minister shall prescribe a disciplinary code for the Agency,’ which may impose penalties including ‘dismissal from the Agency,’ ‘reduction in rank,’ ‘suspension from duty,’ ‘reprimand,’ and ‘recovery of the cost. of any loss or damage to the property of the Agency.’

The proposed law also introduces a parliamentary oversight mechanism, requiring the Parliamentary Committee to monitor the agency and report to the President.

It provides: ‘The Parliamentary Committee shall make an annual report on the discharge of their functions to the President and may at any time report to him or her on any matter.’

However, the Bill allows the executive to withhold sensitive information.

It states: ‘If it appears to the Minister. that the publication of any matter in a report would be prejudicial. the Minister may exclude that matter from the copy of the report as laid before the National Assembly.’ Financial independence which is often seen as a cornerstone of anti-corruption effectiveness is also partly controlled through executive and parliamentary channels.

Clause 27 states that ‘the revenues of the Agency shall consist of monies as may be appropriated by the National Assembly. and contributions and endowments from any other source as may be approved by the Minister.’

The Bill further states that surplus funds will be used ‘in such manner as the Director-General may, with the approval of the Parliamentary Committee, deem appropriate.’

In 2024, as a leader of the opposition, the current Speaker of the National Assembly Dithapelo Keorapetse tabled a private member’s amendment aimed at making the DCEC more independent.

When presenting the bill at the time, Keorapetse emphasized the need to reform the public sector and remove accountability and oversight institutions from the control of the executive. Keorapetse’s Corruption and Economic Crime (Amendment) Bill, 2023, aimed to address these issues by enhancing

the DCEC’s independence. Key provisions included establishing a Board to oversee the Directorate, removing DCEC staff from the public service, and ensuring the agency is financial independence by funding it directly from Parliament. The bill also proposed changes to the appointment and oversight of the Director-General and Deputy Director-General to ensure

transparency and reduce presidential control. at the time, however, Parliament rejected the bill. Created in 1994, the DCEC has struggled with operational independence and sufficient capacity. It

operates under the Ministry of State President, with its Director appointed by and reporting to the

President. This structure has led to concerns about political interference and a lack of independence.

Beleaguered Botswana Motor Sports Internal Strife Reaches Parliament

In early December 2025, amid simmering tensions and divisions, the beleaguered Botswana Motor Sports (BMS) held an elective Annual General Meeting (AGM).

At the meeting, members gave the then interim president Kagiso Modibedi a four-year mandate to lead the motor sports body. But it seems like the undercurrents of the divisions without BMS are yet to subside.

This past Friday, the parliament of Botswana became the new battleground for the BMS internal strife. The Minister of Sport and Arts Jacob Kelebeng found himself fielding questions from the Member of Parliament (MP) for Nkange Motlhaleemang Moalosi related to the BMS internal politics.

The Nkange legislator asked the minister the amount of money Botswana National Sports Council (BNSC) disbursed to Botswana Motor Sport (BMS) over the past ten (10) years.

Moalosi also wanted to know ‘the number of Annual General Meetings (AGMs) that BMS has held over the same period where financials have been presented,’ and ‘whether it is normal for tax payers’ money to be disbursed annually to an organisation that does not account for the said money.’

In relation to the status of BMS, Moalosi wanted the Minister of Sports to explain ‘which AGM minutes were used by BMS for re-registration with the Registrar of Societies since AGMs have not been held regularly.’

Responding to the questions, Kelebeng said in the period spanning between 2018/2019 and 2025/20, BMS activities been funded at the tune of P1, 070, 986. In the same period, BMS did not get any funding in 2020/21, 2021/22 and 2022/23.

The minister further said in the ten-year period under question, BMS had ‘held four (4) AGMs.’ ‘The meetings were held in 2016, 2017, 2019 and 2021. Of these meetings, financials were only presented at the 2019 Assembly following prolonged handover process between elected committees during the period.’

On the alleged failure of BMS to account for monies disbursed to it annually, the Minister said ‘the ministry is not aware y is not aware of any instance in which Botswana Motor Sport has failed to account for funds made available to it through the Botswana National Sport Commission.’

‘The Ministry therefore confirms that financial accountability mechanisms are in place and fully applied ensuring that all taxpayers funds are utilised and used in the correct manner aimed at supporting and developing motorsport in Botswana,’ Kelebeng said.

While the questions by the Nkange parliamentarian seemed innocuous, Kelebeng, as with those within the BMS corridors were not lost to their intent. They meant the internal wars at the BMS were now played on the public sphere and in parliament to be precise.

Tellingly, Kelebeng told Moalosi that his ministry ‘is aware of the current internal disputes and differences within the association.’ He added that as a minister, he had ‘taken steps to address these challenges.’

Not ready to let go, Moalosi raised supplementary questions, in which he alleged that the current BMS committee had been in office for ten years. He alleged this has led to stalled growth within motor sports.

However, Kelebeng refused to delve further in the matter. ‘I am not in a position to dig deep into this issue right now because even honourable Moalosi knows he is an interested party in the matter. That is why I do not want to answer him in this platform because processes are underway to solve the problems.’

Moalosi’s questions, though not surprising, have not gone down well with the BMS leadership. BMS president Kagiso Modibedi says the issue ‘has been presented as if the current committee had been deliberately refusing to present financial statements,’ had fraudulently ‘re-registered with the Registrar of Societies,’ and or ‘refused to vacate office.’

‘We had our elective General Meeting in December 2025 where the general membership of BMS gave us a four-year mandate to lead the association. That is why the majority of them are okay with the current leadership, save for two disgruntled members.’

‘Our wish is that the honourable member would have engaged us on this matter as the BMS before going public. He only ran with one side of the story and did not ask for ours. This can be taken to show he has taken sides on the internal conflicts within the BMS,’ Modibedi said.

The BMS president further said Moalosi, as an interested party in the matter, was aware of the challenges the association had faced in the past ten years dating to 2016. ‘After the then president’s committee was dissolved by the Botswana National Sports Commission (BNSC), no proper handover was done. The president refused with the annual returns, thus frustrating any process of renewing registration with the Registrar of Societies.’

‘It was only in 2024 when the government issued a directive waving all outstanding annual returns for societies that we were able to re-register. Since re-registration, we have managed to do all the returns as expected and we are compliant. We have taken all things that were hindering us since 2016 out of the way and we are now rebuilding the association,’ Modibedi said.

The BMS president further said the BMS is open to engage with the disgruntled members to forge a way forward. He lamented that they took the path to take their problem to parliament through the Nkange legislator, which he said may politicise it.

In the meantime, he says the BMS would continue to engage in the processes led by the minister of sports to address the internal strife. While he refused to divulge details, he said the processes have begun and a meeting with the minister has already been held.

’It Will Help Us to Gauge Ourselves and Learn’

The Four Nations Tournament scheduled for the upcoming FIFA week presents an important opportunity for Botswana to build a stronger national team. Zebras head coach Morena Ramoreboli believes the tournament comes at the right time and will help the team improve ahead of future competitions.

Botswana will compete against Malawi, Zambia, and Zimbabwe in the tournament. The competition follows Botswana’s recent participation in the Africa Cup of Nations, and the coach believes it will help the team regroup and move forward.

‘The Four Nations tournament has come at the right time after AFCON. It is a platform to expose players, identify new talent and build a competitive team,’ Ramoreboli said. He added that the technical team will use the matches to correct the mistakes noticed during the AFCON campaign and to build momentum going into the next official competitions.

Ramoreboli described the tournament as a launching pad for upcoming assignments. He confirmed that new and upcoming players will be called up as part of the rebuilding process. According to the coach, giving new players international exposure is important for the long-term development of the national team.

The coach also praised the Botswana Football Association (BFA) for organising the tournament. He said it is the first time since his arrival that the country will host a competition of this level during a FIFA international window. He noted that playing strong opponents will help the team measure its progress.

‘It is good to have tough competition and opponents who challenge you. It helps us to gauge ourselves and learn. We will be able to correct our mistakes going forward. We need matches that challenge us both tactically and technically,’ he said.

Ramoreboli further explained that playing more international friendlies during FIFA windows is important for improving competitiveness. He said regular matches against quality opposition will raise the standard of the team and gives players valuable experience.

Although the Zebras did not perform well at AFCON, the coach insisted that the tournament was still beneficial. He said the team learned important lessons and changed its approach in several areas. According to him, international exposure remains key to building a strong national side. The more players compete at a higher level, the better prepared they will be for future competitions.

The Four Nations Tournament will be held in Francistown during the FIFA week from March 23 to 31 at Obed Itani Chilume Stadium. The schedule was confirmed by Mfolo Mfolo, Chief Executive Officer of the Botswana Football Association.

Mfolo said the tournament will be played over two days, on Saturday, March 28 and March 31. The first day will feature two semi-final matches, while the second day will have the third-place playoff and the final.

On March 28, the matches will kick off at 18:00 and 20:00. On March 31, the third-place match will start at 19:00, followed by the final at 21:00.

The BFA believes hosting the tournament in Francistown will also give football supporters in the northern part of the country an opportunity to watch high-level international football. The event is expected to attract strong local support and provide valuable preparation for the Zebras as they look ahead to future continental and regional competitions.

For Botswana, the tournament is not just about winning matches. It is about building a stronger, more competitive team for the future.

AK Duiker 15 – Celebrating the past and inspiring new generations

At the height of his career, former Extension Gunners, Dynamos (South Africa) and the Zebras midfielder Itumeleng ‘Tumie’ Duiker was unquestionably the best midfielder ever to come of Botswana.

After hanging his boots, Duiker, despite a few coaching stints here and there, literally faded into oblivion. Now, the legacy of the man who wore the Zebras’ number 15 with pride is being remembered in remarkable style.

Local sports apparel manufacturer All Kasi has launched a commemorative boot to celebrate his legacy. The AK Duiker 15 Soccer Boot is not just about sport – it is about legacy, pride and the power of honouring greatness while it can still be celebrated.

The AK Duiker 15 Soccer Boot was inspired by a deliberate desire to honour, celebrate and preserve the legacy of the unique soccer talent affectionately known as ‘Tumie.’ It is a powerful tribute to a man whose talent, discipline and determination helped put Botswana football on the map.

It is a project born out of a genuine patriotic duty to represent Botswana’s history, tell its story and inspire its future. At a time when many nations are redefining their identity through sport, the AK Duiker 15 boot stands as a bold statement that Botswana is ready to recognise and celebrate its own sporting heroes.

The boot tells the story of a legend who shone the spotlight on local football. Duiker’s silky skills, disciplined commitment and never-say-die attitude set him apart. He was not only a gifted player but also a symbol of excellence and belief. His performances inspired fans and motivated young players to dream bigger.

Speaking to Sunday Standard Sport, Aka Managing Director Barnes Maplanka said the initiative goes beyond commerce and speaks directly to national pride. He describes the AK Duiker 15 as more than a football boot. It is a symbol of honour and recognition for one of Botswana’s own.

It is borne out of an intent to celebrate legends while they are still alive and to ensure their contribution to Botswana football is never forgotten. It combines entrepreneurship with patriotism. It is about telling Botswana’s story in its own way. By blending business innovation with national pride, the initiative captures the spirit of a country determined to define its own narrative.

More than just footwear, the AK Duiker 15 represents identity and ambition. It connects the past to the present and sends a strong message about the future – that Botswana can create products rooted in its own history and heroes.

For upcoming soccer stars, the boot represents inspiration, self-belief and excellence. It carries a clear message that greatness is not automatic, but earned through sacrifice, discipline and commitment.

The vision is for young players to wear the boot and feel inspired, and to understand that greatness comes from discipline, preparation and hard work – values that Duiker embodied throughout his career.

Maplanka reveals that part of the proceeds from the sales will go directly towards Duiker’s upkeep. This is one way to ensure that those who gave so much on the field of play are respected and supported beyond their playing days.

The symbolism behind the boot is powerful. It celebrates a star who once carried the hopes of many supporters, while at the same time challenging the next generation to rise, work hard and create their own legacy.

Proposed Bill raises jail risk for journalists and whistle-blowers

A proposed new anti-corruption law could expose journalists and whistle-blowers in Botswana to prison terms for publishing or submitting corruption reports later deemed ‘grossly inaccurate’ raising fresh concerns about press freedom and accountability.

The draft Anti-Corruption Bill of 2026 seeks to expand the investigative and enforcement powers of the Directorate on Corruption and Economic Crime (DCEC) while introducing criminal penalties for false reporting and reputational harm.

There are fears that the proposals will add to an already dense framework of laws that can be used to curb investigative journalism and discourage whistle-blowing.

Botswana’s existing statutes already include criminal defamation provisions under Section 192 of the Penal Code. In addition the Whistleblowing Act of 2016, introduced under Botswana’s fourth president, Lt Gen Ian Khama imposes penalties of up to five years for knowingly submitting false corruption reports. The current DCEC Act allows prison sentences of up to three years for providing misleading information to investigators.

At the time the whistleblowing Act was enacted, President Duma Boko, then leader of Opposition critiqued it, not for its criminal sanctions, but for failing to provide anonymous reporting channels and relying on state institutions which he said were untrusted.

The draft bill, which Minister for State President, Defence and Security, Moeti Mohwasa intends to present before the National Assembly would create an additional offence covering reports judged to be seriously inaccurate, potentially widening the scope of criminal liability for investigative journalists. The draft Bill

states that ‘a person commits an offence’ if he or she publishes a corruption report ‘that is grossly inaccurate and presents a clear danger of imminent and serious threat to the reputation of the Agency.’

The provision applies to reports published ‘either in the course of investigation or during the court proceedings in the press.’

The proposed law also criminalises interference with corruption investigations, stating that a person commits an offence if they ‘interfere with, put fear into, threaten or abduct or attempt to interfere with, put fear into, threaten or abduct any person involved in an investigation under this Act.’

In addition to targeting publications, the bill introduces penalties for individuals who make false complaints or provide misleading information to investigators.

Under Section 52, ‘any person who knowingly makes or causes to be made to an officer of the Agency a false report of any offence,’ or ‘knowingly misleads an officer by giving false information,’ commits an offence.

Those found guilty would be ‘liable to a fine not exceeding P10 000 or to imprisonment for a term not exceeding one year, or to both.’

The proposed law further empowers the anti-corruption agency with sweeping investigative tools.

It states that ‘where necessary and appropriate for the effective investigation of corruption and economic crime, the Agency may employ lawful investigative measures.’

These measures include ‘surveillance, undercover operations, controlled inquiries and any other lawful technique as may be prescribed,’ subject to judicial authorisation where required.

The bill also strengthens the agency’s authority over public institutions by allowing it to refer corruption-related matters to government departments and demand action.

According to the draft, ‘where there is no sufficient evidence or where the prosecution would not serve the public interests, the Agency may refer such cases to a relevant public body for necessary administrative action.’

Public bodies will be legally compelled to comply with agency directives, and failure to do so could lead to criminal penalties.

The bill warns that ‘the head of a public body. who, without reasonable excuse, fails to comply. commits an offence and is liable to a fine not exceeding P10 000 or to imprisonment for a term not exceeding one year, or to both.’

The agency will also be able to impose timelines and monitor compliance.

It states that ‘the Agency may. require the relevant public body to submit to the Agency a report in relation to the matter and the action taken,’ and such reports must be submitted ‘within such time as the Agency directs.’

In addition , confidentiality requirements will bind institutions receiving information from investigators.

The bill stipulates that ‘if the Agency communicates information to a relevant public body. such public body shall be subject to the secrecy provisions of this Act.’

DCEC Bill – Failure to report corruption attracts jail term

Batswana who fail to report suspected corruption could face imprisonment or a fine under a tough new legislative proposal aimed at tightening the fight against graft.

According to the draft Anti-Corruption Bill, 2026, which is expected to be presented before the National Assembly by Minister for State President, Defence and Security, Moeti Mohwasa, every citizen will be legally obligated to report suspected corruption involving public institutions.

The proposed law states that ‘a person who suspects that an act constituting an offence under this Act has been committed or is about to be committed within or in relation to a public body has a duty to report to the Agency.’

The bill goes even further for those in leadership or positions of authority as it imposes stricter obligations on them.

It provides that ‘a person who holds a position of authority and who knows or ought reasonably to have known or suspected that another person has committed an offence under this Act shall lodge complaint of such knowledge or suspicion or cause such knowledge or suspicion to be reported to the Agency.’

Failure to comply with this legal obligation will itself become a criminal offence.

The bill warns that ‘a person who fails to comply with this section, commits an offence and is liable to a fine not exceeding P10,000 or to imprisonment for a term of not less than one year.’

The proposed legislation also formalises procedures for reporting corruption, requiring the anti-corruption agency to officially acknowledge every complaint.

It states that ‘upon receipt of a report. the Agency shall take down the complaint in such manner as it considers appropriate, and immediately provide the person who made the report with an acknowledgment of receipt of such complaint.’

In addition, the agency will issue guidelines to ensure compliance, with the draft law noting that ‘the Agency shall issue such guidelines as it considers appropriate to ensure compliance with this section.’

The bill also empowers individuals to report suspected corruption even before it occurs.

It says ‘a person who alleges that another person has engaged or is about to engage in a corrupt practice may lodge a complaint with the Agency in such manner as may be prescribed.’

According to the draft, ‘the Agency may investigate a matter under this Act on receipt of a complaint or on its own initiative.’

Once a complaint is lodged, the Director-General will assess its merit before deciding whether to proceed with an investigation.

The bill explains that the Director-General ‘shall, upon receipt of a complaint. examine each alleged corrupt practice and decide whether or not an investigation in relation to the allegation is warranted.’

Factors to be considered include ‘the seriousness of the conduct,’ ‘whether or not the allegation is frivolous or vexatious,’ and whether an investigation would likely reveal an offence.

Complainants will also be formally notified of the outcome.

The propsed legislation states that ‘the Director-General or authorised officer shall inform the complainant, in writing, of the decision of the Agency in relation to the allegation.’

Government withdraws de-recognition letters against Basubiya chief

Government has formally withdrawn controversial letters that sought to downgrade Munitenge Lawrence Liswani Sinvula from Kgosi of the Basubiya tribe to a village-level sub-chief, effectively conceding ground after a stinging High Court rebuke.

In correspondence dated 16 February 2026, the Attorney-General’s Chambers advised Sinvula’s lawyers, Mbeha Attorneys, that the impugned letters issued by the Ministry of Local Government and Traditional Affairs on 12 and 16 September 2025 had been ‘formally withdrawn in their entirety.’ The withdrawal, the Attorney-General said, takes immediate effect and restores the status quo ante (as it existed before the letters were issued).

The concession follows an interim ruling by High Court judge Godfrey Nthomiwa, who condemned the ministry’s actions as unlawful, irrational and procedurally improper.

In a separate letter dated 17 February 2026 and addressed directly to Sinvula, Minister Ketlhalefile Motshegwa confirmed that, acting on the advice of the Attorney-General and pursuant to the interim ruling, he had revoked and withdrawn the September 2025 decision. The minister stated that the position existing before that decision ‘prevails.’

The dispute arose after the ministry informed Sinvula that he was ‘not a Kgosi for Chobe but for the village of Kavimba,’ and purported to replace his Section 6(2) recognition under the Bogosi Act with a Section 21 village appointment. For the Basubiya community, the move amounted to derecognition of their tribe and their Kgosi, a claim government initially dismissed as the correction of an administrative error.

Justice Nthomiwa rejected that explanation, finding that the letters effectively stripped Sinvula of his tribal authority without following mandatory legal safeguards. The Bogosi Act requires an inquiry, notice, a right to be heard and publication in the Government Gazette before a Kgosi can be removed or downgraded, steps the court found were entirely absent. The judge also ruled that the minister’s reliance on the Basubiya’s lack of representation in the Ntlo ya Dikgosi was ‘entirely unfounded in law.’

In withdrawing the letters, the Attorney-General acknowledged that the decision eliminated the live dispute between the parties, rendering the dispute no longer in existence. Government has tendered costs in respect of both the interim proceedings and the pending review application.

Related proceedings are scheduled for a status hearing on 2 March 2026, and government has suggested that the review matter be dealt with on the same date to bring the dispute to a close.

For now, the withdrawal cements the court’s interim order as Sinvula continues to exercise all functions and powers of Kgosi of the Basubiya tribe, while the September 2025 letters remain without legal effect.

De Beers deepens losses

De Beers swung to a deeper operating loss in 2025 as weaker rough prices, inventory write-downs and a structural shift toward laboratory-grown stones weighed on earnings, even as sales volumes recovered.

The company’s latest financial statements shows that its production fell 12 per cent to 21.7 million carats, reflecting deliberate output cuts to match subdued demand . Botswana, which accounts for the bulk of group output, saw production decline 16 per cent to 15.1 million carats following planned reductions at Orapa and lower volumes at Jwaneng .

Revenue edged up to $3.5 billion from $3.3 billion, supported by a 17 per cent increase in consolidated rough sales volumes to 20.9 million carats . But higher volumes failed to offset price pressure. The average realised price fell 7 per cent to $142 per carat, while the underlying rough price index dropped 12 per cent . Including stock rebalancing initiatives, the effective price decline was closer to 25 per cent .

The result was an underlying EBITDA loss of $511 million, compared with a $25 million loss in 2024 . Trading losses linked to selling previously higher-priced inventory into a weaker market totalled $424 million .

Unit costs fell 8 per cent to $86 per carat, while capital expenditure was cut 34 per cent to $353 million as the group rephased projects and tightened cash preservation .

Anglo American recognised a further $2.3 billion impairment on De Beers, citing lower long-term price forecasts and changing consumer preferences . A formal sale process remains under way, with production guidance for 2026 set at 21 to 26 million carats.

Growing old, going hungry: inside Botswana’s invisible elder-care crisis

In Botswana, growing old rarely means entering a care home. It means staying put in a family yard, often without running water, steady food, or reliable help. A new national study, Family Caregiving of Older Persons in Botswana, paints a stark picture of an elder-care system that exists almost entirely out of sight and largely without state support. In the absence of subsidised residential care, families – mostly women – shoulder the burden alone.

‘Caregivers have to do more with less support,’ the authors write, warning that family-based elder care is ‘increasingly fragile’ as resources dry up and kin networks thin. Based on in-depth interviews with 80 older people and their caregivers across four communities, the report concludes that Botswana’s care system rests almost entirely on unpaid family labour, mostly carried by women, in conditions of severe scarcity.

There is no state-subsidised residential care in Botswana. Nearly all older people are cared for at home, often by an adult daughter who has returned after divorce, unemployment or bereavement. In many households, that daughter is the only dependable caregiver left.

‘As a daughter, it was automatic that I must be the one taking care of her,’ one woman told researchers. ‘I consider this my home; she is my parent’.

But love does not pay for water, food or transport. Nearly half of older-person households reported eating fewer meals than they needed, while many lacked running water or proper sanitation. Caregiving often means hauling water, managing incontinence without supplies, and walking long distances to clinics.

The Old Age Pension, long a pillar of Botswana’s social protection system, offers some relief. But even after a recent increase, it remains insufficient for households juggling food insecurity, medical costs and multigenerational unemployment. Access to disability grants and home-based care services remains strikingly low, the report found.

The emotional toll is just as severe. Caregivers described exhaustion, isolation and unresolved grief linked to decades of AIDS-related deaths. ‘Families are no longer united,’ one caregiver said bluntly. ‘They can come to check up, but they don’t take care of her in any way’.

The report was authored by Professor Elena Moore of the University of Cape Town, alongside Dolly Mogomotsi Ntseane and Gwen Lesetedi of the University of Botswana, with Vayda Megannon and Zeenat Samodien, also affiliated with the University of Cape Town’s Family Caregiving Programme for Older Persons in Southern Africa.

The report recommends government to ‘Review access and eligibility for the disability grant,’ since only 7% of older persons currently receive the disability cash. It also states that there is need to ‘Improve food security in older-person households’ and for the government to ‘expand existing food assistance programmes and review the destitute food coupon system to ensure it reaches all eligible older persons.’ The researchers also urge ‘government departments, working with the Department of Water Affairs,’ to introduce ‘water subsidies or targeted relief for older-person households, prioritising those with limited income or caregiving responsibilities.’

As Botswana finalises a long-awaited Older Persons Act, the report poses a stark question: can the country continue to rely on family care alone in the face of rising food insecurity, water shortages and economic strain? Without stronger state support, the authors warn, the system may soon collapse, behind the walls of family yards where care has long been assumed, but never guaranteed.