Gov’t opens new export opportunities for FMD-hit farmers

Government has approved a renewed dispensation for live cattle and meat product exports to help livestock farmers recover from months of disrupted marketing caused by the Foot and Mouth Disease (FMD) outbreak.

The arrangement, announced by Minister of Lands and Agriculture Dr. Edwin Dikoloti at a media engagement at Grand Aria this week, is intended to help farmers sell accumulated livestock, improve cash flow and meet their financial obligations while supporting the management of the disease.

Under the new dispensation, live cattle exports will be permitted for six months and restricted to slaughter-ready steers, while meat and meat product exports will be allowed for 12 months.

Dikoloti said the initiative would provide additional marketing opportunities for eligible farmers and businesses following prolonged movement restrictions that had affected normal livestock trading.

The new arrangement introduces safeguards intended to ensure wider participation and prevent a disproportionate concentration of export opportunities among a small number of traders.

Each farmer or livestock buyer will be limited to a single export permit, while the live cattle export levy will increase from P30 to P300 per head. The domestic slaughter levy will remain at P30 per head until the domestic market stabilises sufficiently for a formal review.

Meat exports under the dispensation will be restricted to citizens and citizen-owned companies.

The previous live cattle export arrangement, introduced in 2019 as a temporary measure, was renewed four times over six years before ending on April 30, 2025. During its operation, local producers exported more than 551,570 cattle, primarily to South Africa and Namibia.

However, Dikoloti said the benefits had not been distributed evenly, with a relatively small number of participants capturing a disproportionate share of the opportunities.

The revised arrangement is therefore intended to promote inclusivity, citizen empowerment and fairer access to export markets.

The Minister said the dispensation would also support disease management by facilitating the reduction of livestock numbers where appropriate and subject to veterinary requirements, potentially reducing the need for costly and rigorous testing to establish infection clearance.

In another development offering relief to producers, the Botswana Meat Commission (BMC) has commenced slaughtering cattle from fenced farms and quarantines within the containment zone.

Approximately 1,000 cattle had been processed by the time of Dikoloti’s address, providing an alternative marketing channel for eligible farmers while restrictions remain in place.

Individual livestock slaughter will also be permitted across all zones, subject to conditions determined by the prevailing disease situation in each area.

Dikoloti said the opportunities for economic recovery were emerging alongside progress in the national disease-control programme, which has required substantial public expenditure and extensive vaccination campaigns.

Government has redirected approximately P97 million towards FMD control since the outbreak began in January 2026.

The Minister also praised the Botswana Vaccine Institute (BVI) for maintaining vaccine supplies amid unprecedented regional outbreaks and surging demand.

As of October 9, 2026, BVI had supplied 4,852,484 doses of FMD vaccine for the 2026/27 financial year, demonstrating its capacity to fulfil contractual obligations while supporting disease-control efforts in Botswana and other countries.

Botswana received 948,000 doses, while Zambia received 1,638,854 and Namibia 1,283,000. Zimbabwe received 373,000 doses, with Eswatini and Mozambique each receiving 300,000. Mauritius received 6,000 doses and Kenya 3,630.

Dikoloti described the country’s locally produced FMD vaccine as a major scientific achievement, saying the outbreak had highlighted the importance of Botswana’s veterinary expertise and vaccine production capacity.

He said Government’s response would continue to be guided by veterinary evidence, the public interest and the long-term sustainability of the livestock industry.

While acknowledging the financial pressure experienced by farmers, the Minister called for continued compliance with movement restrictions, vaccination requirements and biosecurity measures to protect the gains made in containing the disease.

Dikoloti said the renewed export dispensation, alongside BMC slaughtering operations and continued vaccination, is part of Government’s efforts to restore livestock marketing opportunities while safeguarding the national herd.

He said the ultimate objective remained to protect livestock, restore markets, strengthen farmers and secure the future.

BONU condemns ‘premature’ 24-hour clinic rollout

The Botswana Nurses Union (BONU) has raised concerns about patient safety and working conditions at Sefhophe Clinic after its conversion into a 24-hour health facility, saying the service was expanded without adequate staff to meet the demands of round-the-clock care.

The union said the clinic was operating with only five nurses and one midwife, a staffing complement it considers inadequate for a facility expected to provide continuous services, respond to emergencies and meet the healthcare needs of surrounding communities.

BONU condemned what it described as the ‘premature and untimely conversion’ of the clinic, warning that extending operating hours without increasing the workforce could undermine the quality of care and place healthcare workers under excessive pressure. ‘Expanding operating hours without providing sufficient healthcare personnel raises serious concerns about the quality of care, patient safety and the welfare of our members,’ the union said.

The dispute highlights a challenge facing efforts to expand access to healthcare as keeping facilities open for longer does not necessarily translate into better services if staffing and operational capacity fail to keep pace.

BONU said the six nursing staff members faced the prospect of managing continuous services with insufficient personnel, increasing the risk of excessive workloads, fatigue and burnout. The union did not provide patient-volume figures or a detailed staffing assessment for the clinic.

It also questioned whether the decision had been implemented before the necessary staffing requirements and operational arrangements were addressed.

‘A healthcare facility cannot be expected to function effectively on a 24-hour basis simply by extending its operating hours,’ the statement said. The union stressed that it supported efforts to improve access to healthcare in Sefhophe and neighbouring communities but argued that expanded services must be accompanied by sufficient nurses and midwives.

‘Nurses cannot be expected to compensate for staffing shortages through excessive workloads and personal sacrifice,’ BONU said, adding that healthcare workers’ commitment to serving the public should not substitute for proper planning and recruitment.

The union demanded a comprehensive assessment of the facility’s staffing needs, patient volumes, emergency-response capacity and operational requirements. BONU further urged the ministry to ensure that nurses and midwives have safe working conditions, reasonable workloads, adequate rest periods and the resources needed to perform their duties.

The union said the health and safety of patients must not be compromised and healthcare workers must not be placed in an untenable working environment.

Beyond the hype, can Mascom’s ‘techco’ shift fast-track Botswana’s ICT roadmap?

Mascom’s vision engineers are dreaming big.

In their vision, a fashion creator in Francistown drops her latest lookbook, taps a screen, and just like that, her designs are flying off the digital shelves directly onto the rails of a high-end boutique in Maun.

Over at the chaotic Gaborone station, a street-smart food hustler rides the peak lunchtime rush while a clever app keeps his orders flowing, his stock in check, and his profits completely on point.

Meanwhile, in a quiet village beneath the shade of a sprawling tree, a young dreamer codes her way into the future, streaming advanced tech tutorials without a single buffering wheel to kill her vibe.

This is way bigger than a corporate daydream. This is Botswana’s fierce hustle culture meeting its ultimate glow-up moment, a space where connectivity sparks raw creativity, ideas instantly translate to income, and today’s dreamers finally get the tools to become tomorrow’s game-changers.

Can Mascom really pull it off?

As any Motswana business owner or student knows, turning a corporate daydream into real-world reality requires moving past marketing taglines. While the colorful adverts and the deeply personal slogan, ‘Always You’ are designed to win hearts, the massive corporate pivot taking place inside Mascom Wireless is actually answering a much larger call.

Marking 28 years of operation in Botswana, the country’s pioneer mobile network recently announced a massive strategic transformation. The company is attempting a complex pivot, moving from a traditional telecommunications company into a fully integrated technology company. Beyond the marketing buzz, this corporate evolution is emerging as a critical commercial engine for the government’s highly anticipated National ICT Roadmap 2030 and the overarching SmartBots Digital Transformation Strategy.

This transformation is a high-stakes play for survival and dominance in Botswana’s competitive tech landscape. Selling airtime and basic data bundles is no longer enough to sustain corporate growth as global telecom margins shrink.

By shifting to a technology-focused ecosystem, Mascom is opening fresh revenue streams, and reclaiming clear market leadership.

However, this transition comes at a time when the country’s digital foundation faces real, systemic economic friction. Independent data shows that while Botswana has built solid physical infrastructure-boasting an estimated 78% urban and rural fiber optic network coverage and an internet penetration rate reaching 81.4%-the daily digital reality remains financially challenging. According to global broadband benchmark studies by Cable.co.uk, Botswana ranks 161st out of 237 countries for mobile data affordability. The average cost of 1GB of mobile data sits at roughly USD 1.99, which converts to approximately 27 Pula. While this is a massive drop from regional highs seen in previous years, it remains a steep premium compared to global digital leaders.

Local advocacy groups like the Media Institute of Southern Africa have continuously highlighted a stark regional digital divide, noting that data costs in landlocked Botswana face geographic transit premiums compared to coastal neighbors with direct undersea cable access.

For a food vendor at Gaborone station earning tight daily margins, data is a major operational expense. A single unstable connection or an unexpected data expiration isn’t just an inconvenience; it kills business momentum. Small-to-medium enterprises face persistent challenges with digital payment barriers, digital literacy, and cash-heavy operational ecosystems. Mascom’s leadership acknowledges that an attractive brand refresh doesn’t automatically fix these infrastructure friction points. Chief Executive Officer Dzene Makhwade-Seboni recently reminded her team during the launch event that a brand is not created by the logo, but is built by what people think. She emphasized that their responsibility is not simply to keep pace with that change, but to anticipate what it means for the people and businesses they serve, continually asking how they can make technology more useful, more accessible, and more relevant to everyday life.

To move past empty promotional hype, Mascom is focusing heavily on actual utility rather than technology for its own sake. The network infrastructure, which connects over 3.2 million mobile internet users across the country, is being treated as a foundation to launch practical digital solutions. For years, the government has invested heavily in the country’s digital foundations, laying thousands of kilometers of physical fiber-optic cables across both urban centers and rural villages. However, infrastructure alone does not create a digital economy. Industry analysts point out that for national blueprints to succeed, private tech giants must build the commercial platforms that sit on top of those cables.

By aligning private infrastructure with public policy, Mascom’s structural evolution is turning Botswana’s national digital goals into reality across several key areas. First, it is fueling the knowledge-based economy. A central pillar of the National ICT Roadmap is transitioning Botswana away from a resource-dependent economy and toward a high-income, knowledge-based society. To do this, the state aims to generate thousands of high-value digital jobs. By expanding past standard bundles to offer cloud computing, cybersecurity infrastructure, and advanced data storage, Mascom is expanding the local corporate tech sector, creating a sustainable home for local data scientists and engineers who would otherwise look outside the borders for career opportunities.

Second, it commercializes the village connectivity programs at the grassroots level. Through the public SmartBots Village Connectivity Program, the state brings internet access to schools, clinics, and rural village kgotlas. Mascom’s pivot breathes economic life into this public infrastructure. By rolling out easy-to-use micro-business software, digital ledgers, and accessible fintech tools, Mascom ensures that once a village is physically connected to the network, local citizens can immediately use that signal to launch digital enterprises and manage money securely. This strategy directly addresses the primary real-world test of closing the tech literacy gap for street vendors and small traders while lowering real data costs so small businesses can afford to stay online all day.

Third, it shifts the gross domestic product needle. With traditional voice call revenues shrinking globally, telecommunications companies can no longer support economic growth through cellular connectivity alone. The Ministry of Communications, Knowledge and Technology has set ambitious goals to push the digital sector’s contribution to national GDP into double digits. Mascom’s expansion into corporate software architecture opens up fresh, software-driven revenue models that can actively diversify the national balance sheet. Finally, it sets the stage for smart government. The government’s digital roadmap targets moving the vast majority of public services completely online. However, e-government platforms only work if the general public is digitally literate and comfortable using applications. Mascom’s heavy focus on simplifying the digital user experience, headlining a completely revamped online portal, trains millions of local consumers to manage accounts and transact smoothly on their screens, lowering the barrier for citizens to transition to automated, paperless state services.

Ultimately, this technology shift directly decides how quickly local cloud hosting, paperless digital ledger systems, and advanced fintech become affordable and accessible. The feel-good truth of Mascom’s next chapter isn’t found in a new logo or an abstract corporate strategy. It will be found on the ground. It will be measured by whether the Francistown designer can continuously find new markets without a connection drop, and whether that student under the tree can finish her coding assignment seamlessly. If Mascom can successfully match its technological capabilities with the everyday resilience of local entrepreneurs, its ‘Always You’ promise will stop being a marketing campaign and finally become Botswana’s reality.

Maotoanong Finishes His Life Race

This poetic bible verse, penned by apostle Paul, succinctly captures the life and legacy of the recently departed Gaone Leaname Maotoanong. The likable gentleman of the track passed on suddenly this past Thursday at the age of 35-years.

As a former national athletics team athlete, ‘Lux,’ as Maotoanong was affectionately known, knew how to fight a good fight and finish the race, in literal sense. Lux was team Botswana men’s 4x400m relay anchor when Botswana narrowly missed out on podium finish at the Rio 2016 Olympics.

That narrow miss out on the podium, and the negative energy directed towards him as an anchor could have discouraged many men. Not Lux though! He did not cringe. He fought back.

Two years post the Olympics, Maotoanong was the one who would set the pace for Botswana men’s 4x400m relay. This time, it was at the Gold Coast 2018 Commonwealth Games down under in Australia. He was the first leg runner in the finals as Botswana stormed to a 4x400m relay gold at the games. Other members of that team were Baboloki Thebe, Onkabetse Nkobolo and Isaac Makwala, the latter running as the team anchor.

Not surprisingly, it was Maotoanong who took the microphone when the team arrived in Botswana from the games. During a presentation of prizes for the team at Orange Botswana, Lux uttered what may now seem as a prophetic statement.

‘The future is bright for us. If you could see gore rotlhe re kaenyana, le 2024 re tlabo re ntse re gella di phone hela. Ha go a hella gone ha,’ he said to a loud applause. This statement laid bare the faith the recently departed 400m runner had for the future of Botswana athletics.

He knew that the foundations had been laid. He had played his part in laying those foundations. Just as he had foretold, at the Paris 2024 Olympics, Botswana got her gold, two in fact. And one of those was in the men’s 4x400m relay. Prophesy fulfilled.

‘This is very painful. We lost not only an athlete but also a young leader. His passing has come as a shock for all of us because it was sudden. Losing someone so full of life so suddenly is difficult to comprehend,’ BAA president Oabona Theetso says.

The BAA president says as a young leader, Maotoanong was a calming force in the midst of crisis. His best show of leadership came at the Doha 2019 World Athletics Championships, which Theetso describes as the worst championships ever.

Ahead of the championships, Botswana lost two of its stars, Isaac Makwala and Baboloki Thebe to injuries. The two could not travel with the team. Once the team arrived in Doha, another star, Nijel Amos picked an injury at training.

And that was not all. Oratile Nowe and Galefele Moroko, who were part of the women’s 4x400m team also picked injuries. Moroko picked her injury in the quarterfinals of the women’s 400m. Their injuries meant Botswana could not compete in the women relays.

As if that was not enough, the men’s 4x400m relay team was also disqualified for starting outside the takeover zone. The disasters led to unhappiness and finger pointing within the camp, as some believed all these were acts of sabotage.

‘When chips were down and tensions were raging, Lux, who was our team captain, stood up to calm the storms. He became the voice of reason. He consoled us and told us to calm down as everything happened for a reason. That is what epitomised him as a young leader.’

‘It was because of this that he went on to become an athlete representative in our committees. Not just anyone could be elected to the post. That defined Lux as a person and a leader,’ Theetso reminisces.

The BAA president says it is not surprising therefore that his prophetic words in 2018 of athletics sweeping all incentives in 2024 had come to pass. ‘He was there when it all started. He played his part in setting the foundations.’

Fare Thee Well Champ, Gaone Leaname ‘Lux’ Maotoanong. You have run your race. You have earned your crown.

Signet, De Beers reinforce Botswana ties as diamond industry battles weak demand

Signet Jewelers and De Beers are reinforcing a partnership spanning diamond mining, manufacturing and retail, placing Botswana’s economic transformation, local craftsmanship and responsible sourcing at the centre of efforts to revive consumer demand for natural diamonds.

The relationship was highlighted at a reception at the National Museum in Gaborone on Friday, celebrating Botswana’s 60 years of independence and its contribution to the global natural diamond industry. Senior executives from Signet, the world’s largest diamond jewellery retailer, had earlier visited Jwaneng, widely regarded as the world’s richest diamond mine by value.

Making his first visit to Botswana, Signet Chief Executive Officer James Kevin (J.K.) Symancyk praised the country’s transformation and the contribution of diamonds to schools, hospitals, roads, employment and economic development over the past six decades.

Symancyk, who brings more than three decades of experience in retail, consumer behaviour and merchandising, acknowledged the difficult trading conditions confronting the industry but maintained that the rarity, authenticity, provenance and social impact of natural diamonds remained compelling attributes for consumers.

‘Consumer demand is under pressure, and the industry is working together to navigate significant change,’ Symancyk said, stressing the importance of explaining the benefits that diamond production brings to communities.

New York Stock Exchange-listed Signet Jewelers, which owns jewellery brands including Kay Jewelers, Zales, Jared and Blue Nile, recorded annual sales of $6.81 billion (approximately P91.0 billion) for the financial year ended January 2026, up 1.6 percent from $6.70 billion (P89.6 billion) a year earlier.

Paul Rowley

De Beers Executive Vice President for Diamond Trading Paul Rowley, who has spent more than four decades in the industry, described the past three years as the most difficult of his career. He said closer cooperation between producers and retailers was essential to navigating the downturn.

Rowley emphasised that while producers value diamonds for their rarity and natural origins, their commercial worth ultimately depends on consumers.

‘What we have to remember is it’s the actual consumer that creates all the value,’ he said, highlighting Signet’s importance in promoting natural diamonds internationally.

The companies’ relationship stretches back more than three decades and has expanded beyond rough diamond supply. In May 2024, they announced a marketing collaboration targeting younger American consumers, followed by the Worth the Wait campaign in October, using Signet’s retail network and De Beers’ marketing expertise.

Their ties in Botswana developed alongside the country’s emergence as an international diamond trading centre. De Beers, whose mining partnership with Botswana dates back to the establishment of Debswana in 1969, transferred its diamond aggregation activities from London to Gaborone in 2012 and held its first international sight in the capital in November 2013.

Rowley recalled that the relocation was intended to be permanent, strengthening Botswana’s position in the global diamond value chain.

Signet acquired a Gaborone diamond polishing factory for $9.1 million (P121.7 million) in November 2013, becoming a De Beers sightholder a year later and securing contracted supplies of rough diamonds.

Rowley said Signet’s local manufacturing operations had undergone substantial transformation. More than 90 percent of employees were expatriates in the factory’s early operations, largely involved in training, but the position had since reversed, with Batswana now accounting for more than 90 percent of the workforce.

According to Signet’s September 2026 financial disclosures, its Botswana cutting and polishing facility employs 165 people, reflecting its continued commitment to local manufacturing despite difficult conditions facing the global diamond industry.

Signet Chief Corporate Affairs and Sustainability Officer Colleen Rooney highlighted the company’s more recent efforts to develop local craftsmanship, particularly an initiative over the past two to three years to cut and polish high-quality Botswana diamonds locally.

Rooney singled out the factory’s round-polishing team, led by department manager Nancy, as an example of the skills developed locally. She said the delegation’s visit to Jwaneng had also provided an opportunity to understand the industry’s operations and explore closer collaboration.

‘That was our agenda today, was to really learn more and figure out how we could do more together in the spirit of relationship,’ Rooney said.

Rowley illustrated the rarity behind the industry’s marketing message, describing how a 300-tonne truckload of ore from Jwaneng’s productive Centre Pipe yielded approximately 600 carats of rough diamonds, while six additional truckloads of waste rock had to be removed to access the ore.

Symancyk said strengthening consumers’ understanding of that journey, and the economic opportunities diamond production creates for Batswana and communities, would be important to sustaining the industry’s appeal.

‘Together, we can help consumers better understand the people, communities, craftsmanship, and positive economic impact behind every diamond,’ he said.

FMD crisis: South Africa opens door to Botswana Beef

Botswana’s beef export industry could be closer to regaining access to the South African market after the neighbouring country submitted biosecurity protocols to facilitate the resumption of imports.

It is understood that this will lead to the possibility of establishing foot-and-mouth disease (FMD)-free zones emerging as a potential solution.

According to South African media reports, South African Agriculture Minister Willie Aucamp said his department had submitted the proposed protocols to Botswana and was awaiting an official response. Aucamp is quoted as saying that the resumption of red meat imports from Botswana and Namibia would depend largely on agreements over biosecurity measures as the three countries battle ongoing FMD outbreaks.

‘We have already submitted protocols to that effect to Botswana and are awaiting an official reaction. The compartmentation of FMD-free zones in Botswana is one option that could be considered for the recommencement of imports from that country,’ Aucamp was quoted as saying. The development offers a potential pathway for Botswana’s beef industry, whose access to the South African market has been affected by restrictions on exports and the suspension of cattle movements amid the disease crisis.

The proposed compartmentalisation approach could allow trade to resume from designated areas demonstrated to be free of the disease, subject to acceptable veterinary safeguards and agreement between the two countries. However, an immediate reopening of the market is not guaranteed as Botswana is yet to formally respond to the protocols while the technical requirements for any designated disease-free zones would still need to be agreed upon. Aucamp stressed that regional cooperation was essential to containing the disease, warning that attempts to fight FMD independently would undermine efforts to control its spread.

‘It simply makes sense to work together. It would be counterproductive to try to combat the disease in isolation,’ he said. He added that South Africa had made 50,000 vaccine doses available to Namibia, Eswatini and Lesotho so far this year as part of regional efforts to combat the disease. The minister also said he remained in constant communication with his Namibian counterpart and that South Africa was committed to assisting neighbouring countries where possible. Meanwhile, South Africa is stepping up its domestic vaccination efforts, with private-sector participation playing an increasingly important role in vaccine production and distribution. Aucamp said the Agricultural Research Council (ARC) was currently producing 20,000 vaccine doses a month, against a national cattle herd of approximately 15.2 million animals.

He said millions of doses would be required to vaccinate the country’s cattle effectively, highlighting the scale of the challenge facing veterinary authorities. The minister welcomed the ARC’s decision to make its intellectual property relating to vaccine manufacturing available to private companies, saying royalties generated would be ring-fenced for vaccine production. He also called for improved communication between government and agricultural organisations, arguing that disagreements over the FMD response could have been avoided through constructive engagement.

‘The time has come for role players in the sector to talk with each other and not about each other,’ Aucamp said.

The people’s IPO gains momentum as Access Bank Botswana creates access to Africa’s largest industrial opportunity

For the first time, investors in Botswana and the participating SADC markets can take part in a landmark African initial public offering from their own exchange. The offering of Dangote Petroleum Refinery and Petrochemicals FZE (‘Dangote Refinery’), embraced as ‘The People’s IPO’, reaches Southern Africa through Botswana Depository Receipts (‘BDRs’) issued by Access Bank Botswana Limited as Unsponsored Depository, a first-to-market structure for the Botswana Stock Exchange (‘BSE’). The window to join the refinery’s first generation of public shareholders is now in its final days.

Botswana, like many of its neighbours, imports virtually all of the refined fuel that powers its homes, mines, farms and transport. The BDR programme changes that relationship, giving Batswana the chance to move from consumers of that fuel to part-owners of the refinery that produces it.

The structure removes the barriers that have historically kept African savers out of Africa’s largest industrial assets. Investors apply through any BSE member broker in Botswana, or through their local licensed broker in participating SADC markets, with no Nigerian account needed. Each BDR is backed one-for-one by a Dangote Refinery share at ?525.00, the same offer price available to investors in Nigeria. In Botswana, this means BWP 5.85 per BDR and a minimum of 100 receipts. The underlying shares are held in Nigeria by Access Bank Plc as custodian, in a segregated account that is reconciled daily and ring-fenced from the Bank’s own balance sheet.

Momentum has built steadily since the Southern Africa Investor Roadshow in Gaborone on 14 October 2026, where Mr. Aliko Dangote, Founder and President of the Dangote Group, presented the investment case in person. Convened with the BSE and the Committee of SADC Stock Exchanges (‘CoSSE’), the roadshow reached investors across the region through virtual hubs, turning a national listing into a regional event.

Access Bank

Sheperd Aisam, Managing Director of Access Bank Botswana Limited, said: ‘When we announced this programme, we spoke of a teacher in Francistown owning a piece of the largest refinery on the continent. That is now within reach. The People’s IPO means exactly what it says: the same share, at the same offer price, with the same protections, whether you sit on a pension fund investment committee in Gaborone or you are investing your first savings through a broker in Maun. Every Motswana who fills a tank, runs a farm or rides a combi already depends on Africa’s energy future; now they can own a share of it. When this offer closes on 27 October, the register of the refinery’s first public shareholders will be set, and Botswana’s investors will be on it. This is history in the making, and we are proud to have built the pathway to it. Speak to your stockbroker and be part of the People’s IPO.’

The opportunity rests on an asset that is already operating at scale. Dangote Refinery reported unaudited revenue of US$22.5 billion and profit after tax of US$4.7 billion for the nine months ended 30 September 2026, with refinery utilisation reaching 105% of nameplate capacity in August 2026. Proceeds from the offering will fund a second refining train, doubling capacity to 1.4 million barrels per day. The issuer has stated that it intends, subject to applicable laws and regulations, to declare dividends in US Dollars.

BDR applications close on 27 October 2026. Investors should read the full Prospectus here, including risk factors, and take independent advice before applying.

UDC backbenchers demand pay hike, threatening Boko’s austerity agenda

A quiet mutiny is brewing within the ruling Umbrella for Democratic Change (UDC), as backbench Members of Parliament aggressively organize to demand substantial salary and allowance hikes. Citing Botswana’s sharp economic rebound in 2026, legislators are preparing to submit a formal proposal to Vice President and Minister of Finance Ndaba Gaolathe ahead of the November Parliament sitting and President Duma Boko’s State of the Nation Address (SONA).

However, the move is expected to ignite widespread public anger, exposing deep hypocrisies within the ruling coalition. When the UDC won its historic election victory in late 2024, ending nearly six decades of BDP rule, its cornerstone promise was sweeping fiscal austerity. President Duma Boko and Vice president Ndaba Gaolathe declared that the previous government had left the state purse empty, even floating a mandatory 12-month salary cut for politicians to address the crisis. Now, just two years into their term, their own backbenchers are demanding the opposite.

The MPs argue that their financial restraint is no longer required given the Central Bank’s glowing economic indicators. Backbenchers are weaponizing Botswana’s 8.7% Q2 2026 GDP expansion-driven by a temporary volume surge in diamond mining-to prove the state can afford a pay raise.

The Bank of Botswana External Statistics Bulletin revealed a 20% surge in foreign exchange reserves, rising from P46.3 billion in Q1 2025 to P55.9 billion in Q2 2026, buoyed by stronger diamond royalties and Southern African Customs Union (SACU) receipts.

The push coincides with Minister Gaolathe’s confirmation that the Government Investment Account recovered by over 200%, rising from a critically low P2 billion in 2024 to P6 billion in mid-2026. MPs argue this newfound cushion should extend to them.

The optics of politicians demanding higher wages is expected to touch off public outrage and a fierce pushback from trade unions. Public workers are currently suffocating under a massive cost-of-living crisis. Labor bodies like the Manual Workers Union and BOFEPUSU are heavily pressuring the UDC to fix inherited civil service wage structures and deliver on pre-election promises before touching political compensation.

The UDC campaigned heavily on establishing a P4,000 monthly living wage, an P1,800 old-age pension, and scaling the Ipelegeng wage to P2,500. Political commentators note that rewarding politicians while these flagship social targets remain unlegislated could spell electoral doom for the party.

Public trust has already been strained by reports that the ‘broke’ government quietly allowed increases to parliamentary perks, including a P1.2 million luxury furniture allowance for ministers, while ordinary citizens saw no relief.

The proposed wage hike faces immediate resistance from the executive branch, which is trying to prevent a full-blown political crisis. Parliamentary Chief Whip Sam Digwa told Sunday Standard that he has not received the MPs demands. He however attempted to stall the proposal, reminding rebellious MPs that the country’s recovery is highly fragile and structurally dependent on a volatile diamond market.

‘It is a highly sensitive issue,’ Digwa cautioned, urging MPs to remain patient.

To override the cabinet’s hesitation, UDC backbenchers are crossing the aisle to form an alliance with the opposition Botswana Congress Party (BCP) to build a unified legislative majority capable of forcing the executive’s hand.

The battle also revives local tensions regarding political perks. The last salary adjustment in December 2023 under former President Mokgweetsi Masisi granted a controversial P19,000 monthly constituency allowance explicitly for the President. The UDC vehemently opposed the perk while in opposition, but with their own backbenchers now eager to expand their pockets, the coalition’s commitment to dismantling BDP-era political luxuries is facing its ultimate test.

No receipts, no money- Global Fund warns Botswana over HIV funding

Botswana faces the risk of further cuts to international HIV and tuberculosis funding if it fails to demonstrate that previous government financing commitments were fulfilled. The Global Fund has also warned that it could reduce funding by twice the outstanding recoverable amount if the debt is not satisfactorily repaid.

The warning is contained in an annexture accompanying a letter addressed to government representative Thapelo Phuthego who is currently the Deputy Permanent Secretary in the Ministry of Youth and Gender Affairs. The letter was from Head of the Grant Management Division at the Global Fund to Fight AIDS, Tuberculosis and Malaria, Mark Eldon-Edington.

The document sets out conditions governing Botswana’s next funding cycle, including requirements to account for previous commitments, increase domestic spending and prepare for the eventual withdrawal of external support.

The Global Fund warns that failure to realise previous co-financing commitments under its seventh grant cycle could result in reductions to existing grants and/or Botswana’s next allocation.

‘Failure to realize previous co-financing commitments from GC7 may result in the Global Fund reducing funds from existing grants and/or the GC8 allocation,’ the annexure states.

Botswana is required to submit evidence that previous commitments were fulfilled when applying for the next funding cycle. This includes proof of expenditure on increased government health spending, disease programmes and specific programme-related activities.

The conditions place the government under pressure to demonstrate that promised domestic resources translated into actual spending as it prepares to assume greater responsibility for financing the national HIV and TB response.

The annexure also reveals that Botswana had an outstanding recoverable amount of US$297,414 (approximately P4.23 million) owed to the Global Fund as of February 15, 2026. Of that amount, US$96,882 (approximately P1.38 million) was overdue under the relevant grant agreements.

The document warns that failure to repay the money satisfactorily could trigger remedial action, including a funding reduction equivalent to twice the outstanding recoverable amount.

That could expose Botswana to a potential reduction of US$594,828 (approximately P8.46 million), if the Global Fund applies the specified measure to the full outstanding balance. The debt is separate from the new domestic investment requirements attached to the next allocation.

Under the eighth grant cycle, known as GC8, Botswana must commit at least US$4,231,381 (approximately P60.2 million) in additional domestic investment to qualify for its full allocation.

The Global Fund states that 25 percent of Botswana’s allocation is conditional on meeting co-financing requirements.

As an upper-middle-income country, Botswana must direct all its co-financing commitments towards specified sustainability and transition activities, with particular attention to key and vulnerable populations.

The funding should support essential services that will need to continue after the Global Fund’s financial support ends. These include healthcare personnel, data systems for monitoring HIV and TB, and community and civil society organisations that help vulnerable groups access services.

The annexure also calls for continued procurement reforms to improve efficiency and ensure essential health products remain affordable and accessible. The government must provide a formal co-financing commitment letter and subsequently supply evidence from appropriate authorities, including the Ministry of Finance, demonstrating that the commitments have been realised.

The document makes clear that the next allocation is intended to support Botswana’s transition towards financing its HIV and TB programmes increasingly from domestic resources.

The new grant is scheduled to begin on January 1, 2028. Botswana is being asked to use a tailored funding application approach designed for countries transitioning from external assistance.

The Global Fund requires applications for eligible disease components to be submitted together and, where feasible, integrated into a single funding request. A joint HIV and TB application is mandatory because of the high level of co-infection.

Botswana is also encouraged to have a principal recipient in place when submitting its application, with sub-recipients and implementing partners identified before the grant is signed.

The document warns that the allocation is based on announced donor pledges and that some funding may not materialise if donor contributions fall short. In that event, the Global Fund, government and implementing partners would have to adjust programme designs to accommodate the reductions.

BHC reverses P101.7mn Loss

Botswana Housing Corporation (BHC) expects to return to profitability in the 2025/2026 financial year, projecting a P49.58 million profit before tax after recording a P101.741 million loss in the previous year.

The anticipated improvement represents a P151.321 million turnaround, according to a cautionary statement issued by the corporation on October 13.

However, BHC has not disclosed the factors behind the projected recovery, leaving questions over whether the improvement was driven by higher revenue, lower operating costs, changes in property sales or other financial adjustments.

The corporation’s audited results for the year ended March 31, 2026, were expected to be released on or before October 15, according to the statement.

The financial performance marks a significant reversal from the previous reporting period, when BHC recorded a loss before tax of P101.741 million for the year ended March 2025.

The latest projection provides an indication of improved financial performance, but the extent to which it reflects stronger underlying operations remains unclear in the absence of detailed financial disclosures.

The upcoming BHC results will be important in assessing the corporation’s financial position and capacity to sustain its operations in the housing sector. The corporation’s financial health also matters to holders of its debt securities, who require clarity on its earnings, liabilities and ability to meet financial obligations.

BHC has since advised stakeholders and debt-security holders to exercise caution when dealing in its securities until the annual financial statements are published. The full results should provide a clearer picture of the drivers behind the turnaround, including the corporation’s revenue, expenditure and overall financial position.