Botswana is among Africa’s richest countries and the continent’s oldest functioning post-colonial, multi-party democracy. It has low taxes and a stable government that has been ranked as Africa’s least corrupt. But it needs entrepreneurs.
While mining has been the pillar of Botswana’s wealth (diamonds account for about half the government’s revenue and over a third of its GDP), the country has largely avoided the “resource curse” that stymies economic growth in similar nations. The country’s income from diamond mining is spread widely enough to provide almost half the population with middle-class status. Articles about the economy of Botswana always hail its development performance and the example of stability it sets for the rest of the continent, but warn that the country must diversify before the mines run out—a deadline that is currently estimated at 2030. Entrepreneurs will play an important part in this.