Ndaba Gaolathe

Ndaba Gaolathe ( born in September 1972). He is the current Botswana Vice president and minister of Finance. Ndaba is the son of the Minister of Finance and Development Planning, Baledzi Gaolathe. He is a graduate of George Washington University where he obtained two Bachelor’s degrees, one in mathematics and the other in economics. Quotes We are on a journey to build a new Botswana, and this new Botswana requires all of us, regardless of political affiliation or background. It demands that we all stand together, work with determination and purpose. We aspire to build a nation governed with integrity, excellence, and one that is admired across the world. A country that treats every citizen with fairness, unity, and equality. A nation where people share a common spirit, where there is progress. A country where every child and every adult has an equal opportunity to achieve a good life. Ndaba Gaolathe Calls for Unity and Hard Work to Build a Better Botswana, BotswanaYouth(14 February 2025) As a nation, we still import over P6.6 billion in food annually, that is a challenge and a massive opportunity. It calls on every Motswana, every entrepreneur, farmer and investor to partner with government in building a stronger nation. We carry a vision of Botswana as the best managed country on the African continent, a model of fairness, unity and shared prosperity. These reforms aim to ensure our farmers can produce competitively and sustainably. Gaolathe Urges Farmers to Go Beyond Limits,AFRICAPress ( 10 August 2025) This is not just a statistic. It is a national emergency,” Mr. Gaolathe stated. “Youth unemployment undermines our economic growth, threatens social stability, and erodes the hope of an entire generation. If we are to safeguard the future of this country, we must act with purpose and urgency. No country can succeed when half its population is left behind. Botswana must adopt bold and innovative solutions to drive sustainable growth. This includes leveraging technology, promoting entrepreneurship, reforming the education system, and fostering partnerships that deliver real impact. Let this report not gather dust on the shelf. Let it be the foundation of a national movement to uplift our youth and secure a prosperous future for all Batswana. Acting President Ndaba Gaolathe Declares Youth Unemployment a National Crisis in Botswana( 22 May 2025) We need to step back as a country and decide for ourselves, who characterises the ideal partner for Botswana as a nation. Who is the right partner for the government, our state-owned enterprises, and the private sector? I am embarrassed to say this, but we need a partner with deep pockets. Botswana needs a partner with “deep pockets,” Says Gaolathe 10 February 2025 We, as the incoming government, are saying we can dream higher than that: 1,200 megawatts are far from enough. We believe that this country has the potential to be producing 8,000 megawatts of power for export. Botswana VP says country aims higher with solar energy goals 14 November 2024 Africa does not need sympathy. It needs infrastructure, capital, and execution. The private sector must rise — not politely, but boldly. To turn Africa’s large youth population into a positive force, we need smart planning and investment to create the 450 million jobs expected by 2050. Whether you’re a multinational giant or a startup with a disruptive idea — Botswana is ready to work with you. This is a rare opportunity to co-create the future with us. Let us not merely imagine Africa’s potential. Let us unleash it. Let us not think in billions, but in trillions. This is the decade where Africa stops asking for permission — and starts writing its own script; a decade where businesses don't just participate in Africa’s transformation — they lead it. Vice-President Ndaba Gaolathe Calls For Enterprise-Led Transformation At Standard Bank Event 10 July 2025 We can no longer rely on business-as-usual approaches. A diversified, inclusive, future-ready Botswana is within reach, if we choose to build it together. Every pula spent must deliver measurable public value. Acting President Ndaba Gaolathe Opens Business Botswana Northern Trade Fair with Call for Innovation and Reform 22 May 2025 Traditionally, the type of funding that has been available has been primarily debt capital, loan capital funds that require property development. The system has been making this available to our artists, but you cannot fund the creative sector through loan capital. The digitalisation ecosystem is lagging in this country. It is not just about building technology infrastructure, but also physical infrastructure. We need to find ways to develop studios, music hubs, diamond cities, and museums that would attract global visitors, Time for a shake-up 22 October 2025 We are well placed to deepen the relationship with the African Development Bank to support private sector initiatives. Botswana and the African Development Bank reaffirm strategic partnership to drive private sector-led industrialization 18 April 2025 We have to be optimistic because, as I continue to say, we’ve been blessed with all the ingredients we need to build our country. The first of our priorities is to halt the haemorrhaging of our fiscus [treasury], because even though Botswana over the last few decades has outperformed everyone else on the African continent, we need to accept that there has been a period of lapse which has taken place, arguably, over the last 12 years or so. The fiscal discipline we used to have has broken down. In the past it was accepted that we don’t allow politics to interfere with the work of the professionals that manage the economy, particularly the Finance Ministry; we contaminated that culture; we allowed politics to make the economic decisions. We threw away priorities and the emphasis on investing for the future – such as in infrastructure – in favour of immediate consumption. We allowed corruption to set in. So our first priority is to halt all this, and I believe that given that we have been there [in office] a few months, we’ve already done well on that front. You find we’re allowing politics to a large extent not to decide what makes sense in economics. We are galvanising ourselves around priorities, managing properly again, building capacity and our capabilities around properly managing infrastructure, doing things on time. We don’t have the capabilities and capacity to do what the modern world requires. We don’t have the capacity to structure the public-private partnerships that we need to build mega-infrastructure projects. We don’t have the capabilities to leverage and bring  the best out of AI and tech. We need to build it. We need to retrain and revitalise the government civil service. We’ve never experienced the type of unemployment levels we have now, particularly among young people and educated young people. The education system has been purely geared to creating social sciences graduates. The unemployed are highly educated. This means we have a real opportunity to upskill rapidly to AI, tech, and indeed there are steps we’re taking and partnerships we’re putting in place. The second priority is that we need to modernise, revitalise and restructure our state-owned enterprises. In a small economy like that of Botswana, that has maybe 50 SOEs across every sector, from water and power to telecoms and financial services, they are an important part of the economy. If it’s not efficient, if its sub-optimised, if governance is not strong, if you don’t have enough competent CEOs, that affects the economy in a big way. All of these SOEs are very much scalable, they can become continental players… We have not really had a forecast on sectors that have the highest prospects of success – it’s time we did. In the past, government poured money into SMEs [small and medium enterprises] because it was popular. Now we need to support commercialised, high-productivity agriculture. We have us a good deal and we trust that it will carry us into the future. To the people of Botswana, this agreement is about you, about the jobs it will create,” President Boko said at the signing ceremony. With an eye to the future, Gaolathe says the success of the deal will be dependent on skills and technology transfer. The generation before had good relations with De Beers; the current generation believes maybe that the type of relationship the generation before had was not entirely optimal. We believe there’s more that can be done. When you look at diamond production in Botswana, a lot of technology emanates from De Beers. Even though our country has created a lot of engineers and diamond people, we haven’t been able to develop our capacity as a country, our own proprietary knowledge of the mining process. Botswana by now should really be a leader on the African continent, not based on De Beers – we should be in the lead in terms of our knowledge, we should be selling technology to miners across Africa. We should be conversant with all the processes from aggregation to mining, and leaders in a longer value chain as well as the design and manufacture of jewellery. Our diamond exports to the US don’t take anything away; there is not unfairness to the US. If anything, we have added great value to the US, we’ve given them the opportunity to create an entire sector which they wouldn’t have without our diamonds, which pays well. In tax it’s economics 101, all that happens is that it [the tariff] is a consumer tax. It basically raises prices on diamond products. It’s a consumer tax on themselves. It doesn’t do anything else to help them. We have sat down with the President and leadership and asked ourselves, what type of partners are we looking for? The first thing is: we’re looking for partners in it for the long term, not for the quick buck. The second is: those that have the types of insights and experiences we don’t have. The third, I’m embarrassed to say but must say, is that we’re looking for partners with deep pockets! And the fourth is: partners who want to be associated with who you are. Botswana: Back to square one on fiscal discipline 3 August 2025 Our true north is a Botswana where every citizen is employed, empowered, and fulfilled. Japan’s greatest asset is not just its resources and hi-tech sector, but its people—their character and sense of respect. Prime Minister Shigeru Ishiba embodies these qualities, and it is what draws us, and the rest of Africa, to Japan. Botswana lures Japanese investment 26 August 2025 In the past, an overvalued pula was not a problem because diamond exports brought in billions of pula worth of foreign currency. Today, the diamond market has weakened, global demand has dropped, prices have fallen, and Botswana is earning far less from diamond sales. “When the pula remains overvalued or stronger than it should be, the Bank of Botswana had to dip into the foreign reserves, selling dollars and euros to buy pula and stop its value from falling too quickly. Overvalued pula forced adjustments– Gaolathe 29 July 2025 While the authorities are actively working to address these challenges, we concurrently urge all customers to exercise their power by actively shopping around and negotiating for more competitive foreign exchange rates. These include enhanced engagement with market participants, the potential introduction of caps on the mark-up applied by commercial banks to their foreign currency trading margins, the potential introduction of asymmetric trading margins for the Bank's own foreign currency operations with commercial banks, and other targeted regulatory measures. Sri Lanka delayed critical currency and reserve reforms and when their reserves ran dry, the country spiralled into a full-blown crisis in 2022. “Fuel stations ran dry, shelves emptied, and confidence in the state evaporated overnight. The changes are meant to shield this country from a far more devastating outcome where we are not able to pay for imports, a situation where we can’t afford fuel, food, or medicine, where banks run dry and where the poor pay an even higher price. “That will not happen under our watch. Gaolathe defends Pula move, cautions banks 18 July 2025 Having successfully slowed spending by P5.5 billion in the past eight months, we must now move to further slow expenditure and cement fiscal consolidation. We must live within our means and build a more resilient economy,” Gov't to tighten spending further on diamond revenue slump 19 August 2025 As we chart Botswana’s economic future, robust financial management remains the bedrock of sustainable growth. “A key pillar of this is strengthening our public procurement framework to ensure transparency, accountability, and value for money. By fostering public-private collaboration, we will drive competition, innovation, and cost-effectiveness in procurement processes. Botswana’s prosperity depends on a procurement system that is fair, transparent, and inclusive. Francistown economy needs reawakening- Gaolathe 27 May 2025 We are moving from diamonds and government as the centre to a vibrant ecosystem fired by the private sector, innovators, social entrepreneurs. We will not rest until every citizen is employed, every citizen is empowered, and every citizen is fulfilled. A high-income Botswana that is digitally-enabled, export-driven and economically diversified where every citizen is employed, empowered and fulfilled. BETP focuses and emphasises execution, more execution, extra execution, super execution, ultra execution. The time has come for our nation to build a culture of getting things done. We have started doing so with the Permandu economic lab methodology, and this is only the beginning. You inherit a Botswana that is not perfect but teeming with possibility. We face challenges, especially youth unemployment, but you are the generation destined to convert these challenges into opportunities. A qualification without practice, creativity, and contribution is nothing more than paper. True power lies in what you do with the knowledge you carry. Go forth and practice, innovate, create, and generate new knowledge. 'We won't rest until every citizen is employed' 23 September 2025 For too long our challenge has not been ambition but execution,” he said. “The Botswana Economic Transformation Programme through the Big Fast Results represents our commitment to closing this gap, to prepare not just our people for the future but also the future for our people. Unlike many frameworks that emphasise policy design, BFR is unapologetically delivery oriented, embedding accountability, measurable milestones and timely outcomes. In Botswana, our diamond-led growth model has served us well, but it cannot deliver our high-income aspirations. “That is why we are decisively pursuing reforms under BETP to build a productive, inclusive, technology-driven and globally competitive economy. In this, we share a common purpose with WSBI of moving beyond theory to practical results that uplift households, empower communities and build confidence in financial systems. I am deeply encouraged by this conference under the thoughtful leadership of Botswana Savings Bank and WSBI. “The discussions span digital innovation, MSME financing, women and youth entrepreneurship, rural outreach and risk management in the digital area, Execution, not ambition hinders economic diversification – Gaolathe 5 September 2025 I doubt that under the current fiscal circumstances it will be good economics to lower corporate taxes under the current circumstances. Rather there is pressure to increase corporate tax. There is pressure to raise corporate tax- Ndaba 28 January 2025 This was part of the government's initiative to support local businesses by ensuring continuous economic activity through equitable distribution of money throughout the month; moreover it was then intended to reduce overcrowding at business places and malls. We strongly believe that the primary objective of this initiative which is to ensure equitable distribution of money throughout the month thus promoting economic activity has been achieved to some extent. We have noted improvements, improved performances of local business, including SMME’s in which the taxi industry forms part of. The results have been positive in terms of the issue of spreading economic activities through the month and the reduction of overcrowding in places of business. The results are based on seven sectors of the economy both government and private. It turns out or the study reveals that more than 50% of the sectors would actually oppose the government reverting to the old system. In addition the majority stated they have not incurred any additional costs implications and are experiencing positive results. UDC gov’t defends salary payment plan 6 August 2025 One of the big ticket issues that we are looking at with the President is the issue of how we modernise, revitalize, reconfigure state-owned enterprises so that they punch at their weight or more than their weight, as opposed to the punching below of the weight that they do. Botswana Railways and Air Botswana have recorded five consecutive years of financial losses, signalling persistent structural and operational inefficiencies. “Their continued reliance on public support is fiscally unsustainable and reflects a misalignment or malalignment between their mandates and operating models. We are looking at advancing the unbundling of Botswana Railways into infrastructure, which is called below the rail, and operations, which is called above the rail, to facilitate a more robust and effective rail sector ecosystem. “We are also looking to introduce a potential strategic partner or strategic partners into a partnership with Air Botswana to restore its commercial viabilities. “These reforms are critical in reorienting Botswana Rail and Air Botswana. BAMB is expected to benefit from commercialisation initiatives and potential public-private partnerships aimed at improving market responsiveness. “The Botswana Meat Commission is also earmarked for restructuring through a potential strategic joint venture, again intended to revitalise operations and attract private investment. “The WUC and BPC are prioritised for debt restructuring, infrastructure efficiency, and general improved strategy upgrades to address their persistent operational deficits. “Government is confident that our comprehensive governance reforms, strategic interventions alongside key partnerships will drive recovery of key commercial parastatals. SOE reform becomes urgency for gov’t 15 August 2025 Corruption has become endemic with all its corrosive and cancerous manifestations, an impediment to the achievement of the lofty aspirations of our people. This is evident in our deteriorating scores on the Corruption Perceptions Index. The data shows that our ratings declined from a score of 6.5 in 2012 (30 out of 180 countries) to 6.1 in 2019 (34 out of 180 countries). The most recent figures show a further drop and a significant decline in rankings in the space of one year, from a score of 6.0 in 2022 (35 out of 180 countries) to 5.9 in 2023 (39 out of 180 countries). Our conviction is that a corruption-free culture will save us, not a billion, but billions of pulas every year. This is why an array of efforts are already underway to review our current procurement model, enhance transparency, support free press, as well as revise and approve the Draft National Anti-Corruption Policy. “With these initiatives, we hope to protect whistle-blowers, strengthen institutions, and enhance integrity and accountability. As part of revitalising the Public Procurement Regulatory Authority (PPRA) towards pursuing its legislative mandate, we have already facilitated the commencement of their work, along with other oversight agencies, towards the conduct of comprehensive audits of the projects under the Development Manager model, the Central Medical Store (CMS), as well as other infrastructure projects at key State-Owned Enterprises (SOEs). Yet, despite this bleak picture, I have a hope in me that is rising like a phoenix. Mr Speaker, we in the new Botswana have the hope that collectively we will turn the tide. Botswana is regressing on many fronts – Gaolathe 11 February 2025 Key areas of non-compliance report include imbalanced board compositions, where the majority of non-executive directors lack independence due to outdated statutory provisions. “Further, many boards have failed to conduct regular performance evaluations, develop succession plans for senior positions, or even ensure continuity in leadership, while some entities have operated for extended periods without substantive CEOs or senior executives in place. As at end of June 2025, only 19 out of 62 SOEs submitted responses. Of the 19, 16 had majority of corporate governance tools in place while three only had some in place. “In the meantime, the Agency is exploring additional ways to engage with the SOEs to get the requested information, including follow-up outreach or alternative methods. More SOE rot exposed 11 July 2025 I know that these changes have sparked frustration, even anger, among many who ask if the government understands the pressure on livelihoods. Let me assure this nation that I do and we do. These are not abstract and theoretical concepts; they directly affect everyday essentials such as groceries, fuel, and other basic needs. I want to assure you that this policy is not about sacrifice for its own sake, rather, it serves as a protective measure and shield against economic collapse. This decline reflects the increased cost of accessing foreign exchange from the central bank. The reduced volume of foreign exchange trading between the BoB and commercial banks is a positive development, aligning with the Bank’s objective of preserving foreign exchange reserves. The changes are meant to shield this country from a far more devastating outcome where we are not able to pay for imports, a situation where we can’t afford fuel, food, or medicine, where banks run dry and where the poor pay an even higher price. ‘It’s for your own good!’ 25 July 2025 We are focused on ensuring that there is robust fiscal consolidation. There is a need to ensure that the entire government system is functioning in our effort to build a resilient economy and rise again. There are gaps in our collections and we are aiming to collect every pula from every tax liable business. We are not collecting well with regards to online taxes. This is where BURS needs to strengthen screws and ensure that these billions of Pula that we are missing are recovered. In the new Botswana that we envisage to build, there would be no under table dealings. Much can be said but I can promise you that in the new Botswana we will be exemplary. We will fight corruption to the bitter end. Some of the best performing companies and most innovative companies in the world were founded during period of recession and hardships, so something good must come out of the circumstances that we face today. We shall rise again despite the economic circumstances that we find ourselves in at the moment. Young men and women roaming the streets due to unemployment shall rise and dream again. Ndaba’s economic recovery plan 30 January 2025 At the same time, we must not miss out on strategic opportunities, particularly where travel is fully funded by partners or organisers, so long as it aligns with national priorities and offers clear benefits to Botswana. This strategy will not be just a document but a national playbook, clear in vision, collective in ownership, and relentless in execution. Grounded in rigorous research and sound economic science, this blueprint will align all ministries, sectors, and institutions under a single, transformative national vision to be executed over the next five years. When we say the economy has contracted, it means something very real. It means small businesses struggling to stay afloat, companies scaling back operations, and entrepreneurs shelving ideas because the risk is simply too high. When we assumed leadership, we did so with a sober understanding of the new economic reality before us. With a muted diamond outlook and growing fiscal constraints, it became clear that if we are to steer this country through uncertainty and more importantly, set it on a path of inclusive, modern growth we could not rely on business as usual. These gains could never be secured from behind a desk in Gaborone. Gov’t notes public criticism over frequent overseas travel 27 May 2025 It is evident that the proposed budget for the 2025–2026 financial year triggers important fiscal policy questions on fiscal consolidation, fiscal discipline, fiscal sustainability, budget credibility, financing of the deficit and its implications on debt sustainability. With a projected deficit that exceeds the ideal threshold of four percent of GDP, our commitment to conducting fiscal policy in line with global best practice is more critical than before. This calls for stringent measures and action to improve productivity and deliver more with less, improve operational efficiency in public procurement processes, utilise e-services to deliver government commitments as well as maximise revenue collection. As our economy regains its strength and our fiscal position improves. To be clear, we inherited a government machinery plagued by deeply entrenched systemic inefficiencies that have crippled progress and development. As an urgent response, I wish to reassure Batswana that the new government remains resolute in committing to fiscal consolidation plans and rebuilding buffers. “Our fiscal strategy hinges on effective revenue maximisation, public expenditure efficiency and implementation of a robust debt management strategy. The biggest problem has generally been around the ecosystem and absence of collaboration to understand what investors need. It’s about taking steps to remove bottlenecks. We have to be thick-skinned and approach issues from a solutions point of view. Hopefully the PPP Bill due to be tabled will address some of these bottlenecks and many of these are systems and structures.Gaolathe highlights risks but goes big on spending 14 February 2025 We are looking for partners that are not coming into it for the quick buck. Whoever wants to take over the Anglo shares, it’s not just the takeover of shares. It’s actually the consummation of a relationship with the government of Botswana. And I want to impress upon you, we take relationships very seriously. The US does not have diamonds. But the US has been able to create an entire diamond sector, a jewelry sector. It’s large, it creates jobs for Americans. So the US has benefited from Botswana diamonds and a sudden pushback on Botswana diamonds will and can hurt the US more than it imagines. De Beers investor Botswana says serious buyers showing interest 29 April 2025 Since migrating GABS to these upgraded servers in December 2024, system stability and efficiency have significantly improved. These efforts are aimed at restoring GABS to full functionality, ensuring uninterrupted financial transactions and improved service delivery. The Insurance Industry Act (2015) is under review to enhance regulatory effectiveness and strengthen policyholder protection. A key reform under consideration is the establishment of a Policy Protection Fund, designed to safeguard insurance payouts in the event of an insurer’s insolvency, ensuring greater financial security and trust in the industry. The System Is Up! 14 March 2025 Financial inclusion remains Africa’s unfinished business. Africa’s unfinished business 18 September 2025 As the incoming government, we are setting our sights even higher. I won’t specify percentages, but we are aiming beyond previous ambitions, because our people envision more,” he noted. He highlighted Botswana’s immense solar potential, noting that the country ranks third globally for solar radiation exposure, with approximately 3, 200 hours of sunshine annually. “With this resource, there is no reason Botswana cannot become a hub for solar-generated power. Everyone knows that Botswana has committed to reducing its carbon footprint by 15% by 2030. Yet, we aspire to even more. That said, as a small, developing nation, we need some flexibility to build our economy to a stage where we can uphold ambitious carbon commitments. Another important aspect of our diversification drive is the modernisation of the power sector, with a strategic shift towards a solar-dominated energy industry. Solar energy presents a remarkable opportunity for our nation with abundant sunshine throughout the year. Botswana is ideally suited to harness this clean and sustainable resource to power our households, industries and communities. Gov't bets on energy as diamond regression persists 18 February 2025 The creative industry is more than just a source of entertainment. “It is a driver of economic growth, cultural preservation and social transformation. Music, film, fashion, digital arts and crafts and storytelling, all of these foster innovation and project identity. Who we are, the food we eat, the dance we dance, the tears we cry and the smile we smile. The creatives project our identity. Pitso remarks solace for creatives 7 February 2025 I stand by my December 2024 Parliament Statement on public finances that the state of our public finances, by any standards, is in an undesirable place I highlighted the economy’s severe fiscal constraints, declining government revenues, as well as slow and jobless growth. To be clear, we inherited a government machinery plagued by deeply entrenched systemic inefficiencies that have crippled progress and development. Has Gaolathe stopped the spending haemorrhage? 14 February 2025 We kept hope alive and hope kept us alive. I remember in 2017 when we experienced upheavals, when there was strife and discord. I remember that time it seemed like there was confusion and like it was all lost. The cynics, the skeptics, nonbelievers said this was not possible. They said the new Botswana could not be possible; they said Motswaledi’s death was the end and that the dream had ended. But we kept hope alive and hope kept us alive. BMD bloodbath still haunts AP 25 July 2025 This growth outlook is premised on recovery of the diamond industry, which is expected in the latter part of 2025, and continued positive sentiment in the non-diamond mining sectors. Botswana’s reliance on diamond revenues has been both a strength and a vulnerability. Botswana pins hopes on diamond sector recovery 11 February 2025 To achieve this, we will re-design our macroeconomic policy framework to safeguard the needs of future generations by ensuring that they benefit from our natural resource wealth. Efforts are underway to create a new fully-fledged Sovereign Wealth Fund. “This fund will invest in sustainable domestic and foreign assets across various industries, thereby transforming resource wealth into financial wealth. Gov't greenlights new Sovereign Wealth Fund 14 February 2025 When we assumed leadership, we did so with a clear-eyed understanding of the economic challenges. With a muted diamond outlook and growing fiscal constraints, we realized we couldn’t rely on business as usual. In recent months, we’ve done just that, engaging with local and international investors, multilateral development institutions, and key decision makers across regional and global platforms. We are already seeing early signs of progress. New investments being scoped, partnerships formed, and concessional funding discussions either concluded or well underway. These gains could never be secured from behind a desk in Gaborone. This is why highlevel missions and face-to-face negotiations with credible investors and governments are not only justified they are essential. They enable us to attract the technical know-how and financing we need, while keeping Botswana’s public finances on a sustainable path. Increased Investor Appetite for BW 26 May 2025