TIME TO WAKE UP: Botswana's Post-Diamond Future Hinges on Innovation and Technology

Botswana's economy is at a critical juncture. The recent slump in natural diamond demand—an industry that has historically contributed up to 20% of the country's GDP and roughly 80% of export earnings—reveals just how vulnerable we are to global market shifts. As diamond revenues plateau, we must urgently pivot toward new growth engines: innovation and technology.

For years, Botswana has produced brilliant policy frameworks—from the Science, Technology & Innovation (STI) policy to Vision 2036—yet our rank in Africa's innovation ecosystem remains underwhelming. Countries like Kenya, Nigeria, and South Africa lead the way, with bustling startup scenes and venture capital inflows that dwarf Botswana's. Despite many strategies and policy documents, Botswana still struggles to claim its spot as a tech-driven economy.

Stagnant Innovation: A 25-Year Warning

For over two decades, economists and industry experts have warned that innovation and technology would be our best bet for a post-diamond economy. However, a weak local tech ecosystem and underinvestment in research and development indicate we've failed to capitalize on those warnings.

Davos 2025: An Urgent Call for Tangible Results

This week, global leaders converge in Davos to discuss pressing geopolitical and economic issues—including AI's transformative potential. Estimates from PwC project that AI could add a staggering $15.7 trillion to the global economy by 2030, and some forecasts extend that figure to $30 trillion. Meanwhile, India is aggressively training 2 million AI engineers to capitalize on this boom.

For President Duma Boko, joining over 60 heads of state at Davos isn't just symbolic—it's a pivotal chance to woo tech investors to Botswana. No longer can official visits yield intangible results. We must articulate a clear, implementation-focused strategy for attracting AI and digital economy giants to set up regional headquarters or R&D centres in Botswana.

"Why is this so critical now? Because the diamond slump might be more than a temporary dip; it could signal a permanent restructuring of global demand."

When a single resource underpins so much of our GDP, any shift can leave the national budget—and our future—teetering on uncertainty.

Lessons from Saudi Arabia and the Global Tech Race

Other resource-rich nations are diversifying swiftly to ensure future resilience:

• Saudi Arabia is investing in a multi-billion-dollar data centre in partnership with an AI chip startup, leveraging abundant energy resources to power the data-hungry AI sector.
• United Arab Emirates has its own AI Ministry, emphasizing the importance of state-driven support for frontier technologies.

These examples illustrate how intentional policy choices can catalyse massive shifts. The Asian Tigers once demonstrated that determined investments in education and technology can propel entire nations into high-income status within a generation.

Botswana, too, has a wealth of goodwill on the global stage and a track record of political stability. These are precious assets that can be leveraged—but only if we move swiftly and decisively.

From Policy to Execution: Time to Act

A New Botswana Business Model

If the current diamond slump doesn't serve as our wake-up call, what will? Now is the time to reimagine Botswana's economic model beyond diamond dependency. We have the policy documents, we have the goodwill, and we have a platform—Davos—to tell our story. What we need next is bold action and speed.

Good luck, Mr. President, and may your talks in Davos yield tangible, innovation-focused partnerships. Botswana's future prosperity depends on embracing the digital revolution. The world waits for no one—especially not resource-dependent economies still banking on a single commodity.

Let's show up with a bold, agile, and transformative mindset, exactly as our policy documents proclaim. It's time for Botswana to step into the spotlight of Africa's tech renaissance and claim its share of the global AI and digital economy. Our country founding fathers built the diamond base....we now need to use the base as a spring board onto a new higher growth business model...we owe this to the next generation.