Botswana’s Minister of Finance, Peggy Serame, has been named Africa’s Finance Minister of the Year by The Banker magazine.

The awards granted by the Financial Times publication recognise officials who have fuelled growth and stabilised their economies, selecting outstanding finance ministers worldwide.

Botswana’s growth has outpaced sub-Saharan Africa as a whole for six of the last eight years, according to The Banker.

“Heavily reliant on its diamond sector, as the world’s second-largest producer (behind Russia), its economic growth slipped in 2023, but is set to tick back upwards in 2024, outpacing much of the region,” the magazine stated.

“Botswana’s economy grew by 6.3% during 2022, compared with 4% for sub-Saharan Africa, according to International Monetary Fund data. While growth is set to slow to 3.8% for 2023, this is ahead of the 3% average for the region.”

The country’s Minister of Finance affirmed that Botswana has initiated an extensive range of reforms, including legislative and administrative modifications such as the rationalisation of government machinery, Mmegi Online reports.

Furthermore, she highlighted the importance of Botswana’s second Transitional National Development Plan, which comprises of export-fuelled growth, attracting foreign direct investment and providing support for the private sector via business environment reforms and value chain development.

“This process requires, among others, a strong and resilient financial sector with adequate buffers to withstand emerging and systematic threats,” Serame told The Banker magazine.

Furthermore, during the COP28 summit in the United Arab Emirates, Peggy Serame stressed the need for climate-resilient infrastructure, appealing for support, along with other African ministers from developed countries through the loss and damage fund.