Botswana’s Vice President Ndaba Gaolathe underscored that the government views the private sector as the driving force behind economic growth and job creation, during a meeting with private sector CEOs last week.
He noted that this perspective has led to the adoption of a multifaceted strategy to involve the sector in the Botswana Economic Transformation Programme (BETP) and the private sector would be the architects of Botswana’s future economic path.
“Every generation is called to re-engineer and re-imagine the foundation of its economy hence it was an opportune time for the current generation to reshape the economy for the benefit of those to come. We must redesign our economy, not in theory but in practice, we need new industries, new jobs and new frontiers of value creation that require private sector investments,” he said.
Gaolathe, who is also the Minister of Finance, pointed out that despite the current economic challenges, there are also opportunities, Botswana Daily News reports.
He stated that the planned transformation would not be led by the government alone but would be shaped in private sector boardrooms, farmlands, and logistics centres.
The minister added that this transformation requires the private sector’s readiness to eliminate practices and structures that no longer benefit the nation.
Through the BETP, the Vice President stated that the government is committed to swiftly implementing reforms through decisive action. He said that meaningful transformation happens when the government creates an environment for the business sector to take the lead, highlighting the importance of placing partnerships at the core of economic transformation.
“We need to acknowledge that no government has ever transformed its economy by itself. It has always been through effective partnerships with the private sector, cooperatives and civil societies,” he said.
Gaolathe added that, in most cases, the government’s role would be to establish an enabling environment to support the success of private sector-led transformation, as the driving force behind the transformation agenda rests primarily with non-government sectors.
To advance the new administration’s transformation agenda, Gaolathe affirmed that the government is committed to removing obstacles and creating an inclusive environment where ordinary citizens can actively engage and succeed across all industries.
“We intend to pay delicate and special attention to the private sector with a view to bring out the best in them and to use them as a lever to significantly reduce costs of doing business in the new Botswana,” he said.
Through the BETP, he explained that the government is moving away from traditional planning methods, which were often abstract and slow, and instead introducing rigor, agility, and real-time decision-making into the country’s development process.
Business Botswana president, Neo Nwako, reaffirmed the private sector’s dedication to collaborating on solutions that support national transformation efforts aimed at fostering a private sector-led economy.
He stressed the importance of building mutual trust, implementing inclusive reforms, and revitalising business reforms to remove obstacles that impede progress.