Botswana's President Mokgweetsi Masisi acknowledged defeat after initial results indicated that his party had lost its parliamentary majority in the recent election, marking the end of nearly 60 years of rule.
According to reports from Mmegi newspaper and state radio, the ruling Botswana Democratic Party (BDP) suffered a significant defeat, based on results from more than half of the constituencies.
The opposition coalition, Umbrella for Democratic Change (UDC), was in the lead, positioning its leader, lawyer Duma Boko, as a strong contender for the presidency, Reuters reports.
"Although I wanted to stay on as your president, I respect the will of the people and I congratulate the president-elect. I will step aside and I will support the new administration," Masisi said at a press conference.
Analysts had predicted that the election would be competitive, despite widespread expectations that the Botswana Democratic Party would emerge victorious.
The BDP has governed the southern African nation, which has a population of 2.3 million, since it gained independence from Britain in 1966.
According to Mmegi, with results reported from 36 out of the 61 constituencies being contested, opposition parties have secured more than half of the parliamentary seats, which are responsible for electing the president.
State radio reported similar results, indicating that out of the 36 constituencies counted so far, the Botswana Democratic Party had managed to secure only one seat, while the Umbrella for Democratic Change had won 25.
To achieve a majority in this election, a party must win at least 31 constituencies.
The UDC has pledged to implement a new economic strategy aimed at generating high-paying jobs and ensuring wealth is distributed in a way that empowers all citizens, BBC reports.
Kgoberego Nkawana, recently elected as a UDC Member of Parliament, shared his concerns during an interview with the BBC's Newsday program, emphasising that a significant number of young people in Botswana continue to face unemployment, despite the country's substantial diamond reserves and a relatively flourishing tourism sector.
"The unemployment rate is very very high and people are living literally on handouts from government because there are no jobs. So it's really bad,” Nkawana said.
The party has made a pledge to generate between 450,000 and 500,000 jobs over the next five years.
Furthermore, Botswana has historically enjoyed stability and relative prosperity, largely due to its diamond resources and small population, which benefits from free healthcare and education.
It is recognised as the world's leading producer of diamonds by value. However, a decline in the diamond market over the past few years has created financial pressures on the country, and it has faced challenges in diversifying its economy away from a reliance on diamond revenue.