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Botswana’s new president plans to finalize a deal with mining giant De Beers that would guarantee the country a larger share of its raw diamonds.
Duma Boko was sworn in on Friday, hours after his predecessor conceded defeat in the shock result after Wednesday’s election.
Botswana, the world’s leading producer by value of diamonds, owns a 15% stake in De Beers. The government and De Beers hold equal stakes in a joint venture that sells 75% of its diamonds to De Beers. Botswana’s share would rise to 50% over the coming decade under a deal negotiated by former President Mokgweetsi Masisi in 2023, but the agreement is yet to be signed.
“We are an economy that depends on diamonds,” Boko said, claiming talks with De Beers faced collapse under the previous administration.
Boko has vowed to achieve economic growth of 6-8% compared with 2.7% last year and diversify the country’s economy.
