By Enyichukwu Enemanna
Authorities in Botswana on Friday announced plan to establish a citizenship-by-investment programme as the southern African country seeks to diversify its economy away from diamonds, its largest export.
“This programme will enable us to continue to secure the long-term financial future of Botswana,” President Duma Boko said in a statement.
It will give foreigners who wish to be citizens of Botswana opportunity to invest in its economy.
Botswana’s budget has been constrained this year due to a prolonged downturn in the global diamond market. It is the world’s leading producer of diamonds by value.
The new programme will raise funds to address priority needs including the housing market as well as the country’s tourism industry, renewable energy, mining and financial services sectors, according to the statement.
The investment amount required for citizenship has yet to be disclosed.
Botswana’s economy contracted 3% last year, and the government forecasts another contraction in 2025 because of the diamond downturn.
Boko declared a public health emergency in August after the nation’s medical supply chain failed.
In September, the southern African country set up a new sovereign wealth fund to drive economic diversification, create jobs and manage state companies.
Botswana has retained investment migration consultancy, Arton Capital, under a memorandum of understanding to establish the citizenship programme.
