Botswana’s President Duma Boko has announced a historic economic pivot for the diamond-rich nation, telling the BBC it is building a “Botswana’s post-diamond economy” to secure its future.
In an exclusive interview, President Boko said the country could no longer rely on the gems that have underpinned its stability for decades, following what he called a “very heavy knock” from falling revenues.
“We’ve been overly dependent on diamonds,” he said. “That model has run its course.”
The new strategy will instead seek to leverage Botswana’s vast deposits of copper, nickel and cobalt—minerals critical for the global green energy transition, and process them at home. The plan also hinges on deeper integration with the African Continental Free Trade Area (AfCFTA).
“We want to process these minerals here, build industries around them and move into manufacturing,” President Boko said. “That is how we will create sustainable growth and real economic transformation.”
Botswana’s post-diamond economy, but why now
Botswana has long been hailed as an African success story, using diamond wealth to build infrastructure and maintain political stability.
But the market has turned. Demand volatility, competition from lab-grown stones, and the economic after-effects of the pandemic have exposed the fragility of a single-commodity economy.
The World Bank has repeatedly warned resource-dependent nations to diversify. Botswana’s move appears to be a direct response.
“No nation can base its future on one resource, no matter how lucrative,” said Lerato Thebe, an economist at the University of Botswana. “The president is acknowledging a reality that has been clear to analysts for years. The question now is execution.”
The blueprint for Botswana’s post-diamond economy rests on three interconnected pillars
Instead of exporting raw copper, nickel and cobalt, the government wants to refine and manufacture components domestically. This “beneficiation” aims to capture more of the final value and create skilled jobs.
New special economic zones are planned to host battery component plants, wiring harness factories, and other light manufacturing tied to the mineral supply chain.
President Boko identified the AfCFTA as “critical” to providing the scale these industries need. “Through AfCFTA, we can aggregate production, collaborate and unlock value together,” he said.
The strategy faces significant headwinds.
Internationally, the possible non-renewal of the US African Growth and Opportunity Act (AGOA) trade pact could cut off a major market. President Boko said Botswana was “close” to securing a separate zero-tariff deal for diamonds with Washington, hoping to preserve revenue during the transition.
Regionally, the AfCFTA’s full implementation remains slow, with many tariff schedules and rules of origin still being negotiated.
There is also the question of investment. Building refineries and factories requires billions of dollars and reliable electricity, a challenge in a region plagued by power cuts.
“The vision is right, but the capital and infrastructure demands are enormous,” said Zakhele Mthembu, a Johannesburg-based analyst with Rand Merchant Bank. “They will need significant foreign partnership, which comes with its own strings.”
Botswana’s post-diamond economy shift reflects a wider continental rethink.
From Zambia seeking to process more of its own copper to the Democratic Republic of Congo attempting to build a battery supply chain, African nations are increasingly focused on capturing more value from their natural resources.
“Multilateralism is retreating,” President Boko told the BBC. “If Africa can rely more on its own resources and trade among itself, then we will be able to assert ourselves.”
The success or failure of Botswana’s post-diamond economy plan will be closely watched. If it succeeds, it could provide a template for other resource-rich African states. If it stumbles, it will underscore the immense difficulty of escaping the “resource curse.”
For now, the message from Gaborone is clear: the diamond era, while not over, is being deliberately eclipsed by a more ambitious and uncertain future.
