Close Call as Masisi Seeks Second Term in Botswana Poll
October 30, 24
(IDEX Online) - Botswana goes to the polls today (Wednesday, 30 October) with President Mokgweetsi Masisi seeking a second term, and his Botswana Democratic Party (BDP) hoping to remain in power after a 58-year uninterrupted reign.
Diamonds account for around 80 per cent of Botswana's export earnings and drive the economy of a south African nation that discovered diamonds (at Orapa) just six months after it gained independence from Britain in 1966.
But today's election comes amid a slump in sales globally, uncertainty over the future ownership of De Beers (which relies on Botswana for 70 per cent of its rough supply), soaring unemployment (currently at 28 per cent) and a growing realization among the country's 2.3m population that it may be forced to diversify beyond diamonds to survive economically.
Masisi's BDP remains the frontrunner, against the main challenger Duma Boko of the Umbrella for Democratic Change (UDC) coalition, despite allegations of economic mismanagement and corruption, but analysts say it will be a close call.
"Our diamonds have not been selling since April so yes, our revenues are down but the economic fundamentals still remain intact," Masisi said last week during a presidential debate.
Under Masisi the Botswana government finally signed an agreement with De Beers last July under which its share of diamonds from a joint venture with De Beers will double from 25 per cent to 50 per cent over the next 10 years.
Pic shows President Mokgweetsi Masisi.