Government Commits to Ongoing Support for Olympic Athletes at Paris Games

The government has pledged support for athletes at the Paris 2024 Olympic Games but stressed the importance of private sector involvement in achieving this goal.

The 2024 Summer Olympics, an upcoming international multi-sport event, is set to take place from July 26 to mid-August in Paris, France. Botswana's athletes departed for Paris this week.

At the send-off ceremony in Gaborone, the Minister of Youth, Gender, Sport, and Culture, Tumiso Rakgare, emphasized the government’s commitment to ensuring that Botswana’s elite athletes receive sufficient support to compete with the world's best, despite facing various constraints and priorities.

“It is indeed the government’s duty to ensure that elite athletes can compete on par with athletes from all four corners of the world,” Rakgare stated. “We face complex constraints ourselves, with competing priorities that are equally important.”

Rakgare underscored the importance of private-sector partnerships in supporting the government’s mandate and achieving national pride. He called for more collaboration between the public and private sectors, highlighting their potential to transform Botswana’s economy and elevate the country as a leader in Africa.

“It is against this backdrop that we urge all companies across Botswana to emulate the example set by sponsors for our Team Botswana athletes as we look to the future,” Rakgare said. “Congratulations to Team Botswana. In becoming Team Botswana athletes, representing us at Paris 2024, you have all become members of an elite club, which isn’t accessible to many. Whatever happens from July 26th, know that you have the full support of the nation rallying behind you.”

Rakgare encouraged the athletes to stand firm, knowing the entire nation supports them. “Every time you set foot on that track or in that pool, you are making the country proud,” he said. “We are honored to have you all representing Botswana. Go out there and do your thing.”

The minister also reminded the athletes of a promise: “I hope you haven’t forgotten our deal. The houses are ready for you to bring those medals home.” He announced that each athlete received P30,000 before departing for Paris and noted that their daily and incentive rates had been increased.

Rakgare pointed out that preparing a team for the Olympic Games is a long-term endeavor. “The journey towards preparing a team to represent Botswana at the Olympic Games did not begin yesterday,” he said. “In our quest to remain forward-thinking and pivot towards investing in industries that previously may not have received as much attention, the government has been intentional in its dedication towards sport.”

He acknowledged that considerable resources are required to cultivate elite athletes capable of competing on the international stage. “Our efforts are but a drop in the ocean. It takes an army of individuals working in tandem to ensure that our athletes reach this elite level,” Rakgare explained.

Additionally, Rakgare announced that the government is developing the Sport and Creative Sector Strategy. This strategy aims to create a self-sustaining sports industry that produces globally competitive athletes. “This strategy is intended to be the framework through which we will achieve the self-sustaining sports industry that produces globally competitive sportspersons,” he said.

Rakgare also praised the sports leadership for their role in identifying and nurturing talent. “We must hasten to applaud the sports leadership on a job well done in identifying and nurturing the talent that resulted in this team before us today,” he said. “We would be remiss if we did not mention the support of all those who have come aboard as sponsors, investing in the team and its pursuit of excellence.”

Botswana will be represented by Maxine Egner and Adrian Robinson in swimming. In athletics, Botswana will be represented by Victor Ntweng, Oratile Nowe, Tumo Nkape, Tebogo, Bayapo Ndori, Leungo Scotch, Collen Kebinatshipi, Tshepiso Masalela, and Kethobogile Haingura. Additionally, Botswana’s men’s 4x400m relay team has also qualified.

Financial Inclusion: A Crucial Element for Development - Part 4

Over the past three weeks, we have explored the topic of financial inclusion, covering its definitions, components, drivers, and perspectives. In this installment, we argue that financial inclusion is essential for development and requires the collective effort of all economic players. This effort demands commitment, time, passion, resources, and knowledge sharing. Financial inclusion should not remain an abstract academic concept; it is crucial for economic and social development.

Given the expansive nature of financial inclusion, numerous stakeholders are involved. It is important to acknowledge some of these stakeholders and their ideal roles. The World Bank Group identifies the following as key players in advancing financial inclusion:

Government: The government is the most important player in driving financial inclusion, modernism, pro-market activism, and other initiatives. It creates an enabling environment for financial sector players to operate and provide services to the public. Governments can implement relevant legislative frameworks, offer affordable funding, provide tax incentives, disseminate information, and create specific charters and pro-market policies.

Central Banks: Central banks provide policy direction, regulation, and incentives for various economic agencies to promote financial inclusion. As a leading stakeholder, central banks hold a vantage position and regulatory authority. For example, the Bank of Botswana has made significant contributions and continues to provide guidance in this area.

Banks: Alongside other economic players such as insurance companies, capital markets, and pension houses, banks are the implementing agencies of the financial inclusion agenda. They provide primary access through digital platforms and physical infrastructure and offer services such as deposit-taking, credit, investment products, and advisory services as mandated by law.

Technology and Infrastructure Developers: These players provide the technology needed to implement financial inclusion. Mobile network operators, app developers, aggregators, national switches, and card schemes play significant roles in reaching underserved areas.

People: Rashmi Arora, in her paper "Financial Inclusion and Human Capital in Developing Asia: The Australian Connection," emphasizes the often-overlooked people factor. Financial inclusion revolves around people, whose interest in opting into financial services is critical. Exclusionary outcomes can result from deliberate decisions by individuals not to participate, highlighting the need for co-creation in financial inclusion discussions.

Financial inclusion is central to citizen participation in the economic affairs of their economies. As discussed in previous installments, one fundamental outcome of financial inclusion is poverty reduction and the improvement of people's welfare. Poverty eradication is one of the UN's Sustainable Development Goals (SDG), specifically SDG 1, which targets access to financial services. This underscores the importance of financial inclusion for sustainable development.

As different stakeholders work to promote financial inclusion, creative solutions and innovations naturally emerge. The rapid growth of mobile money, for example, illustrates how new approaches can transform economies and create employment opportunities across the continent.

Active participation of the citizenry stimulates economic activity and leads to development. It is crucial for all of us to collaborate and drive financial inclusion for the benefit and development of our communities, country, and continent.

Government Commits to Ongoing Support for Olympic Athletes at Paris Games

The government has pledged support for athletes at the Paris 2024 Olympic Games but stressed the importance of private sector involvement in achieving this goal.

The 2024 Summer Olympics, an upcoming international multi-sport event, is set to take place from July 26 to mid-August in Paris, France. Botswana's athletes departed for Paris this week.

At the send-off ceremony in Gaborone, the Minister of Youth, Gender, Sport, and Culture, Tumiso Rakgare, emphasized the government’s commitment to ensuring that Botswana’s elite athletes receive sufficient support to compete with the world's best, despite facing various constraints and priorities.

“It is indeed the government’s duty to ensure that elite athletes can compete on par with athletes from all four corners of the world,” Rakgare stated. “We face complex constraints ourselves, with competing priorities that are equally important.”

Rakgare underscored the importance of private-sector partnerships in supporting the government’s mandate and achieving national pride. He called for more collaboration between the public and private sectors, highlighting their potential to transform Botswana’s economy and elevate the country as a leader in Africa.

“It is against this backdrop that we urge all companies across Botswana to emulate the example set by sponsors for our Team Botswana athletes as we look to the future,” Rakgare said. “Congratulations to Team Botswana. In becoming Team Botswana athletes, representing us at Paris 2024, you have all become members of an elite club, which isn’t accessible to many. Whatever happens from July 26th, know that you have the full support of the nation rallying behind you.”

Rakgare encouraged the athletes to stand firm, knowing the entire nation supports them. “Every time you set foot on that track or in that pool, you are making the country proud,” he said. “We are honored to have you all representing Botswana. Go out there and do your thing.”

The minister also reminded the athletes of a promise: “I hope you haven’t forgotten our deal. The houses are ready for you to bring those medals home.” He announced that each athlete received P30,000 before departing for Paris and noted that their daily and incentive rates had been increased.

Rakgare pointed out that preparing a team for the Olympic Games is a long-term endeavor. “The journey towards preparing a team to represent Botswana at the Olympic Games did not begin yesterday,” he said. “In our quest to remain forward-thinking and pivot towards investing in industries that previously may not have received as much attention, the government has been intentional in its dedication towards sport.”

He acknowledged that considerable resources are required to cultivate elite athletes capable of competing on the international stage. “Our efforts are but a drop in the ocean. It takes an army of individuals working in tandem to ensure that our athletes reach this elite level,” Rakgare explained.

Additionally, Rakgare announced that the government is developing the Sport and Creative Sector Strategy. This strategy aims to create a self-sustaining sports industry that produces globally competitive athletes. “This strategy is intended to be the framework through which we will achieve the self-sustaining sports industry that produces globally competitive sportspersons,” he said.

Rakgare also praised the sports leadership for their role in identifying and nurturing talent. “We must hasten to applaud the sports leadership on a job well done in identifying and nurturing the talent that resulted in this team before us today,” he said. “We would be remiss if we did not mention the support of all those who have come aboard as sponsors, investing in the team and its pursuit of excellence.”

Botswana will be represented by Maxine Egner and Adrian Robinson in swimming. In athletics, Botswana will be represented by Victor Ntweng, Oratile Nowe, Tumo Nkape, Tebogo, Bayapo Ndori, Leungo Scotch, Collen Kebinatshipi, Tshepiso Masalela, and Kethobogile Haingura. Additionally, Botswana’s men’s 4x400m relay team has also qualified.

BoB says beneficiation success is impossible without infrastructure investment

The central bank emphasized that infrastructure is essential for the success of beneficiation in the extractive industry, highlighting the need for the mineral-led economy to invest heavily in developing energy, water, transport, and communication networks.

The Bank of Botswana (BoB) underscored in its annual report for the year ended 2023 that successful beneficiation cannot occur without adequate infrastructure, particularly in a mining-dependent economy.

“Adequate infrastructure is crucial for the viability and competitiveness of local industries and, therefore, key in the beneficiation journey,” the bank stated.

BoB suggested that implementing a Public-Private Partnership (PPP) strategy would facilitate private sector involvement in public works. This approach would allow the government to leverage private sector resources and expertise through risk and revenue-sharing arrangements, efficiently delivering public infrastructure and social services such as education, skills development, and health.

“In the context of the economic transformation agenda, the role of the private sector should be increasingly promoted,” BoB added. “Notably, the funding framework for infrastructure development by the private sector also presents an investment opportunity for households through asset managers and pension funds.”

BoB warned that economic performance would ultimately suffer if mineral extraction continues to dominate without beneficiation. “Mining that includes mineral beneficiation industries significantly contributes to a healthy macroeconomic environment by generating foreign exchange reserves from export receipts and fiscal revenues from taxes, royalties, and fees paid by mining companies to the government. These revenues are used to finance socioeconomic development, contributing to fiscal sustainability and economic resilience,” BoB stated. Moreover, mining and beneficiation activities can stimulate demand for goods and services in supportive sectors, such as equipment manufacturing, transportation, and construction, creating a multiplier effect that enhances the impact of mining on the economy.

“There is also room for policy discretion, enabled by the fiscal buffers generated from mining-related earnings by the public sector. For Botswana, where mineral revenue constitutes a significant share of government revenue, beneficiation can strengthen fiscal resilience and sustain economic activities beyond mineral depletion,” BoB noted.

BoB highlighted that Botswana has limited beneficiation of its valuable natural diamond resources. Consequently, the country has experienced fast overall economic growth and relatively high per capita income compared to the African continent but still faces high levels of poverty and unemployment. BoB stressed the need for industrialization strategies that capitalize on the growing global demand for minerals for both conventional and emerging high-technology applications. This should involve deliberate and supportive strategies to promote all aspects of beneficiation, including downstream processing, upstream supplies, and side-stream infrastructure and services.

“The long-term aim would be to grow an internationally competitive mining industry where beneficiated and value-added minerals become the feedstock for domestic manufacturing of semi-finished products,” BoB stated. It is equally important to diversify economic opportunities within the diamond industry and the broader mining sector. The strategy should also adapt and align the country’s ICT landscape with global standards.

“The strategy seeks to develop a program for the feasibility study of mineral exploration and beneficiation industries in Botswana. It will also provide clear fiscal incentives and infrastructure for mineral exploration and beneficiation projects, and encourage mining companies to include considerations for beneficiation and value addition in their mineral development plans,” BoB said.

The potential benefits associated with mineral beneficiation include employment creation, as it involves the creation or expansion of industries and service providers, thereby multiplying economic activities and expanding employment opportunities. Unlike capital-intensive mineral extraction, secondary processing or manufacturing, and the provision of services often involve extensive use of labor, leading to the development of diverse skills to support such activities.

BoB believes that beneficiation has the potential to significantly increase the mining industry’s contribution to employment, which currently stands at about 19,000 jobs (less than 2 percent of the total labor force), thus helping to alleviate unemployment, inequality, and poverty.