Debswana CFO Urges Botswana to Accelerate Economic Diversification

Debswana CFO Urges Botswana to Accelerate Economic Diversification. Debswana Chief Financial Officer Ian Modubule has called for faster action to diversify Botswana’s economy as the country prepares for a future in which diamond revenues may no longer provide the same level of support.

Speaking at the Botswana Institute of Chartered Accountants (BICA) Conference, Modubule said the diamond industry is undergoing significant changes, including weaker demand, revenue pressures and rising mining costs.

He said Botswana should not continue relying on the expectation that diamond revenues will return to previous levels. Instead, the country needs to start developing alternative sources of economic growth.

Modubule said Debswana is responding to changes in the diamond industry through its Yamasa Strategy, which is focused on improving the efficiency of its diamond business while also exploring opportunities beyond mining.

As part of these efforts, Debswana is open to partnerships with businesses and investors to develop new ventures, according to Modubule.

His comments come as Botswana considers the need to strengthen economic activity outside the diamond sector, which has played a significant role in the country’s economy.Modubule also placed responsibility on professionals in the accounting sector to contribute to the country’s economic transformation.

He challenged accountants to look beyond traditional financial responsibilities, including budgets and balance sheets, and play a greater role in helping businesses respond to changing economic conditions.

The CFO said accountants have an important role to play in supporting businesses as they navigate economic changes and contribute to Botswana’s longer-term economic transformation.

The call for diversification highlights the need for new sources of growth as the diamond industry faces changing market conditions and increased costs.