08 Jan 2024

Further to the brief public notice of the 2nd January, 2024, the Ministry of Finance wishes to amplify the announcement that the Honourable Minister of Finance, Ms. Peggy Onkutlwile Serame has been awarded the Finance Minister of the Year for Africa award for 2024 by The Banker magazine.

The Banker magazine, which is a Financial Times publication based in London, was first published in January 1926, to provide economic and financial intelligence for the world’s financial sector, over a broad spectrum of issues. On an annual basis, it celebrates outstanding Finance Ministers from across the globe that have best managed to stimulate growth and stabilise their economies.

Hon. Serame, an economist by profession and also the first female Minister of Finance in the history of Botswana, is recognised for, among others, her intellectual leadership and effective stewardship of the economy since assuming her role in April 2021.

Since then, she has guided Botswana’s economy to achieve one of the fastest recoveries in the world from the impact of the COVID- 19 pandemic. During this time, the economy grew by 11.8 percent in 2021 and 5.5 percent in 2022 compared to sub-Saharan Africa’s average growth of 4.5 percent and 4.0 percent and the global average of 6.5 percent and 3.5 percent, respectively. Growth is also expected to remain on a positive trajectory in 2023 and in the medium-term.

Hon. Serame has also contributed to Botswana’s transformational journey, through the implementation of a wide range of reforms including Legislative Reforms (such as the amendment of the Retirement Funds Act, the Transfer Duty Act, Public Finance Management Act, and the Public Procurement Act, as well as the on-going holistic review of all Tax laws).

She continues to play a pivotal role in other Administrative Reforms like the Rationalisation of Government Machinery aimed at improving efficiency in the public sector and reducing duplication of efforts while optimising value for public monies, as well as the adoption of new project prioritisation, preparation, finance and implementation methods.

Through her experience in the macro-fiscal and macro-financial arena, Hon. Serame has contributed extensively to Botswana’s good track record of macro-economic and fiscal management that has ensured policy credibility, consistency and predictability. This has also helped Botswana’s financial sector to be strong and resilient with adequate buffers to withstand emerging and systemic risks. The growing sturdiness of this sector is testimony to her overall effective management of the general economy.

According to the 2023 Financial Sector Assessment Programme (FSAP) report by the IMF and the World Bank, Botswana’s financial sector has significantly improved, particularly with respect to strengthening the supervisory and regulatory framework. This is considered a pre-requisite for macroeconomic stability in the medium to long-term.

The 2023 FSAP also found that most banks in the country can withstand severe stress while the financial system can survive a wide range of shocks. This has been achieved with the astute leadership of Hon. Serame.

Furthermore, Hon. Serame is also credited with having overseen the implementation of a balanced budget over the financial year 2022/2023, following consecutive deficits in the previous years, despite attendant challenges in both the domestic and global economies.

In addition, under her leadership, Botswana has maintained stable credit ratings from two rating agencies i.e. Moody’s Investors Service (A3) and Standard and Poor’s (BBB+), even during the difficult post-Covid-19 period. These ratings are the highest in Africa and make Botswana the No.1 investment grade country on the continent.

The independent evaluations of Botswana’s economy, by two of the world’s outstanding rating agencies, are underpinned by the country’s strong, stable and predictable institutional framework; modest net general government debt levels; relatively strong net external position; and positive impact of monetary policy framework, all of which support enduring macroeconomic stability.

For more information email: mof-pro@gov.bw

Or call:

Landline:

+267 3950 300

+267 3989 949

+267 3633 396

Mobile:

+267 76 298 483

+267 71 633 518

+267 73 759 773

Olesitse H. Masimega

PERMANENT SECRETARY