Botswana is launching a citizenship-by-investment (CBI) programme in a bid to attract foreign capital and reduce its dependence on diamonds. President Duma Gideon Boko unveiled the proposal at the UN General Assembly, emphasising that the revenue would be channelled into housing, tourism, renewable energy, mining and the financial sector. While the required investment threshold is yet to be fixed, the move aims to shore up public finances amid an extended global slump in diamond demand.
The country’s finances are under pressure. After a 3% contraction in 2024, the government predicts further downturn in 2025. The mining sector has suffered severely: in Q2 2025, GDP fell 5.3% year on year, largely owing to a 43% drop in diamond output. In response, Botswana last year declared a public health emergency due to medicine shortages and has also set up a sovereign wealth fund to manage diversification efforts.
The government has appointed Arton Capital, a long-established global advisory firm specialising in investment migration and economic citizenship, to design and implement the programme. The initiative aims to channel foreign capital into renewable energy, housing, tourism, and financial services, helping reduce Botswana’s reliance on diamonds and stimulate long-term economic growth.
“If properly structured and governed, the proposed CBI programme could act as a financial bridge”
“Compared to peers such as Nigeria or Angola, Botswana’s smaller population and disciplined fiscal culture have given it an edge in per-capita metrics and institutional quality”
Socio-Economic and Political Context
On key measures of human development, Botswana stands out in sub-Saharan Africa. Its Human Development Index reached 0.731 in 2023, placing it in the high human development category and ranking 111th out of 193 countries. With GDP per capita estimated at US$7,859 in 2024, and over US$20,000 on a purchasing-power-parity basis, Botswana ranks among the continent’s most affluent economies.
Political change has also begun to reshape its landscape. In 2024, the Botswana Democratic Party lost power after 58 years in office, yielding to Duma Boko’s coalition government. The result signalled mounting social and economic discontent, as citizens increasingly demand diversification and reform in a nation long reliant on diamond wealth.
Yet challenges abound. Unemployment remains elevated – youth unemployment especially acute – and inequality is persistent (Gini coefficient ~45.5). Healthcare and infrastructure are much better than many peers: nearly every birth occurs in a hospital, and 85 % of citizens live within 5 km of a health facility. The public sector has historically reinvested diamond revenues into roads, schools and clinics, giving Botswana more robust infrastructure than many African states. In terms of safety, Botswana is viewed as one of the more stable and secure African nations for foreigners, bolstered by relatively low corruption and a tradition of rule of law.
Compared to peers such as Nigeria or Angola, Botswana’s smaller population and disciplined fiscal culture have given it an edge in per-capita metrics and institutional quality. But as its diamond revenues weaken, it must now prove it can convert institutional goodwill into sustainable, diversified growth.
If properly structured and governed, the proposed CBI programme could act as a financial bridge – but its credibility will depend on transparency, investor quality, and the state’s ability to convert funds into tangible development outcomes.
