Botswana’s Economy bases itself chiefly on the agricultural industry with more than 80% of the population depending on it as a livelihood. Since the independence of Botswana in the year 1966, the country has set new standards with the highest average growth rate in the economic sector.
The currency of Botswana is Pula. The total number of people dwelling under the poverty line as per facts on the Botswana Economy is 30.3%.
Botswana Agriculture
Botswana’s Agricultural Industry is dominated by cattle rearing and subsistence farming. Agriculture in Botswana is plagued by various factors like poor soil conditions and erratic rainfall. This is one of the chief reasons behind the inability of the agriculture industry in Botswana to meet the adequate amount of food supply.
Since its independence in 1966, cattle rearing has dominated the sector of agriculture in Botswana and beef production is still monopolized by the Botswana Meat Commission. In the middle of the 1990s, the national herd counted to almost 2.5 million. However, in recent years, the figures have gone down by 200,000 due to the mass slaughter ordered by the government in 1995 in order to prevent cattle lung disease.
According to the Economy of Botswana, the agricultural industry provides 3% of the total GDP, and industry accounts for 46.9% of the GDP, which includes 36% provided by mining. The tourism industry is responsible for 12% account of the GDP. According to Botswana’s Economy, per year growth of GDP is equal to 4.7%, while the inflation rate is 11.4%. The per capita GDP of Botswana’s Economy amounts to $11,400 with the total GDP being of $18.72 billion. The growth of Botswana’s economy has led to the country being rated as the least corrupt in the world according to Transparency International.
Botswana Business
Botswana Business includes the economy of Botswana, the trade of Botswana, and private and foreign investments. Botswana Business is blessed for having the fastest growing economy in the world. The economic growth of Botswana is 9% every year with the per capita GDP being $11,200. Since its independence, Botswana’s Business has grown from a poor one to a middle-income one. In spite of the consecutive budget deficits, the government of Botswana has successfully maintained a good fiscal policy and a very low rate of foreign debt. The chief reason behind this manifold growth in the Business of Botswana is its four diamond mines among which the Orapa Diamond Mine is the largest producer of diamonds in the whole world.
Companies in Botswana
The list of important Botswana companies includes the following businesses:
Botswana Meat Commission:
This company of Botswana is fully owned and operated by the Botswana government. It has the sole power of exporting Beef from the African nation.
Debswana:
This Botswana company exports diamonds to importing countries. Debswana is the monopoly supplier of the precious mineral to secondary mineral companies outside the territorial jurisdiction of Botswana.
Botswana Power Corporation:
Botswana Power Corporation or BPC is a wholly owned government subsidiary, which generates and distributes power throughout the country.