Economic Diversification in Africa
Botswana is a major producer of the world’s diamonds
and has been a pacesetter for beneficiation in the
country. All mineral resources are finite: Botswana
is working towards diversifying the economy before
the diamonds run out. As one of the most stable
and prosperous countries in Africa, Botswana sets an
example to follow.
Economic Diversification in Africa: Lessons from Botswana presents research rooted in rich data and a comprehensive understanding of economic processes to highlight the need for African economies to decrease primary commodity dependence. Botswana, the second major producer of the world’s diamonds, has been a pacesetter for beneficiation in the country, negotiating effectively with the world’s leading diamond company De Beers. Anticipating a decline in this finite resource, the country is working towards diversifying the economy before the diamonds run out. As one of the most stable and prosperous countries in Africa, Botswana is an example to follow.
The seventeen chapters in this book provide a practical review of the role of governments, the private sector, economic institutions and the broader international community in driving economic diversification. While it focuses on Botswana, the book highlights challenges encountered by small open economies in Africa as they search for new engines of growth.
