‘Banking sector key to economic transformation’
Mbongeni Mguni | Wednesday October 16, 2024 11:53
Stanbic Bank Botswana CEO, Chose Modise, said there was a need for “more and better” collaboration between the various private sector players in the economy to realise the diversified growth that the country requires going forward. He was speaking recently at the launch of the Special Economic Zones Authority’s Airport City. “We have to think about Botswana beyond diamonds and whilst of course, they have a critical role to play, we are seeing the declining trend over time,” he said. “We can't afford to wait until it’s too late and we have to change whilst we have the resources to change and diamonds provide that launch pad.
“The question is how to drive that private sector-led, export-led, inclusive, and transformative growth,” he noted. Private sector-led, export-driven growth is a key government priority being pursued through intensified spending on facilitative infrastructure and improved doing-business reforms. In August at the Business Botswana’s National Business Conference in Francistown, intense discussions were held by the private sector captains on how to take the lead from government in driving diversified growth in the economy. “The private sector, especially banking, has to play a leading role in diversifying the economy,” Modise said. “Government needs to provide an enabling environment and set the stage, not play on the stage. It must allow the private sector to drive the economy,” he added.
The Stanbic Bank Botswana CEO said in terms of transforming the economy from its dependence on mining, funding was not the major challenge. “What we need to do is focus on human capital development and build a culture of innovation and collaboration within and across sectors. “My ask is to put our individual agendas aside and collaborate for a bigger purpose and a better Botswana. 'The challenges that the country faces are more complex than before and this requires more and better collaboration. “We want to be at the forefront of that,” he noted.