Botswana government defends sovereign wealth fund's placement under presidency
via Mmegi3 min read
Assistant Minister for State President, Defence and Security Maipelo Mophuting-Dikoloti has defended the Botswana government's decision to place the Sovereign Wealth Fund under the Office of the President. Responding to a question from Leader of Opposition and Member of Parliament for Maun North, Dumelang Saleshando, Mophuting-Dikoloti explained that the fund is not merely a cash pool but also an asset management entity. She stated that if it were solely a cash entity, it would be under the finance ministry, but its diverse cash and non-cash portfolio necessitates the "convening power of the presidency" for stronger inter-ministerial coordination. Regarding appointments, the minister affirmed that board members were selected based on merit, transparency, and professional competency, adhering to the Santiago principles. The Chief Executive Officer was chosen for expertise in managing Botswana's largest fund. The minister also noted that the fund's initial capitalization would focus on asset transfer rather than cash injections, with future funding from ring-fenced mineral revenues, dividends from State-Owned Enterprises, and returns on investment, while preserving the principal.
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by Mmegi.
National Assembly Speaker Dithapelo Keorapetse has acknowledged that many former Members of Parliament face difficulties finding employment after leaving office. To address this, the National Assembly is establishing a savings and credit cooperative SACCOS and exploring investment, insurance, and retirement solutions. Keorapetse stated that while special rights protect MPs during their tenure, many struggle with employability and insufficient retirement benefits afterwards. The National Assembly Credit and Cooperative Society, or SACCOS, is being registered with assistance from the Botswana Savings and Credit Cooperative Association BOSCCA to provide financial support to former MPs.
The Botswana Energy Regulatory Authority BERA has approved a nine percent across-the-board increase in tariffs for the Botswana Power Corporation BPC, effective August 1. This decision follows BPC's request in December for an average 46% increase across consumer categories. BERA, acting as the regulator, conducted a public hearing in February where significant opposition to BPC's initial request was voiced.
Mmegi Online, an independent news source in Botswana, displayed a 404 error message indicating that the page a user was looking for does not exist. The error appeared on a page that was likely intended to feature news about Manchester United signing Santos and closing in on Tielemans. The website provides various sections including news, business, sport, lifestyle, and features, and offers contact information and social media links.