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.
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