About Company
The Ministry of Finance of Botswana, headquartered in Gaborone, is a pivotal institution responsible for managing the nation’s financial and economic affairs. Established in 1970 through the merger of the former Ministry of Finance and the Ministry of Development Planning, it has undergone several restructurings to adapt to the country’s evolving economic landscape.
Mandate and Core Functions
The Ministry’s overarching mandate is to coordinate national development planning, mobilize and prudently manage financial and economic resources, and formulate policies that promote sustainable economic development. Its core functions encompass:
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Treasury and Budget Administration: Overseeing the preparation and execution of the national budget, ensuring fiscal discipline and efficient allocation of resources.
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Economic Management and National Development Planning Coordination: Formulating economic policies and coordinating development plans to foster economic growth.
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Financial Administration and Management: Managing public finances, including revenue collection, expenditure control, and debt management.
Additionally, the Ministry is tasked with mobilizing resources for economic development, improving accountability in resource utilization, facilitating project implementation and monitoring, and promoting citizen economic empowerment initiatives.
Organizational Structure
The Ministry’s structure has evolved to enhance its efficiency and responsiveness. Key divisions and units include:
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Economic and Financial Policy Division: Responsible for macroeconomic policy formulation and analysis.
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Development and Budget Division: Oversees the development planning process and budget preparation.
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Office of the Accountant General: Manages government accounts and financial reporting.
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Corporate Services Division: Provides administrative support and human resource management.
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Internal Audit Unit: Ensures compliance with financial regulations and promotes good governance.
In 2009, the Financial Intelligence Agency was established under the Ministry to combat financial crimes, particularly money laundering and terrorism financing.
Leadership
As of November 2024, the Ministry is led by Hon. Ndaba Gaolathe, who serves concurrently as the Vice President of Botswana. He succeeded Hon. Peggy Serame, who held the position from April 2021 to November 2024.
Key Initiatives and Reforms
The Ministry has been instrumental in implementing reforms to enhance public financial management. Notably, the Public Finance Management Reform Programme (PFMRP), initiated in 2010, aims to improve budget credibility, transparency, and accountability. The programme focuses on policy-based budgeting, predictability and control in budget execution, and strengthening external scrutiny and auditing.
Furthermore, the Ministry oversees the Pula Fund, Botswana’s sovereign wealth fund established in 1993 to invest surplus revenues from diamond exports. As of December 2024, the fund manages assets worth approximately US$3.5 billion.
Collaborations and Partnerships
The Ministry collaborates with international financial institutions such as the International Monetary Fund (IMF) and the World Bank to align Botswana’s financial practices with global standards. These partnerships have been crucial in maintaining the country’s economic stability and fostering investor confidence.