BSE aims to grow capital markets tenfold by 2030

The Botswana Stock Exchange (BSE) has unveiled an ambitious strategy to expand the nation’s capital markets tenfold by 2030, aiming to position them as a cornerstone of economic diversification and private sector-led growth. The “10x by 2030” vision targets a significant increase in capital mobilisation across infrastructure, small businesses, and emerging industries, marking a decisive shift away from Botswana’s traditional reliance on the diamond sector amid declining mineral revenues and fiscal pressures. Speaking at the BSE Media Training Workshop held at Mokolodi Nature Reserve, BSE Board Chair Neo Sesame Mooki emphasised the inseparability of the exchange’s growth ambitions from Botswana’s broader economic transformation.

“Our responsibility as the board was to ask what kind of capital market Botswana needs for the economy it wants to become. That question gave birth to our 10x by 2030 strategy because if Botswana is serious about transforming its economy, we must be equally serious about transforming the institution responsible for mobilising long-term capital,” she said. Mooki clarified that the goal extends beyond mere size.

“We do not simply want an exchange that is ten times bigger. We want one that is ten times more consequential, raising more capital, increasing liquidity, broadening ownership, strengthening technology and ultimately converting Botswana’s reputation for stability into investment, businesses, infrastructure and jobs.” She cautioned that government funding alone cannot sustain Botswana’s development ambitions, noting the limitations of commercial banks and the diamond industry in shouldering the country’s future financial needs. BSE Chief Executive Aupa Monyatsi outlined the strategy’s foundation on five pillars, beginning with talent and culture.

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“People ultimately determine whether strategy succeeds. We are investing heavily in capacity building while modernising our technology platform, including artificial intelligence and automation, to create a future-ready exchange,” he said. Monyatsi further described efforts to expand the exchange’s international reach through partnerships with leading global markets and the creation of new investment vehicles aimed at financing infrastructure and small enterprises.

“By 2030, we want the multiplier effect of capital formed through the Botswana Stock Exchange to create jobs, finance infrastructure and unlock new pathways for economic diversification. Through our subsidiaries we are establishing long-term funding mechanisms that will support major infrastructure projects and emerging SMEs,” he added. The BSE has already begun forging strategic alliances with international exchanges to deepen market liquidity and attract foreign investors.

Monyatsi revealed ongoing dialogue with Gulf investors controlling an estimated US$4 trillion across 11 countries, alongside preparations for further collaboration with the London Stock Exchange. “We are creating opportunities where investors from the Gulf region and other international markets can participate in Botswana listings. These interventions are deliberately designed to improve liquidity, expand market turnover and position Botswana as a competitive destination for international capital.” Beyond equities, the exchange is leveraging the Botswana Mercantile Exchange to enhance financial inclusion through improved commodity trading.

This platform is expected to deliver better price discovery, transparency and risk management, particularly benefiting agricultural producers who have historically faced limited bargaining power. Farmers producing grain, beef and other commodities stand to gain from more transparent pricing mechanisms and expanded market access. Monyatsi also highlighted the role of the Central Securities Depository Botswana, part of the BSE Group, which provides electronic clearing, settlement and custody services; a vital pillar of the country’s financial market infrastructure.

Despite subdued domestic economic conditions, the exchange reported encouraging market performance. Foreign-listed companies posted strong gains in the first half of the year, even as domestic listings mirrored the slower pace of Botswana’s economy. Monyatsi stressed that advancing technology, broadening international partnerships and attracting new listings will be critical to improving liquidity and boosting investor participation in the coming years.

The BSE’s 10x by 2030 strategy stands as one of Botswana’s most audacious attempts to reposition capital markets as an engine of economic transformation, rather than merely a platform for trading shares. Historically, Botswana has depended heavily on government spending, mineral revenues and bank lending to fuel economic activity, leaving capital markets relatively underdeveloped despite the country’s strong governance record.

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