Gov’t faces criticism over Sovereign Wealth Fund appointments

Two parliamentary questions addressed the Fund’s operations. Taolo Lucas, the member of parliament for Bobirwa, queried Minister of State President Moeti Mohwasa, who also oversees defence and security, to provide a comprehensive update on the protocols, processes, and activities undertaken to support and sustain the fund. Lucas further asked how the ministry plans to maintain the fund amid current economic challenges and what milestones are projected to ensure generational equity, a core objective of the initiative.

In response, Mohwasa informed Parliament that a significant early milestone was the appointment of the Fund’s Chief Executive Officer, Moemedi Malindah, who officially assumed office on January 1, 2026. “This appointment marked the transition from foundational governance design to operational implementation,” he said. Since taking the helm, the CEO has concentrated on establishing the Fund’s institutional framework.

This effort includes developing operational documentation, internal policies and procedures, control systems, and designing the organizational structure. Further questions about the CEO and the board’s appointments were posed to Mohwasa by Dumelang Saleshando, leader of the opposition. Saleshando challenged why the Sovereign Wealth Fund is managed under Mohwasa’s Ministry, rather than the Ministry of Finance, which he argued has the requisite expertise to oversee the nation’s long-term financial investments.

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He also demanded clarity on the selection process for the board members and the CEO, the amount invested in the fund to date, plans for further capitalization, and the legal framework establishing the fund. This line of inquiry was deferred to a later date. The controversy surrounding the Fund’s board largely stems from Botswana’s recent shift in managing national wealth and the specific appointments made to lead this transition.

The most contentious issue has been the appointment of Farouk Gumel, a Nigerian business leader, as the inaugural Chairman of the Board. Critics have questioned why a non-citizen was chosen to oversee a vehicle responsible for Botswana’s intergenerational wealth, arguing that local talent should be entrusted with managing the nation’s reserves. “Let me emphasize that this Fund is 100% government-owned, belonging fully to the people of Botswana.

Its sole purpose is to safeguard and grow our national wealth so that it serves you, the citizens, today and for generations to come. The Board’s stewardship will guarantee that every pula invested strengthens our economy, accelerates diversification, and builds a resilient and sustainable future beyond diamonds.”

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