Politics

Botswana’s new president wants swift resolution of De Beers diamond deal

Published

3 weeks ago

November 2, 2024

Duma Boko, the recently elected president of Botswana, stated on Friday that he hoped to wrap up negotiations for a new sales agreement with the multinational diamond mining conglomerate, De Beers, as quickly as possible.

“The relationship with De Beers could have been damaged by the way the negotiations were handled,” President Boko said in a televised statement from Gaborone, Botswana’s capital. “The first thing that needs to be done is to engage the other party”.

The government’s portion of diamonds from the Debswana joint venture will progressively rise to 50% over the following ten years, according to a new diamond sales agreement reached last year by De Beers, a division of Anglo American.

Currently, De Beers purchases 75% of the production from Debswana Diamond Company, which is jointly controlled by Botswana and De Beers.

The agreement has not yet been signed, even though the Botswana government and the departing president, Mokgweetsi Masisi, praised its benefits Beers was “thinking about walking away, not signing at all… (a) very dangerous position to be in as a country,” according to Boko.

According to Boko, his new government wishes to communicate with De Beers to comprehend its issues.

“A proper negotiation involves compromise, where you get a bit of what you wanted, the other person gets a bit,” Boko said. “Then…you have a durable, sustainable agreement.”

As part of a larger reorganisation of its extensive operations, Anglo is developing a strategy to sell out De Beers. In July, Masisi stated that the Botswana government might increase its 15% stake in De Beers.A decline in worldwide demand has severely impacted diamond prices, just like it has for other luxury items. De Beers has been providing contracted clients with flexibility and limiting supply.

Related Topics:Botswana De Beers Featured

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Politics

Mauritius’ Prime Minister to double as Finance Minister

Published

13 hours ago

November 23, 2024

Ifeoluwa Dada

In an effort to maintain a tight eye on the economy, Mauritius’ Prime Minister, Navin Ramgoolam, who took office this month following a resounding election victory, said on Friday that he would retain the position of finance minister for himself.

“We are doing an audit of the economy to see to what extent the outgoing government has destroyed it,” Ramgoolam told reporters in the capital Port Louis after he presided over the swearing-in of other ministers.

Ten years after he stepped down as prime minister, the seasoned politician returned to the position when his Alliance du Changement (ADC) alliance won 60 of the 62 seats in the national legislature.

The 77-year-old Ramgoolam said earlier this week that he would be auditing governmental finances. Before this, he was prime minister from 1995 to 2000 and again from 2005 to 2014.

Ramgoolam started a campaign in 2006 to streamline taxes and reduce bureaucracy to diversify the $10 billion economy beyond exports of sugar, textiles, and tourism.

Since then, the 1.3 million-person nation, which positions itself as a bridge between Africa and Asia, has developed into a major offshore financial hub and has been rated by the World Bank as the easiest location to do business in Africa regularly.

Politics

Mali’s junta names spokesman Abdoulaye Maiga new Prime Minister

Published

1 day ago

November 22, 2024

Ifeoluwa Dada

A day after dismissing Choguel Maiga for criticising the government, Mali’s governing junta named its spokesperson, Abdoulaye Maiga, as Prime Minister on Thursday, according to state broadcaster, ORTM.

A source close to Choguel Maiga told Reuters that the ruling generals were incensed by Maiga’s remarks over the weekend denouncing the junta’s inability to hold elections within the 24-month timeframe given for the return to democracy.

After promising to hold elections in February, the military authorities, who took control in two separate coups in 2020 and 2021, have put off the poll indefinitely, citing technological difficulties.

Choguel Maiga’s firing coincides with indications of growing discontent and disarray among Mali politicians, even those who first supported the coup and collaborated with the junta.

As the wait for elections continues, Choguel Maiga, a civilian prime minister who was installed by the military junta in 2021, is the most recent to lose support.

He was cited on Saturday as claiming he learnt of the junta’s decision via the media and that there had been no discussion regarding the delay of the elections inside the cabinet.

“It’s all happening in total secrecy, without the prime minister’s knowledge,” Choguel Maiga told reporters.

Before then, he had frequently stood up for Mali’s junta against criticism from foreign friends and neighbours in West Africa who denounced its repeated election delays and military collaboration with Russian mercenaries.

As government spokesperson, Abdoulaye Maiga, the new prime minister, has also made strong public remarks against France, the previous colonial master. One such speech was demanding French President Emmanuel Macron to stop his “neocolonial” and “condescending” behaviour.

Abdoulaye Maiga and Assimi Goita, the leaders of the junta, announced they had kept all of the important cabinet ministers in their portfolios in the new administration in a statement that was broadcast on state television ORTM.

The announcement said that Abdoulaye Maiga will remain minister of territory administration.