By: My joy online

Botswana will establish a citizenship-by-investment program as part of a strategy to diversify its economy away from diamonds, its largest export. The announcement was made by President Duma Boko, who stated the program aims to "secure the long-term financial future of Botswana."

The initiative is a response to economic pressures caused by a prolonged downturn in the global diamond market. As the world's leading producer of diamonds by value, Botswana's economy contracted by 3% last year and is forecast to contract again in 2025.

The funds raised from the new program will be directed to priority sectors, including housing, tourism, renewable energy, mining, and financial services. The specific investment amount required for citizenship has not yet been announced.

The government has retained the investment migration consultancy Arton Capital to help establish the program. This move follows other recent economic measures, including the creation of a new sovereign wealth fund and the declaration of a public health emergency in August due to failures in the medical supply chain.