This Selected Issues paper for Botswana highlights the macroeconomic impact of an effectively implemented National Strategic Framework (NSF) program. The NSF is anchored on the goals of prevention, care, and support; management of the national response; economic impact mitigation; and provision of a strengthened legal and ethical environment. The treatment of the pandemic focuses on the administration of antiretroviral drugs to the infected, the effect of which would be to prolong their lifespan, as well as increase the average level of productivity.


This Selected Issues paper for Botswana highlights the macroeconomic impact of an effectively implemented National Strategic Framework (NSF) program. The NSF is anchored on the goals of prevention, care, and support; management of the national response; economic impact mitigation; and provision of a strengthened legal and ethical environment. The treatment of the pandemic focuses on the administration of antiretroviral drugs to the infected, the effect of which would be to prolong their lifespan, as well as increase the average level of productivity.

III. Financial Sector Development and Reform21

A. Introduction

48. Recent economic developments have highlighted the need for an efficient financial system in Botswana. The plateauing of the diamond production (a major source of growth) highlights the need for a private sector-led economic diversification. For diversification to succeed, it is crucial to develop a financial system that efficiently mobilizes private savings to finance investments. The authorities have recognized the vital role of the financial sector and have included its transformation as one of major objectives in the Ninth National Development Plan (NDP 9).

49. The need for financial sector reform became more evident when the government shifted its public officers’ pension scheme from a defined-benefit to a defined-contribution system. The government partially privatized the scheme and has, since July 2001, transferred part of the accumulated civil servants’ pension claims of about P 10.5 billion (27 percent of GDP) to the private fund managers.22 This has led to large injections of liquidity in domestic financial system. However, with few opportunities for investment in the local capital markets, investments abroad, as well as investment in the Bank of Botswana Certificates (BoBCs), have increased significantly. The volume of outstanding BoBCs almost doubled to P 10.2 billion from 2001 to 2003. The Bank of Botswana (BoB) has offered high return on the BoBCs in order to stem off inflationary pressure from the excess liquidity, and it has been successful in doing so. However, this has come at a high price: the BoB has been burdened with high interest rate costs, and the concentration of funds in BoBCs has disrupted an efficient allocation of resources that could otherwise have been used to finance private investments and enhance diversification. The privatization of the public pension fund scheme also contributed to the decline in the international reserves in months of imports, which, albeit still high by international standards, fell from 33 months to 25 months due to the demand for foreign exchange by private fund managers seeking investment opportunities overseas.

50. Botswana’s financial system is in need of a strengthened prudential framework. This need is driven not only by the substantial resources the government has put at the disposal of the private pension fund managers, but also by the offshore financial center (OFC), the International Financial Services Center (IFSC), which was established in 1999. The main objective of setting up the IFSC was to increase employment and expertise in financial services, in order to make Botswana a financial hub for the sub-Saharan African countries. The authorities anticipate the IFSC to play an important role in developing the local financial market. However, the existing regulatory and legal framework is not well established for the supervision of nonbank financial institutions (NBFIs), in particular those operating under the IFSC, as well as of the private pension funds. While the responsibilities for regulating and supervising banks lie with the central bank, the supervision of the NBFIs and pension funds currently fall under the Ministry of Finance and Development Planning (MFDP), which has a limited capacity to discharge these duties.23 Given the special concerns regarding the operation of OFCs and global initiatives for anti-money-laundering (AML) activities, and considering the size of the liquidity linked to pension funds in Botswana’s financial system, there is an urgent need to upgrade the existing regulatory framework. Thus, the promotion of an efficient financial system, supported by a comprehensive supervisory framework, has become an important economic reform requirement to ensure long-term sustainability and to maintain the integrity of the economy, which has recorded one of the highest credit ratings in Africa.

51. This paper reviews developments and reforms in the financial system in Botswana. Subsection B provides an overview of the sector, and Subsection C discusses developments leading to, and the progress of ongoing financial reforms in, the financial intermediaries and in the capital market operation. Subsection D discusses the supervisory and regulatory framework for financial institutions, and Subsection E draws the conclusions of this paper.

B. Overview of the Financial Sector

52. Earlier growth in Botswana’s financial sector was owed largely to the robust economic expansion in the past decades fueled by diamond production. Since the establishment of the central bank in 1975, and until the mid-1980s, the BoB exercised a considerable degree of direct control over the operation of commercial banks with respect to maximum lending and minimum deposit rates. The BoB also imposed exchange controls on capital transactions. Real interest rates were low or negative, and encouraged some inefficient and marginal investments. Nevertheless, there was a rapid growth of financial savings (Figure III.1), largely owing to the rapid economic growth in the past decades, which fueled a near tripling of GDP per capita since the 1980s.

Figure III.1.
Figure III.1.

Botswana: Commercial Bank Deposits and Advances, 1994-2003

Citation: IMF Staff Country Reports 2004, 212; 10.5089/9781451806380.002.A003

Source: Bank of Botswana.

53. The institutional structure and the type of financial services also expanded, influenced by growth performance and global financial innovations. Currently, the financial sector includes the central bank (the BoB), 24 five commercial banks,25 two investment banks, and other finance institutions.26 A relatively active insurance industry and pension fund operate in Botswana (with 13 insurance companies and over 100 private pension funds). Also included are the Botswana Development Corporation (BDC) and National Development Bank (NDB), which are both owned by the government, and the Public Debt Service Fund (PDSF) which was the government’s direct lending facility to public enterprises until 2002. In addition, the IFSC, whose services include banking, the funds management and administration, captive insurance, and financial intermediaries, has been operating in Botswana since 1999. As of end-2003, 20 companies were operating under the IFSC. A total of 25 companies and 32 securities firms are listed on the Botswana Stock Exchange (BSE), which began operation in 1989.

54. Lending by financial institutions has grown rapidly. As of end-2002, the total outstanding loans and advances by banks, NBFIs, and the government through PDSF loans totaled about P 10.5 billion (31 percent of GDP), a large increase from about P 1.8 billion (13 percent of GDP) in 1990. The households surpassed the business sector as the largest borrower in the economy in 2001. As of September 2003, households’ outstanding credit accounted for 55 percent of total loans. In terms of sectors, the retail and wholesale trade sector dominated credits to business until the early 1990s; however, this sector has been overtaken by the business services sector (14.8 percent) and the trade sector (8.7 percent of total loans) (Figure III.2).

Figure III. 2.
Figure III. 2.

Botswana: Commercial Bank Loans and Advances by Sector, September 2003

Citation: IMF Staff Country Reports 2004, 212; 10.5089/9781451806380.002.A003

Source: Bank of Botswana.

55. The commercial banks have dominated other financial intermediaries in Botswana.27 The commercial banks, of which all are subsidiaries of foreign banks, accounted for over 90 percent of total deposits and advances of deposit-taking institutions in 2002. The largest share of this segment is held by Barclays and the Standard Chartered Bank.28 Overall, the banking industry is financially sound, solvent, profitable, and highly liquid, with banks maintaining prudential ratios in excess of statutory requirements (15-20 percent capital adequacy ratios) and low ratios of nonperforming loans (NPLs) (Table III. 1). However, commercial banks’ lending is dominated by overdrafts and short-term loans, with a large proportion being accounted for by loans with maturities of up to three years (Figure III. 3). The ratio of total advances to deposits has stayed roughly in the 60-70 percent range since 1999, down from 83 percent in 1994, partly because of increased investment in the BoBCs. Recent survey by the Botswana Institute for Development Policy Analysis (BIDPA, 2003), a nongovernmental research organization, suggests that bank charges are high and banking services need improvement.29 As of end-2000, about 43 percent of the population held bank accounts, compared with 32 percent in 1990.

Table III.1.

Botswana: Commercial Banks Measures of Soundness and Efficiency, 1998-2002 1/

(In percent, unless otherwise indicated)

article image
Sources: Bank of Botswana (2001, 2002 and 2003).

For 2003, data as of end-September.

Average capital adequacy ratio of banks in Botswana.

Arrears on loans and advances over six months. From 2001, due to the change in reporting requirements, the figures are loans over 90 days.

Figure III. 3.
Figure III. 3.

Botswana: Commercial Bank Loans and Advances by Maturity, September 2003

Citation: IMF Staff Country Reports 2004, 212; 10.5089/9781451806380.002.A003

Source: Bank of Botswana.

56. The increase in the flow of funds to NBFIs, in particular, to contractual savings institutions, 30 has been one of the major developments in the financial sector over the past decade. In 1998, total assets under the management of the contractual savings sector were P 64 million. In 2003, due to the partial privatization of pension scheme, about P 10.5 billion in civil servants’ accumulated pension claims has been transferred from the government to private pension funds, as mentioned above. Meanwhile, data from the BoB suggest that households have been increasing their holdings of contractual savings assets much faster than their deposits in the banking system. In 1988, pension and life assets were equivalent to 35 percent of deposits held by households in the banks, but by 2000 pension and life assets had surpassed bank deposits, indicating the diversification of household savings held as financial assets.

57. The government’s presence in the financial system has been gradually reduced in recent years. The largest government scheme was the PDSF, which had been financing the public enterprises until 2002, when the government decided to shift its funding toward commercial sources of finance. The Financial Assistance Policy (FAP), which provided grants to new or expanding enterprises and the Small, Medium, and Micro Enterprises (SMME), 31 which provided subsidized loans to approved borrowers, have been replaced by a new agency, the Citizen Entrepreneurial Development Agency (CEDA), which provides subsidized loans to commercially viable enterprises. As of end-2003, the CEDA had received a total of 5,293 applications and approved 1,053 projects, valued at P 592 million (1.6 percent of GDP), of which 82 percent had been disbursed. The majority of funds was allocated to the commerce (44 percent) and retailing (23 percent) sectors.

58. Although there have been ongoing efforts to boost capital market activities, significant room remains for further improvement. The BSE has grown in size since its establishment in 1989, and the number of listed companies had increased from 5 to 17 as of end-2003 (Table III. 2). Over that period, the domestic company index (DCI) rose from 100.0 to 2,394.5, and market capitalization rose from P 120 million to P 15.6 billion. The BSE experienced a temporary boost in its activities during 2002, as the government undertook a partial privatization of the civil servant pension scheme. The BSE’s DCI grew by 2.6 percent in pula terms (16 percent in U.S. dollar terms), largely reflecting the transfer of assets by private pension fund managers to the stock market. The nominal value of the bond market also grew by 85 percent during this period. However, the effect was short-lived: there was virtually no trading in the commercial paper and bond markets during 2003, and the yields on these securities have remained stable. A more fundamental problem of the BSE is that assets traded are illiquid, as measured by the turnover ratio, 32 which is much lower than that of other emerging markets. A large proportion of shares on the BSE are held either by controlling interests or by local institutional investors, who are unwilling to sell for fear of loss of control and because of a lack of alternative investment opportunities.

Table III. 2.

Botswana: Activities of Botswana Stock Exchange, 2001-2003

article image
Source: Botswana Stock Exchange.

C. Reforms in the Financial Sector

59. During the Seventh National Development Plan (NDP 7, 1991–1997), the authorities recognized the critical role of the financial sector and began implementing reform measures. In 1986, interest rate controls were lifted, and the financial sector expanded with the introduction of the BoBCs as a tool for indirect monetary control. This was followed by the liberalization of licensing requirements for the commercial banks, reforms in the NBFIs, and enhancement of prudential supervision and the payment system (Table III. 3). However, further efforts are needed to enhance the price-discovery mechanism of liquidity, and to develop the domestic capital market. Such efforts need to be accompanied by a strengthened supervision and regulatory framework.

Table III. 3.

Botswana: Financial Sector Reforms, 1986-2003

article image
Source: Bank of Botswana.

Pricing of liquidity in the money market

60. The interest rates are high, and the spread has been widening despite the excess liquidity in the market following the privatization of pension funds (Figure III. 4 and III. 5). This can be attributed to the lack of domestic absorptive capacity and the low level of competition among banks, which is also reflected in the rising bank charges, high reliance of banks on noninterest income, 33 and the informal arrangement of interbank rates at 1 percent below the Bank rate by commercial banks.

Figure III. 4.
Figure III. 4.

Interest Rates and Broad Money, 2000:Q1-2003:Q3

Citation: IMF Staff Country Reports 2004, 212; 10.5089/9781451806380.002.A003

Source: Bank of Botswana
Figure III. 5.
Figure III. 5.

Botswana: Interest Rate Spread, 1991-2003

Citation: IMF Staff Country Reports 2004, 212; 10.5089/9781451806380.002.A003

Source: Bank of Botswana

61. Interest rates in Botswana do not reflect appropriately the market liquidity condition. This can be attributed to the following. First, as mentioned above, the interbank rate has been set at 1 percent below the Bank rate by an informal agreement. Second, interbank activities are low because banks prefer to transact in repos or reverse repos with the central bank to meet the daily liquidity requirements, which is offered at the same rate as the interbank rate. There is no price incentive for banks to look first to the interbank market to place or borrow funds overnight. Third, the short-term interest rate—the BoBC rate—has followed closely the direction of Bank rate, as the central bank had been, de facto, targeting the price of BoBCs than quantity through the uniform price auction method.34 Fourth, the prime lending rate has been consistently 1.5 percent above the Bank rate. As a result, the interest rates in Botswana reflect closely the direction of monetary policy, as they are linked systematically to the Bank rate, but do not mirror the liquidity condition in the market. Such arrangements have not been conducive to the most efficient channeling of liquidity, and may have disrupted the transmission of monetary policy adjustments.

62. The functioning of the price-discovery mechanism has also been complicated by an economic structure dominated by the mining sector. The amount of liquidity buildup in the banking system depends largely on the timing of tax payments from major taxpayers in the mining sector, who pay taxes on a quarterly basis.35 Meanwhile, the Southern African Customs Union (SACU) payments and transfers to local governments have been lumpy as well, disrupting the smooth flow of liquidity in the financial system.

63. While financial intermediaries have invested heavily in the BoBCs, due to their attractive return and very low risk, the secondary market trading for BoBCs has been slow to develop. Investors tend to hold the BoBCs until maturity owing to a lack of investment alternatives. In addition, secondary market activities for the BoBCs have been dominated by transactions with the BoB, rather than among banks. This is because the BoB has committed itself to buying the BoBCs along a yield curve based on the auction cutoff rate, so that participants in the market have no incentive to seek out buyers in the private market. This has discouraged the discovery of the price of liquidity in the market.

64. The authorities have formulated various policies to enhance price discovery in the money market and to reflect accurately future expectations concerning the interest rates. In 2001, the BoB shortened and standardized the BoBC maturity period to 91 days because shorter maturities would attract lower interest rates. The BoB also introduced weekly auction schedules to increase flexibility in liquidity management. Effective May 1, 2004, the BoB will conduct the BoBC auctions using a multiple price format. This will ensure that BoBC counterparties submit competitive bids, reflecting the liquidity conditions in the money market, and better mirroring expectations about future interest rates. In addition, the BoB is embarking on a gradual process of withdrawing from the secondary market by restricting the trades to P 25 million per deal. With inflation declining, the BoB is also working to reduce the current high BoBC rates and has arranged for the banks in Botswana to share credit information on borrowers—a move that could help lower the current high real interest rates and provide investment incentives for the private sector.

D. Development of Domestic Capital Market

65. The recent partial privatization of the civil servants’ pension scheme and the resulting transfer of government funds have highlighted the need to develop the domestic capital market and financial instruments that will cater to the new forms of savings. In particular, the pension funds generally invest a large proportion of funds in long-term instruments to match the risk, return, and maturity profiles of their liabilities, rather than in bank deposits. Without access to a broad range of instruments in domestic capital markets, the market remains vulnerable to capital outflow, as investors seek profit opportunities overseas that match their needs. Institutional investors operating in Botswana are required to hold at least 30 percent of their portfolios as domestic assets, and the remaining can be invested offshore. So far, owing to the attractive return on the BoBCs, the domestic asset portfolios remain well above the 30 percent floor. However, this may change, depending on developments in domestic interest rates and global financial market conditions. The privatization of the civil servants’ pension scheme, if accompanied by appropriate policy measures, could benefit the financial system, as there will be considerable demand from savers for financial instruments with the risk, return, and maturity characteristics that capital markets generally provide, in the form of equities and longer-term bonds. In light of this demand, firms and public enterprises earmarked for privatization should find it more attractive to issue such instruments. As in the case of Chile, pension privatization could result in a significant development of local capital market and financial services.

66. To develop the domestic capital market, the government introduced 2-, 5-, and 12–year bonds in 2003. This widened the selection of investment instruments and enabled the establishment of a relatively risk-free yield curve to serve as a benchmark for other bond issues. The bonds were targeted to raise about P 2.0–2.5 billion, under the presumption that concentrating on a limited number of issues would facilitate the development of an active secondary market, which is essential for a well-functioning capital market. Up to 20 percent of the bonds could be purchased by foreigners, as it would increase price competition and liquidity and bring sophisticated trading and investment techniques to the market. The bonds were oversubscribed, indicating high demand for these assets, but secondary market transactions have so far been limited. To facilitate bond trading, the authorities plan to list the government bonds on the BSE.

67. The authorities have taken various measures to enhance activities in the BSE. Recognizing the importance of a stock exchange in the development of the capital market, the authorities have eased the stock market listing requirement and have also provided for the favorable treatment of capital gains on the disposal of shares. The authorities also abolished the double-tax burden on dividends. The government has set up a Central Securities Deposit to improve securities transactions, and will draft a Securities Bill in 2004/05 to replace the outdated Botswana Stock Exchange Act (1994). The government also proposes to float additional bonds on the local bourse in the coming year. While encouraging the public enterprises to list on the BSE, the government also took steps to sell the public loan book of the PDSF (amounting to 2.8 percent of GDP) to the private sector. These actions are expected to encourage capital market development. Further changes in the law and reform measures are needed, so that local governments, public utilities, and other investors can raise capital through the BSE, and in order to promote a mortgage industry in Botswana.

E. Strengthening of Regulatory and Supervisory Framework

68. The growing role of capital markets, wider range of savings and borrowing instruments, and increase in the flow of funds to NBFIs have highlighted the importance of institutional arrangements for prudential regulation and supervision. While the supervision of banks is adequately covered by the BoB, there is an immediate need to supervise private pension fund managers, all NBFIs (including those operating under the IFSC), and the BSE, not all of which are adequately regulated by the authorities.36 This is all the more important because of the large size of government funds recently transferred to private pension fund managers, as mentioned above. In addition, the BSE needs to be regulated by a securities commission that ensures the provision of timely and accurate information and has the authority to enforce to fight securities fraud.37 Meanwhile, the AML regulations have become effective for banking institutions operating under the IFSC, but do not strictly apply to the NBFIs under the IFSC. The authorities are examining whether further legal arrangements are needed to ensure an effective coverage of all financial institutions in AML settings.

69. The authorities are planning to establish a financial supervisory authority—an independent watchdog for the nonbanking financial sector—which will oversee the supervision of NBFIs and the operation of the capital market. The MFDP has also initiated a review of the 1987 Pension Act and has been communicating with private fund managers on developments in investment activities. The government is expecting to receive a report on investment of assets from fund managers. The sizable resources being committed in the capital market and the need to build momentum in the secondary markets call for prompt action to strengthen supervision in this area.

70. Efforts to improve the legal framework for property rights, insolvency, and creditor rights should also be included in the financial sector reform. The financial sector in Botswana has not yet experienced the kind of serious systemic crisis experienced in some other countries. A few institutions experienced problems in the early 1990s owing to inadequate internal controls, and, in the case of publicly owned financial institutions, to a lack of effective supervision. During such periods, timely interventions by the authorities prevented these problems from developing into a systemic crisis. However, the legal framework needs to be strengthened now, in particular, in light of the rapid increase in domestic credit to households in the last two years, and in line with the maturation of the financial sector, in order to ensure sound lending practices and the integrity of the financial system.

F. Conclusion

71. Botswana faces the typical problems of a small, open, developing economy, such as a limited domestic market with few players, a tendency for institutions to be all either in surplus or shortage of funds at the same time, and a tendency for investors to hold securities until maturity due to a lack of investment alternatives. The authorities have recognized the importance of the financial sector for their efforts to diversify the economy, and have highlighted financial reforms in the NDP 9 to address these limitations.

72. Further efforts are needed to improve the operation of the money market and to expedite the development of the local capital market. Interest rates in Botswana are high and do not accurately mirror liquidity conditions. Also, despite excess liquidity in the market, interest rate spreads have been widening. Policies aimed at promoting competition among banks and the development of secondary markets for the BoBCs could encourage the discovery of the price of liquidity. Meanwhile, the partial privatization of the civil servants’ pension scheme warrants the urgent development of the local capital markets to minimize the leakage of resource and to channel them into financing of private sector-led investments to support economic diversification. The Chilean experience suggests that pension scheme privatization, if accompanied by appropriate policy measures, can benefit the financial system, as there will be considerable demand from savers for financial instruments in the form of equities and longer-term bonds. In light of this demand, firms and public enterprises earmarked for privatization should find it more attractive to issue such instruments. This could lead to a significant development of the local capital market.

73. A financial system with a more active nonbank financial sector and local capital market will require a more comprehensive regulatory and supervisory framework to maintain its integrity—a factor that has played a crucial role in the past economic growth. The need for strengthened supervision has increased with the introduction of the IFSC, whose success depends on improved regulatory capacity and administrative arrangements. The regulatory framework needs to ensure that the business environment is appropriate, while protecting against any risk to reputation that may arise from weak regulation.


  • Bank of Botswana, 2001, Annual Report (Gaborone, Botswana: Bank of Botswana).

  • Bank of Botswana, 2002, Annual Report (Gaborone, Botswana: Bank of Botswana).

  • Bank of Botswana, Banking Supervision Annual Report 2002 (Gaborone, Botswana: Bank of Botswana).

  • Bank of Botswana, 2003, Financial Statistics, October 2003 (Gaborone, Botswana: Bank of Botswana).

  • Botswana Institute for Development Policy Analysis (BIDPA), 2003, Cost of Banking in Botswana 2001-02 (Gaborone, Botswana: BIDPA).

  • Poddar, Tushar, 2002, “Pension Fund Arrangements and Asset Market Developments”, in Botswana: Selected Issues and Statistical Appendix, IMF Country Report No. 02/243, by John H. Green and others (Washington: International Monetary Fund).

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Prepared by Jung Yeon Kim.


For details on the privatization of the pension scheme, see Poddar (2002).


The BoB supervises the banking sector, namely, commercial banks, the Botswana Savings Bank (BSB), and the Collective Investment Undertaking (CIU). The MFDP supervises mostly the NBFIs including the National Development Bank (NDB), the Botswana Building Society (BBS), insurance companies, and pension funds.


For details on monetary policy, see Subsection D.


Commercial banks include Barclays, the Standard Chartered Bank, Stanbic, the First National Bank, and the Bank of Baroda.


Leasing finance institutions, the Collective Investment Unit (CIU), the Botswana Savings Bank (BSB), the Botswana Building Society (BBS), the Botswana Stock Exchange (BSE), and several microlenders are included.


The government has remained the major net saver, accounting for over 65 percent of the central bank’s total liabilities in 2001. Government deposits declined, however, since the transfer of public officers’ claims to the pension funds, to about 40 percent of the BoB’s total liability as of August 2003.


The market shares of value of deposit liabilities (advances) as of end-2002 were 34 percent (35 percent) and 25 percent (23 percent) for Barclays and the Standard Chartered Bank, respectively.


On average, banks in Botswana charge P 14.67 (P 8.00) for over-the-counter withdrawals (deposits), while South African banks charge on average the equivalent of P 9.73 (P 1.76). The average bank charge for interim bank statement is the equivalent of P 2.41 for banks in South Africa, whereas in Botswana the charge is P 20.90.


These include the insurance companies, brokers/agents, private pension funds, and fund managers.


The FAP was established in 1982, and by its closure in mid-2001, it had lent about P 901 million (2.6 percent of GDP), while the SMME, which was established in 1999, had lent P 10.8 million by 2001. Both the FAP and SMME loans were transferred to the Citizen Entrepreneurial Development Agency (CEDA) in August 2001, to improve the effectiveness of these loan schemes.


The total value of stocks traded during a year relative to average market capitalization.


The ratio of noninterest income (the bulk of which comprises commissions and fees) to total income for commercial banks in Botswana was about 23 percent between 1996 and 2001; in comparison, the ratio for Mauritius during that period was 17.3 percent.


Under the uniform price auction system (the Dutch system), all successful bids are allocated at a uniform price, as long as the bids are at or above the minimum acceptable price.


The diamond sector (comprising one large company, Debswana) accounted for over 50 percent of total revenue in 2002/03 (April-March), (60 percent of beginning-of-period M3 money stock).


It has also been argued that the BoB has developed a strong capacity to supervise onshore banks but need to strengthen its supervisory skills for offshore banks.


The fledging BSE regulatory procedures have been under scrutiny following the Botswana Insurance Holding Limited (BIHL) insider trading scandal in 2003. The BSE has called for tighter controls on the clearance and settlement of transactions and on issues of internal trading.

Botswana: Selected Issues and Statistical Appendix
Author: International Monetary Fund