Botswana’s economic transformation from a middle class to high-income status will commence with the 2020/21 budget and continue to be perfected in the long run, Finance Minister Thapelo Matsheka announced on Monday.
Presenting the 2020/21 budget in parliament, Matsheka said Botswana’s development model has to change from a resource-based to a knowledge-based approach.
“While the former model has hitherto served the country well, it is clear that it can no longer be relied upon to deliver this country to a high-income status,” said Matsheka.
In this regard, the minister said the government would be rolling out the implementation of the National Human Resource Development Plan during the 2020/21 financial year.
“The implementation of the plan is expected to ensure demand-driven human resource development to enhance the employability of graduates of tertiary education institutions through an emphasis on industry collaboration,” he said.
Matsheka said to achieve the level of growth needed to move the country from the current middle-income trap, there is need for continued investment in appropriate infrastructure, which is critical in enhancing productivity and economic growth.
KO/jn/APA