Botswana pivots from diamonds to critical minerals amid revenue drop
Botswana, Africa’s largest diamond producer, is rethinking its economic strategy as diamond revenues fell to USD 785 million in 2025-26, a 59% drop from historical averages. Rising stockpiles and the growth of lab-grown diamonds are prompting the government to explore nearly 70% of its unexplored territory for critical minerals like copper and cobalt.
The government aims to diversify the economy, reduce dependence on diamonds, and create new sources of revenue to safeguard economic stability. Officials highlight that high-value minerals are in growing global demand, driven by green technologies, electric vehicles, and renewable energy sectors.
The U.S. has expressed interest in partnering for mineral exploration, signaling broader international attention on Botswana’s strategic resources. Analysts suggest that this shift could position Botswana as a key player in global critical mineral supply chains, while also attracting foreign investment and technology partnerships.
Botswana’s move reflects a wider trend in Africa: nations traditionally reliant on single-resource economies are seeking long-term resilience through diversification, innovation, and sustainable development.