The Government and De Beers Group have appointed former African Development Bank president Dr. Akinwumi Adesina as chairperson of the Diamonds for Development Fund, placing one of Africa’s most prominent development financiers at the centre of Botswana’s economic diversification strategy.
The appointment comes as Botswana and De Beers seek to position the newly established fund as a vehicle for broadening the country’s economy beyond diamonds through investment, industrialisation and citizen participation in the mineral value chain.
Dr. Adesina, a Nigerian economist and former president of the African Development Bank Group, will formally assume the role on June 15, according to a joint announcement released by the government and De Beers.
The Diamonds for Development Fund was unveiled as part of Botswana’s renewed diamond partnership framework with De Beers and is intended to channel diamond-derived wealth into long-term economic transformation initiatives.
Botswana’s Minister of Minerals and Energy, Bogolo Kenewendo, said the appointment underscored the government’s ambition to maximise the developmental impact of the country’s diamond resources.
“We are proud and honoured to have Dr Akinwumi Adesina join the Diamonds for Development Fund as Chairperson,” Kenewendo said.
“His appointment solidifies the position of the Government of the Republic of Botswana to maximise the value of Botswana diamonds as an anchor for economic transformation, diversification, innovation, beneficiation and citizen participation in the diamond value chain.”
Adesina led the African Development Bank Group between 2015 and 2025, overseeing a major expansion of the institution’s balance sheet and financing capacity.
“His track record in African development is outstanding, and his global network, commitment to strong governance, and understanding of the Fund’s priorities make him the right chair to shape the Fund’s support for Botswana’s long-term economic objectives.”
During his tenure, the bank’s capital base increased from US$93 billion to US$318 billion, while the Africa Investment Forum, launched in 2018, mobilised more than US$225 billion in investment interest for projects across the continent.
He also spearheaded the bank’s “High 5” development agenda, which the institution says impacted more than 565 million people across Africa, and co-led the development of Mission 300, an initiative aimed at expanding electricity access to 300 million Africans by 2030.
De Beers Group Chief Executive Officer Al Cook said the fund required leadership with experience in large-scale development finance and institutional governance.
“When we set up the groundbreaking Diamonds for Development Fund with the Botswana Government, we knew that we would need an extraordinary leader to achieve our ambition of economic diversification and job creation,” Cook said.
“His track record in African development is outstanding, and his global network, commitment to strong governance, and understanding of the Fund’s priorities make him the right chair to shape the Fund’s support for Botswana’s long-term economic objectives.”
Adesina said the fund had the potential to establish an international benchmark for how natural resource wealth could be used to support long-term social and economic development.
“The Diamonds for Development Fund represents a bold and visionary initiative to ensure that the people of Botswana benefit directly from the wealth created by diamonds,” he said.
“It is not only diamonds that should shine, the lives of the people of Botswana must also shine.”
The announcement comes as Botswana faces growing pressure to diversify its economy amid fluctuating global diamond demand and a prolonged downturn in rough diamond sales that has affected government revenues and economic growth.
The government and De Beers said the fund is now finalising the appointment of independent directors as part of efforts to operationalise the institution.
Adesina has received multiple international awards during his career, including Forbes Africa Person of the Year and EMY Africa’s Man of the Year award. He has also frequently appeared on lists of Africa’s most influential figures.
