The Botswana Congress Party (BCP) has warned that President Duma Boko’s plan to acquire a controlling stake in diamond giant De Beers could plunge the country into economic turmoil, describing the move as fiscally reckless, speculative, and illegal.
In a strongly worded statement issued on Tuesday, BCP spokesperson Mpho Mmannana Pheko said the party “strongly advises against” the proposed deal, which President Boko told CNN’s Richard Quest would give Botswana “effective control” of the mining conglomerate by the end of October 2025.
Boko reportedly said the acquisition would allow Botswana to “have effective control of the industry” and achieve “economic sovereignty.” But the BCP says such lofty rhetoric masks a lack of sound business reasoning.“These are lofty reasons, but they do not provide a business case for the planned acquisition,” the statement said.
According to BCP estimates, Anglo American, which owns 85% of De Beers, had attached a book value of $4.1 billion to the diamond company as of February 2025. Acquiring an additional 36% stake would cost Botswana about $1.47 billion (P19.6 billion), while purchasing the full Anglo stake could require $3.48 billion (P46.3 billion). The party argued that the global diamond industry faces “high levels of risk and uncertainty,” citing the growing dominance of lab-grown diamonds (LGDs), rising extraction costs, and declining consumer demand for natural diamonds.
“The government’s own September 2025 Macroeconomic Overview foresees weak demand for natural diamonds between 2025 and 2028,” the statement warned. “A responsible government will not risk billions under such conditions.”
The BCP accused the government of attempting the acquisition despite an ailing economy, projected recession, and rising public debt. “The state of the economy and the country’s fiscal position do not support the proposed transaction,” said Pheko. “Public debt has risen above 30% of GDP, and government is struggling to pay salaries and suppliers. Committing billions to De Beers would amount to an extreme act of fiscal recklessness.” The opposition also said the plan would come at a massive opportunity cost, arguing that Botswana should prioritize healthcare and education over a high-risk corporate purchase.
“It will be foolhardy for a government that cannot buy medicines for its people and learning materials for its children to commit billions of pula to a speculative investment,” the statement read. The BCP further alleged that the acquisition process lacks parliamentary approval and transparency, questioning President Boko’s authority to commit the country to such a deal.
“This is yet another example of the President showing contempt for Botswana’s laws and institutions,” Pheko said. “The Minister of Finance must explain how this deal was negotiated and how it will be financed. Boko’s comments that “a number of investors have been lined up,” including the Oman Sovereign Wealth Fund, raised additional red flags for the BCP. “If Oman is providing equity, Botswana will merely serve as a front for foreign financiers,” the party argued. “If it is credit, it represents extreme fiscal recklessness.”
The BCP concluded by declaring its firm opposition to the transaction, warning that it could “bankrupt the country” or turn Botswana into “a front for third-party profiteers. “We oppose this transaction. It is too risky, too costly, and illegal,” said Pheko. “The President has not made a business case for it, and it has been subjected to no due diligence.”
