Investing in information and communication technology (ICT) driven financial systems will enhance Botswana’s economic resilience, an official with the southern African country’s central bank said
Innocent Molalapata, the deputy director with the Bank of Botswana responsible for research and financial stability, made this recommendation when addressing the media to share contents of the 2021 Statutory Bank of Botswana annual report in Gaborone, the capital of Botswana.
“Digital technologies have the potential to enhance Botswana’s economic resilience and lead to the creation of new and better prospects for sustainable and inclusive growth,” said Molalapata.
He said Botswana needs to leverage on existing technology to improve productivity and foster inclusive growth, as she transitions towards a high-income status by the year 2036.
A more successful transition and adaptation to the digital economy has the potential to cure the perennial economic challenges of Botswana, namely, narrow economic base, unemployment and unequal distribution of income, he said.
Speaking at the same event, Moses Pelaelo, the governor of the Bank of Botswana, said to propel the country to high-income status by 2036, there is a need for a dedicated focus on improving existing digital ecosystem and related ICT infrastructure to improve availability and affordability of internet and development of a critical mass of digital skills.
Indeed, Pelaelo said this presents the most realistic path for raising total factor productivity in Botswana and build economic resilience underpinned by fostering innovation-friendly policies, leveraging on available technologies to foster inclusive growth and balanced economic development. Enditem
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