If you’re looking for a change, Botswana is fast becoming everyone’s first consideration. The country has improved by leaps and bounds over the years, going from a poor desert country at independence to a world-class force to be reckoned with in only three short decades. Much of this is because of the very low level of corruption in the country. For eighteen years in a row, Botswana has been rated as the least corrupt country in Africa, according to Transparency International.
The Commonwealth launched its first continent-wide anti-corruption center in Gaborone in 2013 with the aim of providing accessible and practical guidance to national agencies in nineteen countries across Africa. Since gaining independence, Botswana has consistently adhered to democratic rule. The stability of Botswana’s government and low tolerance to corruption, has allowed Botswana to be ranked at the best governed country in Africa, with one of the strongest economies.
Botswana not only has a stable economy, it also has one of the fastest growing economies in the world, averaging 5% per year for the last decade. This puts Botswana on par with some of Asia’s largest economies. It has an open upper-middle income economy with no exchange controls. Botswana has enjoyed Africa’s longest boom and this has given Botswanan’s the opportunity to achieve a high standard of living. Exports represent a large portion of the GDP. Botswana’s main exports are diamonds, copper, nickel, soda ash, beef and textiles.
Botswana has a sound banking sector which has remained stable over the years. There are nine commercial banks in Botswana and competition is fierce as all nine banks grow rapidly. Internet banking and other electronic and internet based banking services became available in 2013. All banks in Botswana went through a transformation at the same time, improving service delivery and banking services in the country.
The Central Bank in Botswana is the Bank of Botswana. The nine commercial banks for consumers to choose from are Barclays Bank, Standard Charted Bank, Stanbic Bank, First National Bank, Bank of Gaborone, Bank of Baroda, Capital Bank, Bank of India and State Bank of India. The three statutory banks are the National Development Bank, Botswana Savings Bank and Botswana Building Society.
Botswana is a member of the South African Development Community, Southern African Customs Union, African Development Bank, the African Union, the International Monetary Fund, World Bank and the United Nations. These organizations help to keep the fight against corruption under control, fight against poverty and fight for human rights.
Botswana is emerging as a significant power-player in the economic and banking sectors, with strong growth and a proven track record of stability. Botswana is one of the most stable countries in Africa and the only direction they are going in, is up.