Botswana President Advocate Duma Gideon Boko has appointed Nigeria’s Farouk Gumel as the inaugural Chairman of the Board of Directors for the newly established Botswana Sovereign Wealth Fund BSWF Limited.
Mr. Gumel, who currently serves as Vice Chairman of Tropical General Investments TGI Group and is the immediate past Chairman of the Nigerian Sovereign Investment Authority NSIA, was named to lead the multi-billion-dollar fund, which was officially launched last week at the President’s Office in Gabarone.
President Boko highlighted the importance of the initiative as a key component of his government’s strategy for economic diversification and long-term resilience. He stated:
“The launch of the Botswana Sovereign Wealth Fund represents an investment in the future of our country. It is about creating jobs, driving growth, and ensuring that our nation’s wealth works for all Batswana. This is a foundation upon which we will diversify our economy, open new frontiers of opportunity, and build lasting prosperity for future generations. We are sending a message to the world that Botswana is ready to compete, invest, and lead.”
The BSWF is designed to reduce Botswana’s historical dependence on diamond mining by directing resource revenues into strategic investments across sectors such as infrastructure, technology, healthcare, and renewable energy. It is projected to be one of the largest sovereign wealth funds on the African continent.
Farouk Gumel will lead a highly experienced and diverse board tasked with providing strategic oversight and governance. The composition of the board reflects a blend of local expertise and global vision, bringing together key national and international figures.
In addition, Ms. Emmah Peloetletse, Head of Service to the Government of Botswana and Secretary to the President and Cabinet, has been appointed as Vice Chairperson of the BSWF.
The creation of the Botswana Sovereign Wealth Fund signals the government’s commitment to building sustainable economic growth and long-term prosperity for its citizens.