A financial advisory and wealth management company, Key Wealth, has two weeks ago undertaken its first annual financial education conference in Gaborone.
The event themed: unlocking your financial success attracted over 150 participants from government, parastatals and private sector. Key Wealth Marketing Executive Phalana Gaotilwe explained in her welcome remarks that Key Wealth is a financial advising and wealth management company specializing in financial education, financial planning and portfolio management.
“The company trades as an investment adviser licenced by Non-Bank Financial Institutions Regulatory Authority (NBFIRA) and also provides training consultancy accredited by BQA,” she told the participants. The opening speaker, a life coach Ntombi Setshwaelo, in her topic dubbed ‘emotional intelligence as a key to success,’ which was part of several topics discussed, also highlighted that the topic has been ignored for too long hence the challenges we see in our society today.
She said human beings, spiritual, physical and emotional being have to be intact in order to avail a healthy financial relationship. She challenged the audience to grow and strengthen their emotional intelligence in order to be in a position to express the right emotion for any situation they may face.
Another speaker, Calvin Phokontsi, who is a Motivational Speaker and Financial Educator at Calvin Investments, lectured the participants on money and emotions. He said 3% of the human life is based on academics, 7 % on natural motivation while 90% builds the human emotions. He continued to insist that: “money is all about emotions, if one is emotional weak they will be financially weak.”
Phokontsi encouraged the partakers to learn how to effectively manage little amounts of cash so they will be in a better position to handle bigger amounts. Moreover he stressed that money should be used to generate more income and that Batswana should refrain from overloading their salaries to a point where they use all of it. “Madi ke letlhabegwa” he said in native meaning that “it (money) should be multiplied.”
Meanwhile Botswana Stock Exchange (BSE) Finance and Administration Manager, Mpho Mogasha also advised Batswana in general to be diverse on their investments and break away from the normal wealth creation plan of owning cattle, property and cash savings. She stressed that “Batswana should not shy away from investing in stock markets; they should get to understand and take on new ways of investment.”
For his part the Founder and Director of Khumo Horizons, who is also the author of the book titled ‘succeeding on Purpose’ Sibusiso Kgosikhumo, urged Batswana to be “very vigilant” and notice the opportunities surrounding them, saying “we were all created for a global market, therefore we are citizen of the world before a country.” He therefore appealed to the entrepreneurs to be decisive to endure the path in an effort to create wealth and add value to others on purpose.
When he took to the podium, Isaac Molefinyana, the Executive Director of Match Makers Properties also appealed to the audience to seek advisory on property issues before making any purchase, saying “one can go very wrong if they do not acquire the accurate information before making a purchase.”
Still at the event, another speaker Mogomotsi France, a Founder and Managing Director at Key Wealth pointed out that Batswana should live a life driven by purpose with a full understanding that their decisions and choices will affect generations after them. “Avoid being a statues slave, giving others an impression in order to fit in,” he said. France added that “Botswana’s education system has failed the nation as all business related subjects at junior schools were made optional therefore robbing the nation of future entrepreneurs.”
According to another presenter; a Social Entrepreneur, Property Investor and speaker in the field of Financial Literacy, Nicolette Mashile, the audience should be intentional about their actions, saying they should be keen to learn and develop time management skill as time is a commodity we all have.
“You are your greatest asset, you need to do self-introspection and you will realize where you make poor decisions. It is imperative for one to create financial goals and be true to them, and most importantly implementing the set action plans.” She also said Africans should come together in building a legacy for generations to come.
All speakers’ emphasised that Botswana has to urgently change the way financial literacy is being addressed. They gave an example that Botswana has mineral resources and still can learn and lend a leaf from countries like Singapore which gained independence just a year before Botswana (1965) but while has no minerals it is currently ranked within top five in the world richest countries.
Lucrative and highly anticipated national lottery tender that saw several Batswana businessmen partnering to form a gambling consortium to pit against their South African counterparts, culminates into a big power gamble.
WeekendPost has had a chance to watch lottery showcase even before the anticipated and impending national lottery set-up launches. A lot has been a big gamble from the bidding process which is now set for the courts next year January following a marathon legal brawl involving the interest of the gambling fraternity in Botswana and South Africa.
Households representing more than half of Botswana’s population-mostly residing in rural areas- do not know where their next meal will come from, but neither do they take into consideration the quality and/or quantity of the food they consume.
This is according to the latest Prevalence of Food Insecurity in Botswana report which was done for the 2018/19 period and represents the state of food insecurity data even to this time. The Prevalence of Food Insecurity was released by Statistics Botswana and it released results with findings that the results show that at national level 50.8 percent of the population in Botswana was affected by moderate to severe food insecurity in 2018/19, while 22.2 percent of the population was affected by severe food insecurity only.
According to the report, this translates to 27 percent of the population being food secure that is to say having adequate access to food in both quality and quantity. According to Statistician General, Burton Mguni, when explaining how the food data was compiled, Food and Agriculture Organization of the United Nations (FAO), is custodian of the “Prevalence of Undernourishment (PoU)” and “Prevalence of moderate or severe food insecurity in the population based on the Food Insecurity Experience Scale (FIES)” SDG indicators, for leading FIES data analysis and the resultant capacity building.
“The FIES measures the extent of food insecurity at the household or individual level. The indicator provides internationally comparable estimates of the proportion of the population facing moderate to severe difficulties in accessing food. The FIES consists of eight brief questions regarding access to adequate food, and the questions are answered directly with a yes/no response. It (FIES) complements the existing food and nutrition security indicators such as Prevalence of Undernourishment.
According to the FIES, with increasing severity, the quantity of food consumed decreases as portion sizes are reduced and meals are skipped. At its most severe level, people are forced to go without eating for a day or more. The scale further reveals that the household’s experience of food insecurity may be characterized by uncertainty and anxiety regarding food access and compromising the quality of the diet and having a less balanced and more monotonous diet,” says Mguni.
The 50.8 percent of the population in Botswana which was affected by moderate to severe food insecurity are characterized as people experiencing moderate food insecurity and face uncertainties about their ability to obtain food. These people have been forced to compromise on the quality and/or quantity of the food they consume according to the report on food insecurity.
Those who experience severe food insecurity, the 22.2 percent of the population, are people who have typically run out of food and, at worst, gone a day (or days) without eating. According to the statistics, rural area population experienced moderate to severe food insecurity at 65 percent while urban villages were at 46.60 percent and cities/town were at 31.70 percent. Those experiencing the most extreme and severe insecurity were at rural areas making 33.10 percent while urban villages and towns were at 11.90 percent and 17.50 respectively.
According to a paper compiled by Sirak Bahta, Francis Wanyoike, Hikuepi Katjiuongua and Davis Marumo and published in December 2017, titled ‘Characterization of food security and consumption patterns among smallholder livestock farmers in Botswana,’ over 70 percent of Botswana’s population reside in rural areas, and majority (70%) relies on traditional/subsistence agriculture for their livelihoods.
The study set out to characterize the food security situation and food consumption patterns among livestock keepers in Botswana. “Despite the policy change, challenges still remain in ensuring that all persons and households have access to food at all times. For example, during an analysis of the impacts of rising international food prices for Botswana, BIDPA reported that food prices tended to be highest in the rural areas already disadvantaged by relatively low levels of income and high rates of unemployment,” said the study.
According to the paper, about 9 percent of households were found to be food insecure and this category of households included 6 percent of households that ranked poorly and 3 percent that were on the borderline according to the World Food Programme’s (WFP) definition of food security.
Media reports state that the World Bank has warned that disruption to production and supply chains could ‘spark a food security crisis’ in Africa, forecasting a fall in farm production of up to 7 percent, if there are restrictions to trade, and a 25 percent decline in food imports.
Food security in Botswana or food production was also attacked by the locust pandemic which swept out this country’s vegetation and plants. The locust is said to have contributed to 25 percent loss in production.
Global lockdown have been a thorn in diamonds having shiny sales, but a lot of optimism shows with the easing of Covid-19 restrictions, the precious stones will be bought with high volumes towards festive season. The diamond market is however warned of the resurgence of Covid-19 in key markets presents ongoing risks amid the presence and optimist about the new Covid-29 vaccines.
The latest findings published as De Beers Group’s latest Diamond Insight ‘Flash’ Report, which looks at the impact of the pandemic on relationships and engagements, has revealed that in the US that more couples than ever are buying diamond engagement rings. Bridal sales is mostly the primary source of diamond jewellery demand in recent months, De Beers said.
According to De Beers, interviews with independent jewellers around the US revealed that the rate of couples getting engaged has increased compared with the period when Covid-19 first had an impact in the US in the spring.
“In addition, despite challenging economic times, consumers were spending more than ever on diamond engagement rings – often upgrading in colour, cut and clarity, rather than size. Several jewellers speculated that with consumers spending less on elaborate weddings and/or honeymoons in the current environment, they had more to spend on choosing the perfect ring,” said De Beers.
According to De Beers, a national survey of 360 US women in serious relationships, undertaken in late October in collaboration with engagement and wedding website, The Knot. This survey is said to have found that the majority of respondents (54%) were thinking more about their engagement ring than the wedding itself (32%) or the honeymoon (15%), supporting jewellers’ hypothesis that engagement ring sales were benefiting from reduced wedding and travel budgets in light of Covid-19 restrictions.
When it came to researching engagement rings, online was by far the predominant channel for gaining ideas/inspiration at 86% of consumers surveyed, with 85% saying they had saved examples of styles they liked, according to De Beers. According to the survey, only a uarter of respondents said they had looked in-store at a physical location for design inspiration.
“For many couples, the pandemic has brought them even closer together, in some instances speeding up the path to engagement after forming a deeper connection while experiencing lockdown and its associated ups and downs as a partnership. Engagement rings are taking on even greater symbolism in this environment, with retailers reporting couples are prepared to invest more than usual, particularly due to budget reductions in other areas,” De Beers CEO Cleaver said.
According to De Beers Group, its Diamond Insight Flash Report series is focused on understanding the US consumer perspective in light of Covid-19 and monitoring how it evolves as the crisis evolves. Also, the company said, it is augmenting its existing research programme with additional consumer, retailer and supply chain touch-basis to understand the pain points and the opportunities for stakeholders across the diamond pipeline.
Demand for diamonds is as hard and resilient as the precious stone itself. De Beers pocketed US$ 450 million in its recently held ninth rough diamond sales cycle, and the company says it is more flexible approach to rough diamond sales during the ninth sales cycle of 2020, with the Sight event extended beyond its normal week-long duration.
“Steady demand for De Beers Group’s rough diamonds continued in the ninth sales cycle of the year, reflecting stable consumer demand for diamond jewellery at the retail level in the US and China, and expectations for reasonable demand to continue throughout the holiday season. However, the resurgence of Covid-19 infections in several consumer markets presents ongoing risks,” said De Beers CEO Bruce Cleaver recently.
High expectations are on diamonds being a sentimental gift for holiday season or as the most fetished gift. However the ninth cycle was lower than the eighth which registered US$ 467 million. For the last year period which corresponds with the current one, De Beers managed to raise US$ 400.