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Central Bank governor, Mohohlo retires

Governor of the Bank of Botswana Linah Kelebogile Mohohlo will retire from office on 20 October 2016, after seventeen years in the post, the bank said on Tuesday.

The Central bank has not availed a name of Mohohlo's successor.

A former worker of the International Monetary Fund in the African Department, Mohohlo has received acclamation over the Bank’s management transformation, growth, policy refinements, improved operational efficiency and infrastructure.

During her seventeen year tenure, the banking system has institutionally expanded considerably and the services diversified. Likewise, the Bank’s supervisory and regulatory capacity has been efficient and kept pace with international best practice.

“The efficiency of the payments and settlement system has been greatly enhanced; the cheque clearing cycle has been reduced to 2-days; settlement of inter-bank payments is in real time; most transactions are electronic; major Government transactions are directly connected to the Bank in real time; and commercial banks are permitted to participate in cross-border electronic settlement system within the Southern African Development Community (SADC),” the statement reads.

She leaves behind a number of reforms that includes an updated family of currency, its security features are more robust with its management efficiency facilitated by a state-of-the art Cash Management Centre, buttressed by water-tight security arrangements.

Through her stewardship, Botswana has maintained a relatively high sovereign credit rating than most countries in the world including some in Europe and elsewhere while the Pula Fund is the envy of many countries.

As she leaves the Bank, inflation has been at the lower end of the 3-6 percent inflation objective for more than 2 years and interest rates are at a historically low level.

Mohohlo has served on a number of boards including Debswana Mining Company and the related Committee that negotiated, among others, the relocation of diamond sales and marketing functions of De Beers from London to Gaborone.

Mohohlo was appointed Governor in 1999, following a 23-year career during which she rose through the ranks from Secretary in 1976 to senior levels in economic research, Human Resources and Financial Markets, where she was responsible for monetary operations and investment of the country’s foreign exchange reserves, and then to the position of Deputy Governor.

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China’s GDP expands 3% in 2022 despite various pressures

2nd February 2023
China’s Gross Domestic Product (GDP) expanded by 3% year-on-year to 121.02 trillion yuan ($17.93 trillion) in 2022 despite being mired in various growth pressures, according to data from the National Bureau Statistics.

The annual growth rate beat a median economist forecast of 2.8% as polled by Reuters. The country’s fourth-quarter GDP growth of 2.9% also surpassed expectations for a 1.8% increase.

In 2022, the Chinese economy encountered more difficulties and challenges than was expected amid a complex domestic and international situation. However, NBS said economic growth stabilized after various measures were taken to shore up growth.

Industrial output rose 3.6% in 2022 over the previous year, while retail sales slightly shrank by 0.2% data show that fixed-asset investment increased 5.1% over 2021, with a 9.1% hike in manufacturing investment but a 10% fall in property investment.

China created 12.06 million new jobs in urban regions throughout the year, surpassing its annual target of 11 million, and officials have stressed the importance of continuing an employment-first policy in 2023.

Meanwhile, China tourism market is a step closer to robust recovery. Tourism operators are in high spirits because the market saw a good chance of a robust recovery during the Spring Festival holiday amid relaxed COVID-19 travel policies.

On January 27, the last day of the seven-day break, the Ministry of Culture and Tourism published an encouraging performance report of the tourism market. It said that domestic destinations and attractions received 308 million visits, up 23.1% year-on-year. The number is roughly 88.6% of that in 2019, they year before the pandemic hit.

According to the report, tourism-related revenue generated during the seven-day period was about 375.8 billion yuan ($55.41 billion), a year-on-year rise of 30%. The revenue was about 73% of that in 2019, the Ministry said.

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Jewellery manufacturing plant to create over 100 jobs

30th January 2023

The state of the art jewellery manufacturing plant that has been set up by international diamond and cutting company, KGK Diamonds Botswana will create over 100 jobs, of which 89 percent will be localized.

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Investors inject capital into Tsodilo Resources Company

25th January 2023

Local diamond and metal exploration company Tsodilo Resources Limited has negotiated a non-brokered private placement of 2,200, 914 units of the company at a price per unit of 0.20 US Dollars, which will provide gross proceeds to the company in the amount of C$440, 188. 20.

According to a statement from the group, proceeds from the private placement will be used for the betterment of the Xaudum iron formation project in Botswana and general corporate purposes.

The statement says every unit of the company will consist of a common share in the capital of the company and one Common Share purchase warrant of the company.

Each warrant will enable a holder to make a single purchase for the period of 24 months at an amount of $0.20. As per regularity requirements, the group indicates that the common shares and warrants will be subject to a four month plus a day hold period from date of closure.

Tsodilo is exempt from the formal valuation and minority shareholder approval requirements. This is for the reason that the fair market value of the private placement, insofar as it involves the director, is not more than 25% of the company’s market capitalization.

Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Bosoto Limited and Gcwihaba Resources projects in Botswana.  The company has a 100% stake in Bosoto which holds the BK16 kimberlite project in the Orapa Kimberlite Field (OKF) in Botswana.

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