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Careerpool Premiers Innovative Column “Botsa Careerpool”

Lebogang Motubudi
Account Manager, Careerpool

Careerpool Botswana does it again! The website that has taken Botswana by storm with their online job board continues to shake things up in the human resources sector of Botswana. Job seekers have expressed great delight at the inception of the online job board that provides services to them for absolute free.

The allure of the site lies not only in the fact that it imposes zero tax on the job seekers pocket but more importantly in the way it uses the internet to bring job vacancy advertising straight to the market in real-time as vacancies are posted.

The job board has revolutionized the free-flow and cost implications of vacancy information posting in Botswana to insure that we are not left behind when it comes to use of Information Communication Technology (ICT) to streamline human capital practices. A great benefit to the modern job seeker and employer of Botswana.

The company however continues to seek new innovative ways to connect with Botswana’s labour market and effect positive change in the human resource (HR) market.  To this end, Careerpool will next week premier a new interactive column called Botsa Careerpool. The exciting new advice column will give readers advice in the style of a Sis Dolly or an Agony Aunt column about all matters that concern them.

The team at Careerpool is excited to deliberate on matters determined by the readers and envisage that questions will range from advice about job interviews, managing interpersonal relationships at the office perhaps or anything at all that its readers require advice on. How it works is simple, yet brilliant.

Readers of Botsa Careerpool will be able to anonymously submit questions to Botsa Careerpool will answer the question received right here on the WeekendPost. If you can think it, then Botsa Careerpool will answer it.

The column is Careepool’s interactive way of helping to clear up the murky waters that everyday people have to navigate through during their turbulent workdays. The idea of the column was inspired by the Live Chat platform the online job board provides its visitors.

The website receives over 10,000 visitors weekly (providing unparalleled mileage for company vacancies) and job seekers are able to chat directly to a representative of the job board and receive support in real-time. Support though, is generally directed around the use of the job board, with customer questions ranging from things like cost of signing up, updating of CV’s and setting up of job alerts.

The team felt they needed to find a more fun interactive way to really connect with the market and the column seeks to do just that. I for one cannot wait to read the kinds of issues the public raise and the Careerpool team promises to give quirky, fun yet meaningful advice to its readership. The column is definitely one to look out for.

The platform is open to the entire Botswana workforce and the fact that it is anonymous means one can enjoy reading advice directed to them without having the irritating colleague you wrote about suspecting a thing! So go on and engage Botsa Careerpool.

Send your questions today and receive worthwhile advice every Saturday on the WeekendPost.

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Botswana on high red alert as AML joins Covid-19 to plague mankind

21st September 2020

This century is always looking at improving new super high speed technology to make life easier. On the other hand, beckoning as an emerging fierce reversal force to equally match or dominate this life enhancing super new tech, comes swift human adversaries which seem to have come to make living on earth even more difficult.

The recent discovery of a pandemic, Covid-19, which moves at a pace of unimaginable and unpredictable proportions; locking people inside homes and barring human interactions with its dreaded death threat, is currently being felt.

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Finance Committee cautions Gov’t against imprudent raising of debt levels

21st September 2020
Finance Committe Chairman: Thapelo Letsholo

Member of Parliament for Kanye North, Thapelo Letsholo has cautioned Government against excessive borrowing and poorly managed debt levels.

He was speaking in  Parliament on Tuesday delivering  Parliament’s Finance Committee report after assessing a  motion that sought to raise Government Bond program ceiling to P30 billion, a big jump from the initial P15 Billion.

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Gov’t Investment Account drying up fast!  

21st September 2020
Dr Matsheka

Government Investment Account (GIA) which forms part of the Pula fund has been significantly drawn down to finance Botswana’s budget deficits since 2008/09 Global financial crises.

The 2009 global economic recession triggered the collapse of financial markets in the United States, sending waves of shock across world economies, eroding business sentiment, and causing financiers of trade to excise heightened caution and hold onto their cash.

The ripple effects of this economic catastrophe were mostly felt by low to middle income resource based economies, amplifying their vulnerability to external shocks. The diamond industry which forms the gist of Botswana’s economic make up collapsed to zero trade levels across the entire value chain.

The Upstream, where Botswana gathers much of its diamond revenue was adversely impacted by muted demand in the Midstream. The situation was exacerbated by zero appetite of polished goods by jewelry manufacturers and retail outlets due to lowered tail end consumer demand.

This resulted in sharp decline of Government revenue, ballooned budget deficits and suspension of some developmental projects. To finance the deficit and some prioritized national development projects, government had to dip into cash balances, foreign reserves and borrow both externally and locally.

Much of drawing was from Government Investment Account as opposed to drawing from foreign reserve component of the Pula Fund; the latter was spared as a fiscal buffer for the worst rainy days.

Consequently this resulted in significant decline in funds held in the Government Investment Account (GIA). The account serves as Government’s main savings depository and fund for national policy objectives.

However as the world emerged from the 2009 recession government revenue graph picked up to pre recession levels before going down again around 2016/17 owing to challenges in the diamond industry.

Due to a number of budget surpluses from 2012/13 financial year the Government Investment Account started expanding back to P30 billion levels before a series of budget deficits in the National Development Plan 11 pushed it back to decline a decline wave.

When the National Development Plan 11 commenced three (3) financial years ago, government announced that the first half of the NDP would run at budget deficits.

This  as explained by Minister of Finance in 2017 would be occasioned by decline in diamond revenue mainly due to government forfeiting some of its dividend from Debswana to fund mine expansion projects.

Cumulatively since 2017/18 to 2019/20 financial year the budget deficit totaled to over P16 billion, of which was financed by both external and domestic borrowing and drawing down from government cash balances. Drawing down from government cash balances meant significant withdrawals from the Government Investment Account.

The Government Investment Account (GIA) was established in accordance with Section 35 of the Bank of Botswana Act Cap. 55:01. The Account represents Government’s share of the Botswana‘s foreign exchange reserves, its investment and management strategies are aligned to the Bank of Botswana’s foreign exchange reserves management and investment guidelines.

Government Investment Account, comprises of Pula denominated deposits at the Bank of Botswana and held in the Pula Fund, which is the long-term investment tranche of the foreign exchange reserves.

In June 2017 while answering a question from Bogolo Kenewendo, the then Minister of Finance & Economic Development Kenneth Mathambo told parliament that as of June 30, 2017, the total assets in the Pula Fund was P56.818 billion, of which the balance in the GIA was P30.832 billion.

Kenewendo was still a back bench specially elected Member of Parliament before ascending to cabinet post in 2018. Last week Minister of Finance & Economic Development, Dr Thapelo Matsheka, when presenting a motion to raise government local borrowing ceiling from P15 billion to P30 Billion told parliament that as of December 2019 Government Investment Account amounted to P18.3 billion.

Dr Matsheka further told parliament that prior to financial crisis of 2008/9 the account amounted to P30.5 billion (41 % of GDP) in December of 2008 while as at December 2019 it stood at P18.3 billion (only 9 % of GDP) mirroring a total decline by P11 billion in the entire 11 years.

Back in 2017 Parliament was also told that the Government Investment Account may be drawn-down or added to, in line with actuations in the Government’s expenditure and revenue outturns. “This is intended to provide the Government with appropriate funds to execute its functions and responsibilities effectively and efficiently” said Mathambo, then Minister of Finance.

Acknowledging the need to draw down from GIA no more, current Minister of Finance   Dr Matsheka said “It is under this background that it would be advisable to avoid excessive draw down from this account to preserve it as a financial buffer”

He further cautioned “The danger with substantially reduced financial buffers is that when an economic shock occurs or a disaster descends upon us and adversely affects our economy it becomes very difficult for the country to manage such a shock”

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