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BAC graduates to enhance taxation and public sector procurement industry

BAC Executive Director, Michael Lesolle

Botswana Accountancy College (BAC) held a joint graduation for its Public Sector Procurement and Tender Process Management as well as Advanced Taxation students at Boipuso Hall on Wednesday 10 June.

The Permanent Secretary to the President, Mr Carter Morupisi, and BAC Executive Director, Mr Michael Lesolle, conferred certificates to 61 graduates of the Public Sector Procurement and Tender Process Management. 40 graduates in Advanced Taxation were also awarded certificates at the ceremony.

“The keys to a successful nation are held by many hands therefore it is important that those hands are up to the task. Today we saw the first cohort of Public Sector Procurement and Tender Process Management students graduate from BAC. The 61 graduates are the first results of a partnership with the Public Procurement and Asset Disposal Board (PPADB) which began in July 2014. BAC is proud to join PPADB in helping deliver more efficient professionals to Botswana’s procurement value chain,” said BAC Executive Director, Mr Michael Lesolle.

The Public Sector Procurement and Tender Process Management programme is designed to enhance skills in delivering the objectives of the PPAD Act and Regulations. Graduates of the programme will be able to effectively, efficiently and economically carry out their procurement duties in their respective organisation and/or government department. The 6 month long course builds skills for procurement personnel to effectively manage the function within their organisations.

The evening was also held in honour of 40 students who were graduating with an Advanced Taxation qualification. The Programme, which is endorsed and in partnership with Botswana Unified Revenue Services (BURS), has been offered by BAC since 2006.

The Permanent Secretary to the President, Mr Carter Morupisi remarked, “The various complexities of procurement and taxation, whether for private or public sector, need very careful management. For Government it is of vital importance that the tax payer receives value for their money as public sector procurement or tax professionals carry out their duties. The partnerships BAC has forged with PPADB and BURS are practical and interdependent. When the market identifies a skills gap, BAC equips the learner with training to actively provide a solution to fill the gap. Botswana can only move forward through such innovative relationships.”

The Advanced Taxation empowers graduates in broadening their tax horizons and becoming highly skilled resources. The graduates are equipped with skills to understand the tax system in Botswana and deal with tax audit professionals.

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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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