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Inflation steady at 2.8%

Botswana Inflation was steady at 2.8 percent year-on-year in March from the previous month, data from the Statistics office showed on Wednesday. On a month-on-month basis, prices rose by 0.4 percent in March after falling 0.4 percent previously.


According to the figures released, annual inflation in March 2015 was lower than the 4.4 percent recorded during the same month in 2014.


The downward movement of the annual inflation rate between March 2014 and March 2015 was attributed to the decrease in prices of commodities in the Transport component which dropped by 5.9 percentage points.


The inflation rates for regions between February 2015 and March 2015, indicated that Rural Villages’ went up to 3.6 from 3.2 percent, Cities & Towns decreased to 2.5 from 2.6 percent and Urban Villages’ went down to 2.8 from 2.9 percent.


Group indices were generally stable between February and March 2015, recording changes of less than 1.0 percent, except for Alcoholic Beverages, Tobacco & Narcotics which recorded a change of 1.1 percent.


The Alcoholic Beverages, Tobacco & Narcotics group index recorded an increase of 1.1 percent, from 256.7 in February to 259.4 in March.


The Clothing and Footwear index group went up from 169.2 to 170.4, registering an increase of 0.7 percent between February and March. The rise was attributed to a general increase in the section indices.


The Furnishing, Household Equipment & Routine Maintenance index group went up from 183.5 to 184.7, registering an increase of 0.7 percent between February and March. All commodities in this section recorded an increase between the two months under review.


The trimmed mean measure of core inflation increased from 3.2 to 3.3 percent, while inflation excluding administered prices remained unchanged at 4.8 percent.


Botswana's central bank maintained its benchmark Bank Rate at 6.5 percent, noting the “positive outlook that is expected to keep inflation within the Bank's 3-6 percent inflation objective in the medium term.”


The BoB cut its rate in February by 100 basis points, citing an economic outlook and inflation forecast that provided scope to ease its monetary policy stance. The governor, m Linah Mohohlo said inflation was forecast to remain within the three to six percent range.

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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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