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Stanbic Bank holds dialogue on the 2020 global economic outlook

The Inaugural Corporate and Investment Banking Connect stakeholder engagement looks to convene key minds, both local and international, to discuss insights on the 2020 global, regional and local economic outlook.

Hosted by Stanbic Bank Botswana as its continued effort to create and nurture platforms that bring key stakeholders together, the platform will discuss issues and opportunities in the financial services sector, and particularly with a view towards promotion of private sector growth and transformation. Stanbic Bank Head of Corporate and Investment Banking Division Sheperd Aisam noted that the bank believes in power of shared minds and dialogue working to unpack key issues and opportunities that allow and empower them to move the country forward in mutually beneficial and sustainable means.

‘’We are privileged to play a role in our sector- indeed in Corporate and Investment Banking- and our economy, and the onus upon us to keep making progress real across all areas of our discipline, is key. The inaugural CIB Connect is yet another effort towards that broader goal.’’ He further underlined that hosting industry such as Goolam Ballim will enable them as a bank to leverage on his experience, expertise and insight, saying the CIB Connect looks to cut across the board and deepen the well of thinking they have to truly usher them into the next era of corporate and investment banking, and wider financial services culture.

Goolam Ballim, who is a keynote speaker for the engagement will set the tone for the event, before inviting some of Botswana’s very own best minds and experts to take the floor. This includes a panel discussion on the question ‘’How does Botswana create a more inclusive and transformative knowledge based economy?’’ This is in line with government’s focus on transformation of the National economy and moving from a resource-based to knowledge-based economy.

Meanwhile, according to International Monetary Outlook, global growth is projected to rise from an estimated 2.9 per cent in 2019 to 3.3 per cent in 2020. In 2021, growth will be at 3.4 per cent- a downward revision of 0.1 percentage point for 2019 and 2020 and 0.2 for 2021 compared to those in the October World Economic Outlook. The downward revision primarily reflects negative surprises to economic activity in a few emerging market economies, notably India, which led to a reassessment of growth prospects over the next two years. In a few cases, this reassessment also reflects the impact of increased social unrest.

On the positive side, market sentiment has been boosted by tentative signs that manufacturing activity and global trade are bottoming out, a broad-based shift toward accommodative monetary policy, intermittent favourable new son US-China trade negotiations, and diminished fears of a no-deal Brexit, leading to some retreat from the risk-off environment that had set in at time of the October World Economic Outlook. However, few sings of turning points are yet visible in global macroeconomic data.

IMF underlined that stronger multilateral cooperation’s and a more balanced policy mix at the national level, considering available monetary and fiscal space, are essential for strengthening economic activity and forestalling downside risks. The group also shared that building financial resilience, strengthening growth potential, and enhancing inclusiveness remain overarching goals.

Financial experts revealed this early this month that the outbreak of Corona virus is the most disruptive thing to hit markets in many years. However, economists have repeatedly lowered their estimates for global growth in the wage of the outbreak. China faces the biggest fallout as a rapid halt in demand and factory activity cuts into its already slowing gross domestic product growth.

Some analysts expect economies to post a healthy bounce-back once the disease is contained, but others anticipate markets will post a major correction as the virus racks global industries. An analyst at investment platform eToro said the latest virus developments should curb investors from continuing their unconcerned behaviour. ‘’Investors are now waking up to the fact that the coronavirus could become a global pandemic.

The ‘out of sight out of mind’ approach is now clearly no longer an option,’’ he wrote in a note. ‘’Coronavirus on its own won’t suddenly precipitate a big decoupling between China and the West, but the virus adds to a list of other reasons why a process of de-globalisation lies ahead,’’ said Vicky Redwood, senior economic advisor at Capital Economics.

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Khan: Boko, Masisi are fake politicians

18th January 2021
Masisi & Boko

While there is no hard-and-fast rule in politics, former Molepolole North Member of Parliament, Mohamed Khan says populism acts in the body politic have forced him to quit active partisan politics. He brands this ancient ascription of politics as fake and says it lowers the moral compass of the society.

Khan who finally tasted political victory in the 2014 elections after numerous failed attempts, has decided to leave the ‘dirty game’, and on his way out he characteristically lashed at the current political leaders; including his own party president, Advocate Duma Boko. “I arrived at this decision because I have noticed that there are no genuine politics and politicians. The current leaders, Boko and President Dr Mokgweetsi Masisi are fake politicians who are just practicing populist politics to feed their egos,” he said.

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Ookeditse rejects lobby for BPF top post

18th January 2021
LAWRENCE-OOKEDITSE

Former Botswana Democratic Party (BDP) parliamentary hopeful, Lawrence Ookeditse has rejected the idea of taking up a crucial role in the Botswana Patriotic Front (BPF) Central Committee following his arrival in the party this week. According to sources close to development, BPF power brokers are coaxing Ookeditse to take up the secretary general position, left vacant by death of Roseline Panzirah-Matshome in November 2020.

Ookeditse’s arrival at BPF is projected to cause conflicts, as some believe they are being overlooked, in favour of a new arrival. The former ruling party strategist has however ruled out the possibility of serving in the party central committee as secretary general, and committed that he will turn down the overture if availed to him by party leadership.

Ookeditse, nevertheless, has indicated that if offered another opportunity to serve in a different capacity, he will gladly accept. “I still need to learn the party, how it functions and all its structures; I must be guided, but given any responsibility I will serve the party as long as it is not the SG position.”

“I joined the BPF with a clear conscious, to further advance my voice and the interests of the constituents of Nata/Gweta which I believe the BDP is no longer capable to execute.” Ookeditse speaks of abject poverty in his constituency and prevalent unemployment among the youth, issues he hopes his new home will prioritise.

He dismissed further allegations that he resigned from the BDP because he was not rewarded for his efforts towards the 2019 general elections. After losing in the BDP primaries in 2018, Ookeditse said, he was offered a job in government but declined to take the post due to his political ambitions. Ookeditse stated that he rejected the offer because, working for government clashed with his political journey.

He insists there are many activists who are more deserving than him; he could have chosen to take up the opportunity that was before him but his conscious for the entire populace’s wellbeing held him back. Ookeditse said there many people in the party who also contributed towards party success, asserting that he only left the BDP because he was concerned about the greater good of the majority not individualism purposes.

According to observers, Ookeditse has been enticed by the prospects of contesting Nata/Gweta constituency in the 2024 general election, following the party’s impressive performance in the last general elections. Nata/Gweta which is a traditional BDP stronghold saw its numbers shrinking to a margin of 1568. BDP represented by Polson Majaga garnered 4754, while BPF which had fielded Joe Linga received 3186 with UDC coming a distant with 1442 votes.

There are reports that Linga will pave way for Ookeditse to contest the constituency in 2024 and the latter is upbeat about the prospects of being elected to parliament. Despite Ookeditse dismissing reports that he is eying the secretary general position, insiders argue that the position will be availed to him nevertheless.

Alternative favourite for the position is Vuyo Notha who is the party Deputy Secretary General. Notha has since assumed duties of the secretariat office on the interim basis. BPF politburo is expected to meet on 25th of January 2020, where the vacancy will be filled.

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BDP cancels MPs retreat

18th January 2021
President Masisi

Botswana Democratic Party (BDP) big wigs have decided to cancel a retreat with the party legislators this weekend owing to increasing numbers of Covid-19 cases. The meeting was billed for this weekend at a place that was to be confirmed, however a communique from the party this past Tuesday reversed the highly anticipated meeting.

“We received a communication this week that the meeting will not go as planned because of rapid spread of Covid-19,” one member of the party Central Committee confirmed to this publication.
The gathering was to follow the first of its kind held late last year at party Treasurer Satar Dada’s place.

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