Marijuana Instead Of Diamonds? Botswana's New Leader Proposes Cannabis, Solar Energy To Create Jobs

Botswana's new president, Duma Boko, delivered his first state of the nation address on Tuesday, during which he announced strategies to diversify the country's diamond-dependent economy. One strategy includes launching the medical marijuana market, writes France 24.

“The decline in diamond revenues by over 60 percent in recent years is a clear signal that we can no longer afford to depend on a single commodity,” Boko said.

According to the International Monetary Fund (IMF), diamonds account for 80% of Botswana's exports, a quarter of its GDP, and a third of tax revenues, reports LeMonde. Since 2022, and following the rise of synthetic stones, diamond prices have dropped by 30%. “Laboratory diamonds have broken market prices and continue to get cheaper and cheaper,” said historian Duncan Money, a specialist in the mining industry.

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Cannabis, Hemp And Solar Energy

Boko suggested to shift focus to renewable energy, agriculture, tourism and technology.

“Botswana receives more than 3,200 hours of sunlight annually and averages 21 megajoules per square metre which is among the highest in the world,” Boko said. “The potential of solar energy is abundant. Our forecast in Botswana is to significantly increase our GDP with cannabis and hemp-related products. We will create jobs in this industry.”

Other plans for job creation amid times of high unemployment rates include advancing manufacturing and construction and also supporting entrepreneurship.

Boko added that the country Elon Musk's satellite internet provider, Starlink, will invest in infrastructure with the goal of turning the country into a digital hub for the entire region.

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Photo: Benzinga edit with images by James St. John via Wikimedia Commons and Kindel Media on Pexels.