Diamonds and Botswana's economy

Before independence, Botswana was ranked as one of the poorest countries in the world. However, between the mid 1960s and 1980s, Botswana's economy grew thirty fold with its GDP growing from $80 per capita to $1000 per capita. Although the mining of diamonds did not start until 1970, this growth in economy was due in part to foreign aid, the import of beef to EU countries, agriculture and livestock production.

Other than diamonds, Botswana had other mineral resources such as, copper, coal, nickel, soda ash and gold. However, it is universally acknowledged that diamonds underpin the country's economy. Diamonds account for 70-80% of export earnings, one third of the GDP and half the government's revenue. To be continued....