Gaborone – The former president of the African Development Bank (AfDB), Dr Akinwumi Adesina, has been appointed chairperson of Botswana’s newly created Diamonds for Development Fund.
The fund is a joint initiative between the government of Botswana and diamond mining giant De Beers Group. It is designed to use revenue from the country’s diamond resources to support economic diversification, job creation and long-term development beyond traditional mining.
Dr Adesina, a Nigerian development economist, will formally take up the role on 15 June 2026.
“I am greatly honoured to be appointed the chairman of the board of directors of the Diamonds for Development Fund by the government of Botswana and De Beers Group,” he said in a statement.
What is the Diamonds for Development Fund?
The fund marks the latest phase of one of Africa’s most enduring government-private sector mining partnerships. Botswana is Africa’s largest diamond producer, and its collaboration with De Beers has been widely cited as a model for resource-based development.
De Beers once controlled more than 70% of the global rough diamond trade. Although its market share has since fallen to around 40% because of increased competition, the company remains a major force in the industry.
Botswana’s Minister of Minerals and Energy, Bogolo Kenewendo, welcomed Dr Adesina’s appointment, describing it as a proud moment that reinforced the country’s ambition for inclusive growth from its diamond wealth.
Adesina’s track record
Dr Adesina led the AfDB from 2015 to 2025, focusing on infrastructure, agriculture and private sector development across Africa. He has nearly four decades of experience in development finance and economic transformation.
Analysts say his expertise aligns closely with Botswana’s goal of reducing its reliance on raw mineral exports and building a more diversified economy.
Reactions
Congratulations have been issued from figures across Africa and the international development community. Many see the appointment as a recognition of Dr Adesina’s leadership and a boost for Botswana’s efforts to remain the continent’s leading diamond producer while ensuring its resources deliver broader benefits to its citizens.
