Building Botswana’s Financial Future – One Conversation at a Time : Debswana Pension Fund 2025 Market Lekgotla

Debswana Pension Fund (DPF) held its inaugural Market Lekgotla, in conjunction with the Botswana Stock Exchange and Botswana Public Officers Pension Fund (BPOPF), on April 9 th ,2025. This closed-session event brought together key stakeholders to foster critical dialogue in Botswana's capital markets, while exploring strategies to attract new listings to the Botswana Stock Exchange (BSE).

DPF and its partners recognize the watershed moment they are in, driven by the Retirement Funds Act of 2022. This legislation mandates that pension funds invest 50 percent domestically, up from the previous 30 percent, and reduce offshore investments to 50 percent, down from 70 percent. This significant shift underscores the urgent call to action for strategic investment and growth within Botswana. This critical market event aims to deepen and broaden domestic capital markets, drive economic growth, and create long-term asset value in both the public and private markets.

“We cannot afford to sit idle; we must roll up our sleeves and take decisive action.” These powerful words from the CEO of Debswana Pension Fund set the tone for the inaugural Market Lekgotla”

Mr Norman challenged the room to be, “comfortable with being uncomfortable, and by doing so, we will ensure that today’s engagement is fruitful in forging a pathway to a better nation for all of us”. He further highlighted that, “this is the time to be unapologetically ambitious and showcase the caliber of entrepreneurs, institutions, and highly educated individuals we have as a country”.

We gathered under one roof with an extraordinary group of stakeholders: listed companies, unlisted firms, asset managers, regulators, development finance institutions, and policy leaders, all united by one goal to strengthen Botswana’s capital markets and promote sustainable investment.

From the CEO’s opening remarks, we reflected on:
  • The phenomenal growth of Botswana’s pension fund assets, from BWP 47.4 billion in 2012 to BWP 151 billion in 2024.
  • The transformative Retirement Funds Act of 2022 and how it is changing portfolio allocations and demanding a more robust local investment landscape.
  • The urgent need to unlock domestic liquidity and increase market participation.
Throughout the day, we further witnessed:
  • Inspiring stories of success and aspiration from local champions, such as Cresta Marakanelo and Kalafhi Medical Center.
  • In-depth discussions about capital market dynamics across sectors like tourism, FMCG, real estate, and more.
  • Open conversations with asset allocators and SMMEs, urging for innovation and inclusive growth and strong corporate governance.

In the Chairperson’s closing remarks, the message was clear: “Yes, we can take Botswana forward—and this is Change We Can Believe In.”

But this is only the beginning. The DPF, along with BPOPF and BSE, are committed to hosting quarterly engagements to maintain the momentum, drive new listings, and foster an inclusive and globally competitive capital market.

Together, we are building Botswana’s financial future one conversation at a time.