Akinwumi Adesina has been appointed chairperson of Botswana’s new Diamonds for Development Fund, a strategic initiative created by the Government of Botswana and De Beers Group to help transform diamond wealth into broader economic growth and diversification, according to African Business and Businessday.
The fund was established as part of Botswana’s long-term effort to reduce dependence on diamond revenues and expand investment into sectors such as infrastructure, innovation, industrial development, and job creation. De Beers has committed an initial investment of 1 billion pula (about $74.4 million), alongside future contributions linked to dividends from Debswana, the country’s flagship diamond mining joint venture.
Adesina, who led the African Development Bank from 2015 to 2025, said the fund represents a major opportunity to ensure Botswana’s citizens benefit directly from the country’s natural resource wealth. Botswana’s Minerals and Energy Minister Bogolo Kenewendo said the appointment strengthens the country’s ambition to use diamonds as a catalyst for economic transformation, innovation, beneficiation, and citizen participation across the value chain.
Analysts say the move comes at a crucial time for Botswana as weaker global diamond demand increases pressure on the country to diversify its economy. Industry observers note that the Diamonds for Development Fund could become a model for how African resource-rich nations convert mineral wealth into long-term industrial growth, investment opportunities, and sustainable economic resilience beyond extractive industries.
