For decades, diamonds have been at the heart of Botswana’s economic success story, helping transform the Southern African nation into one of the continent’s most notable development examples. Yet as global economies evolve and the need for broader sources of growth becomes increasingly urgent, Botswana is taking deliberate steps to ensure its future prosperity is not tied solely to the fortunes of a single resource.
That ambition is now taking shape through the Diamonds for Development Fund, a new initiative designed to convert the country’s diamond wealth into a catalyst for economic diversification, innovation, job creation and long-term national development.
At the centre of the effort is Akinwumi Adesina, the former President of the African Development Bank (AfDB), who has been appointed Chairman of the fund by the Government of Botswana and De Beers Group, the two partners behind the initiative. He is expected to formally assume the position on June 15, 2026.
The appointment brings one of Africa’s most accomplished development leaders into a project that seeks to redefine how natural resource wealth can be deployed for wider societal benefit. The fund is intended to ensure that revenues generated from Botswana’s diamond industry create opportunities that extend beyond mining, reaching citizens through enterprise development, innovation and broader participation across the diamond value chain.
For Botswana, the move is a strategic effort to build on decades of success in the diamond sector while laying the foundations for a more diversified economy. Although the country remains the world's leading diamond producer by value, policymakers have increasingly emphasised the need to create new growth engines capable of supporting future generations.
Officials believe Adesina’s experience makes him particularly suited to help guide that transition.
A development economist with nearly four decades of experience across Africa and the global development landscape, Adesina recently concluded a ten-year tenure as President of the African Development Bank Group, a period widely regarded as one of the institution’s most transformative eras.
During his leadership, the AfDB expanded its capital base from $93 billion to $318 billion, significantly strengthening its capacity to finance development projects across the continent. He also launched the Africa Investment Forum, which has mobilised more than $225 billion in investment interest since 2018.
His tenure was further marked by the implementation of the Bank’s High 5 development agenda, which the institution says improved the lives of more than 565 million Africans. Adesina additionally helped establish Mission 300, a joint initiative of the African Development Bank and the World Bank that aims to provide electricity access to 300 million Africans by 2030.
Those achievements formed part of the rationale behind Botswana’s decision to place him at the helm of the new fund.
Speaking on the appointment, Botswana’s Minister of Minerals and Energy, Bogolo Kenewendo, described it as an important step in the country’s strategy to maximise the developmental value of its diamond resources.
“We are proud and honoured to have Dr Akinwumi Adesina join the Diamonds for Development Fund as chairperson,” Kenewendo said.
“His appointment solidifies the position of the Government of Botswana to maximise the value of Botswana diamonds as an anchor for economic transformation, diversification, innovation, beneficiation and citizen participation in the diamond value chain.”
According to the minister, Botswana also hopes to benefit from Adesina’s extensive experience in implementing large-scale development programmes and reforming critical sectors of the economy.
The confidence surrounding the appointment is shared by De Beers Group, which sees the fund as part of a broader effort to strengthen the developmental impact of the diamond industry in Botswana, one of the company’s most important producing nations.
De Beers Chief Executive Officer Al Cook said the scale of the fund’s ambition required exceptional leadership.
“When we set up the groundbreaking Diamonds for Development Fund with the Botswana Government, we knew that we would need an extraordinary leader to achieve our ambition of economic diversification and job creation,” Cook said.
“In Dr Adesina, I am confident we have found just that person. His track record in African development is outstanding, and his global network, commitment to strong governance and understanding of the Fund’s priorities make him the right chair to shape the Fund’s support for Botswana’s long term economic objectives.”
The fund is currently finalising the appointment of independent directors as it moves toward full operations.
For Adesina, however, the significance of the initiative extends beyond Botswana. He views the fund as an opportunity to demonstrate how resource-rich nations can transform natural wealth into lasting prosperity for their people.
“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.
“The Diamonds for Development Fund represents a bold and visionary initiative to ensure that the people of Botswana benefit directly from the wealth created by diamonds. It is not only diamonds that should shine, the lives of the people of Botswana must also shine.”
He believes the project could establish a global example for countries seeking to harness natural resources in a way that creates enduring economic value.
“The Fund’s success will set a global benchmark for how natural resource wealth can create enduring value for generations to come.”
As Botswana prepares to launch the next phase of its development journey, the Diamonds for Development Fund represents a statement of intent, an effort to ensure that the wealth beneath the ground fuels innovation above it, broadens economic participation and creates opportunities that endure long after the last diamond is mined.
In Adesina, Botswana is placing its confidence in a leader whose career has been defined by turning ambitious development ideas into measurable outcomes. The success of the fund may ultimately determine whether one of Africa’s most resource-rich nations can become a global model for converting natural wealth into sustainable prosperity.
