Botswana’s President Mokgweetsi Masisi has assured Zimbabwean-born billionaire, Strive Masiyiwa that his investments in Botswana will be safe, in a thinly veiled dig on Zimbabwe.
Masiyiwa was recently in Botswana where he has invested US$300 million in the country’s largest telecoms company, Mascom.
Speaking in Gaborone at Town Hall alongside Masiyiwa, President Masisi said that, unlike “country X” somewhere in Africa, Botswana upholds the rule of law. He said:
We are run, not just conveniently but very well and we work. We are open and this stability along with our addiction to the rule of law makes us attractive for springboarding from Botswana.
I will not name the other country, would you rather have your business headquarters in country X somewhere else in Africa or in Botswana? In terms of assuring yourself that what you put in the bank is yours and will be there.
In terms of assuring yourself and your creditors that you will be able to pay them in whatever currency they need to be paid in, so these advantages should be utilised to the fullest.
Though Masisi did not mention any country by name, Zimbabwe is notorious for the absence of the rule of law and does not have a currency of its own.
Moreover, Zimbabwe has an acute shortage of foreign currency and is considered extremely unattractive for foreign investors.