GABORONE, May 29 – Akinwumi Adesina has been appointed Chairperson of Botswana’s Diamonds for Development Fund, a strategic initiative established by the Government of Botswana and De Beers Group to support economic diversification and long-term national development.
The appointment places one of Africa’s most prominent development economists at the helm of a fund designed to transform Botswana’s diamond wealth into broader economic opportunities, including industrial development, innovation, beneficiation and greater citizen participation in the diamond value chain.
Adesina brings nearly four decades of experience in economic development, public policy and international finance. He served as President of the African Development Bank Group from 2015 to 2025, becoming one of the institution’s most influential leaders.
During his tenure, the AfDB significantly expanded its financial capacity, increasing its capital base from $93 billion to $318 billion, the largest expansion in the institution’s history.
He also spearheaded the creation of the Africa Investment Forum, which has attracted more than $225 billion in investment interest for projects across the continent since its launch in 2018.
Another major achievement was the implementation of the AfDB’s High 5 development agenda, a continent-wide strategy focused on energy access, food security, industrialization, regional integration and improving quality of life. According to the Bank, the initiative positively impacted more than 565 million people across Africa.
Adesina also played a leading role in developing Mission 300, a joint initiative between the African Development Bank and the World Bank Group aimed at providing electricity access to 300 million Africans by 2030.
Botswana’s Minister of Minerals and Energy, Bogolo Kenewendo, said the appointment reinforces the country’s ambition to use its diamond resources as a catalyst for economic transformation and diversification.
She noted that Adesina’s extensive experience in development finance and institutional reform would help guide the fund toward achieving its long-term objectives.
De Beers Chief Executive Officer Al Cook described Adesina as an exceptional leader with a strong record in African development, adding that his expertise, governance experience and international network make him well positioned to guide the initiative.
Commenting on his appointment, Adesina said the fund represents a bold effort to ensure that Botswana’s natural-resource wealth translates into lasting prosperity for its people.
He emphasized that the initiative has the potential to become a global model for how resource-rich nations can convert mineral wealth into sustainable economic and social development.
Adesina is expected to formally assume the role on June 15, 2026. The fund is currently completing the appointment of additional independent directors as part of preparations to begin operations.
The Diamonds for Development Fund is expected to play a central role in Botswana’s efforts to reduce dependence on diamond revenues while fostering new industries, investment opportunities and long-term economic resilience.
