calibrated and timely manner to sustained high level of inflation and threats to financial stability. overall, while pursuing its policy objectives and mandates, the bank is committed to ensuring that macroeconomic policies are aligned and, accordingly, the policy choices and responses to promote price and financial stability are undertaken in the broader context and interest of fostering inclusive economic development and a building a broad - based, resilient economy. honourable minister, distinguished guests, against the backdrop of this outline of the monetary framework and objectives, i will now address, in turn, first, the global trends that have influenced inflation in botswana ; second, i will report on the conduct of monetary policy in 2021, internationally and here at home ; and third, the medium - term inflation outlook and the likely policy stance in 2022. i will, thereafter, outline the reforms to monetary operations i alluded to earlier. external economic developments in 2021 the global economic performance and sentiment strengthened in 2021, amid improving demand resulting from the easing of the pandemic containment measures and consequent opening of economies. the reopening of economies was made possible by the effective roll - out of the covid - 19 vaccination programmes, especially in advanced economies, even as there was uneven distribution and supply of vaccines across the globe. the global economy is estimated to have expanded by 5. 9 percent in 2021 from a contraction of 3. 1 percent in 2020. however, the pandemic took a turn for the worst in some parts of the world in the second half of the year, with emergence of the new variants, delta and later in the year, omicron. given the economic recovery that involved imbalance between demand and supply and a surge in commodity prices, inflation increased globally, from an average of 3. 2 percent in 2020 to 4. 3 percent in 2021 ; and from 0. 5 percent to 5. 1 percent for the special drawing rights ( sdr ) countries and, regionally, from 3. 1 percent to 5. 9 percent in south africa. consequently, the weighted average inflation for botswana ’ s trading partner countries increased from 1. 7 percent in 2020 to 5. 5 percent in 2021. domestic economic developments in 2021 for botswana, gross domestic product is estimated to have expanded by 8. 6 percent in the twelve months to september 2021, compared to a contraction of 7. 3 percent in the year to september 2020. this was made possible by a combination of lesser movement restrictions in 2021 compared to 2020,

caleb m fundanga : integrity and professionalism in finance, industry and business keynote speech by dr caleb m fundanga, governor of the bank of zambia, at the acca professionalism and ethics event for employers, lusaka, 7 november 2007. * * * • the chairman • mr sundeep takwani, acca head of ethics and regulation – professional standards • mr chintu mulendema, zica president • senior government officials • heads of corporates • all protocols observed • distinguished ladies and gentlemen i am honoured to stand before you to discuss the matter of “ integrity and professionalism in finance, industry and business ”. i commend acca zambia for organising this forum which allows us to discuss matters which have long been considered of primary importance in the financial sector. i am certain that the importance of this subject extends beyond the financial sector to all sectors of the economy. mr chairman, this event, the first in the series of acca professionalism and ethics events to be held in zambia coincides with the launch of the acca new professional qualification, which will be first examined in december 2007. named the acca qualification, it will build on the success of the current professional scheme, which has become the world ’ s fastestgrowing international accounting qualification. mr chairman, the new acca qualification is designed to provide accounting knowledge skills and professional values which will deliver finance professionals who are capable of building successful careers across all sectors, whether they are working in the public or private sectors, practising in accounting firms or pursuing a career in business. acca has designed a qualification which embeds the global accounting education standards set by the international federation of accountants ( ifac ). there is a strong focus on professional values, ethics and governance. these skills are essential as the profession moves towards strengthened codes of conduct, regulation and legislation with an increasing focus on professionalism and ethics in accounting. they will be examined at the highest level in the new acca qualification, and will be a core element of students ’ practical experience requirements. mr chairman, allow me now to dwell on the main theme of our discussion this evening. going through the literature one finds it difficult to obtain explicit definitions as regards the concepts of “ integrity ” and “ professionalism ”. however, the associated behaviours and characteristics of the two concepts are fairly unproblematic. in this regard, behaviours associated with “ integrity ” include honesty, sincerity, truthfulness, punctuality, ethics