" report of the group of thirty, which brought together private and central bankers and academics, asserted, the " tone from the top " must have an " echo from the bottom ". this begins with the boards of directors and the management teams, who must always be exemplary, and who need to realise that their behaviour is scrutinised at all times for indications of what is acceptable and what is not, irrespective of their declarations of intent. actions speak louder than words. it then requires employees to be trained and informed on ethical standards on a regular basis and not only on their first day on the job. situations change ; new developments can be an opportunity to reconsider existing practices ; stakeholder expectations evolve. ethics – just like technical issues – must be subject to constant communication and ongoing training. and this is no easy task. as orse's report on corporate ethics, responsibility and strategy1 quite rightly reminds us, " corporate ethics is not built on obedience, but on engagement and discernment ". employees must be able to identify ethical " grey areas " even when their manager or clear rules are not available. if ethics are to permeate corporate practices, they must form an integral part of hr policies and structures. for example, during selection procedures for external recruitment or internal promotion, particularly for management positions, the integrity of candidates during their career should be seriously assessed and taken into account. ethics in themselves have value. good performances can neither excuse nor compensate for questionable ethical behaviour. results obtained at the expense of ethical standards should not be rewarded. on the contrary, they should be penalised in order to send the right message with regards to expected behaviour, including from the managers of the employees concerned. diversity within teams, and particularly management teams, should be encouraged. experience shows that diversity – in terms of gender, social background, education, thinking – is a factor in risk prevention. an overly homogeneous group does not debate, loses critical thinking and as a result takes more risky decisions. at a time when technical processes and compliance procedures are becoming 2 / 3 bis central bankers'speeches increasingly complex and favour dialogue between human and machine, direct human contact should once more be given the importance it deserves. employees must be able to approach managers with their questions on ethics in just the same way as they can ask technical questions ; with the same ease, the same freedom, the same legitimacy. no - one should be afraid of raising ethical questions, being concerned about certain

innovations that started in 2017 included the pre - announcement of the dates for the monetary policy committee meetings for the year ahead and media briefings that follow each meeting to announce and engage on the policy decision. i also indicated that, going forward and in an effort to further improve on communication and transparency on economic and policy analysis and implementation, the bank will publish four monetary policy reports each calendar year, including the monetary policy statement. i am happy to announce that tonight the bank is launching the first monetary policy report to be published on the bank ’ s website tomorrow morning. the report is also available on the bank of botswana branded memory sticks that will be distributed to the invited guests tonight. there is also a limited number of hard copies. the report will be the main medium through which the bank will inform the public about the formulation and implementation of monetary policy. it serves to meet the public ’ s expectation of a transparent and accountable central bank in fulfilling the monetary policy mandate. the monetary policy reports in april, august and october will be preceded by the monetary policy statement in february each year. distinguished guests, as i conclude, i would like to assure you that the bank ’ s implementation of monetary policy will continue to focus on entrenching expectations of low, predictable and sustainable inflation, through timely responses to price developments. at the same time, the bank will contribute to effective oversight of the financial system to ensure sustained financial stability and integrity of the payments system, while promoting market development and financial inclusion ; as a growth imperative and also important for policy transmission. essentially, this is the enduring contribution of the bank to an enabling environment for private sector growth and greater participation in economic activity ; therefore, enhanced prospects for economic diversification efforts, employment creation, inclusive growth, and transition to high - income status. let me wish you a fruitful conference and deliberations for the next two days. please enjoy your dinner. however, to conclude the formal proceedings, allow me to call upon the director of research and financial stability department, dr tshokologo alex kganetsano to present a brief outline of the monetary policy report and also highlight its relevance in influencing expectations and economic activity. i thank you for your kind attention.