point relates to prospective changes in regional and indeed international trade arrangements. in this regard, a more immediate policy assignment is to evaluate prospects for the southern african customs union and the african continental free trade area, in order to appreciate the potential adverse developments for botswana and also to identify opportunities that may be harnessed for prospective positive impact on the domestic economy. fifth, is the evident climate change involving unreliable and unpredictable weather patterns, that is having a broad - based impact on economic performance in various sectors and areas, prospects for macroeconomic and financial stability and socialisation. therefore, the requirement for appropriate policy responses and recognition of its relevance in the policy and transformation agenda, which might also involve adjusting to new global standards and prescriptions, business models and investment constraints or guidelines. ladies and gentlemen, i hope that i have given you a flavour of some of the relevant issues for fostering diversification in botswana to escape the middle - income trap and reinforced the urgent need to reform and implement transformational policies. given the context that i have illuminated, it is evident that prospects for botswana are currently predominantly unfavourable and not sufficiently aligned when assessed against the development aspirations of inclusive growth and transition to high income status. the positive note is that, i am confident, on account of the combined expertise and experience of delegates, that we will have frank, insightful and fruitful discussions, assessments and suggestions over the next two days, interspersed with a refreshing social programme. therefore, there is a reason to look forward optimistically to rich and strong proposals on practical strategies for transformation of our economy. i thank you.

policy making that has contributed to botswana ’ s economic success. partly for these reasons, major policy disagreements between the bank and the government are very rare. besides its main policy responsibilities, the bank also has a number of important statutory roles to play in providing financial services to the government, as its financial advisor. as well as being banker to the government, the bank advises on any borrowing the government may contemplate. it also carries out various ad hoc agency functions. for instance, when the government decided to obtain a sovereign credit rating in 2001, the bank managed the process, by selecting an advisor, hosting the rating agencies, and acting as a clearing house for data and information. more recently, the bank handled the government ’ s first domestic bond issue, and this was very successful and is making an important contribution towards the development of the domestic capital markets. i have been associated with the bank of botswana since its inception, and it is with pride that i am able to say it is one of the most respected institutions in botswana ; it is also an exemplar for public institutions, as appropriate. in terms of corporate governance, transparency and accountability, the bank aspires to conduct its business in accordance with best international practice. the fact that the bank has a high level of credibility, both domestically and internationally, is not just an achievement of which to be proud ; it also makes the bank ’ s policy implementation more effective, as its pronouncements are acted upon and are effective in shaping expectations. as i conclude, mr chairman, i wish to suggest that the success achieved by botswana in its macroeconomic development has been shaped by a set of mutually supportive policies motivated by a common vision. the role of the bank of botswana in this context was to participate and contribute its part to the larger scheme of national goals. the bank ’ s activities have been assisted by the mutually supportive synergies generated by the national effort at all levels. needless to say, all the organs of any government, including the central bank, must pull together if development endeavours of bringing about appreciable socio - economic transformation are to be achieved. with these remarks, it only remains that i commend the organisers of this economic summit for the initiative undertaken, and to express my heartfelt appreciation for the excellent arrangements made to facilitate my presence at this occasion in such distinguished company. for me, it will remain a memorable experience. i wish you, individually and collectively as a nation, success