linah k mohohlo : monetary policy framework and objectives in botswana speech by ms linah k mohohlo, governor of the bank of botswana, at the mid - term review of the 2008 monetary policy statement, gaborone, 24 july 2008. * * * introduction this year, the mid - term review of the 2008 monetary policy statement ( mps ) has more significance, given the changes to the monetary policy framework announced earlier this year in february. you will agree that it is time that we follow up and provide further information and explanation. since the new framework was announced, the worst of the financial market crisis that developed in the last months of 2007 may have passed. but aftershocks continue, and the current consensus is that the worst is over. however, concerns about the health of the world economy have multiplied, as slower growth in many economies has coincided with the unrelenting increase in the price of oil and food. the scale of these challenges and the policy choices are abundantly clear, albeit onerous in the short term. you are aware that many central banks have already acted decisively against the risks of inflation by tightening monetary policy. botswana does not have any major influence on global monetary conditions. nevertheless, the bank of botswana remains responsible for preserving monetary and financial stability in the country, and this requires a clear and measured response that is relevant to botswana ’ s specific situation. monetary policy framework and objectives the changes made to the monetary policy framework are meant to enhance policy formulation in support of the objective of achieving a sustainable, low and predictable level of inflation. additional factors are now considered more systematically to assess the future path of inflation, indicators of domestic demand and inflation expectations. this assessment involves both statistical and expert analysis and, in view of improved analytical capacity, the bank decided to discontinue the use of the rate of growth of commercial bank credit as an intermediate target. furthermore, in recognition of the fact that monetary policy is inherently forward - looking, and can realistically be successful in the medium term, the bank now only specifies a mediumterm inflation objective ( 3 - 6 percent ) and reviews inflation projections regularly. inflation in the first half of 2008 in the first half of 2008, inflation continued the trend that commenced last october ; it rose from 8. 1 percent in december 2007 to 14. 5 percent in june 2008, which is far above the bank ’ s medium - term inflation objective range of 3 - 6 percent. both measures of core inflation (

linah k mohohlo : post - recession role of accountants in business speech by ms linah k mohohlo, governor of the bank of botswana, to the association of certified chartered accountants, gaborone, 17 september 2010. * * * i would like to begin by thanking the country manager of botswana ’ s association of certified chartered accountants, ms gwen sabarwal, for inviting me to be a part of the association ’ s gala dinner for 2010. i am informed that it is the association ’ s tradition on this occasion to invite a notable person in the community to speak on some issue of topical interest. it humbles me, therefore, that i have been considered worthy of the platform for this year ’ s event. you will agree that this time round, for me, any topical issue is bound to be coloured by, and related to, the recent global financial meltdown and related deepest economic recession since the great depression of the 1930s. the causes of the difficult economic episode are now common knowledge, with sources from private and public sectors at individual and collective levels, in areas of public policy, corporate strategy and business operations. in other words, all professions, including accountancy, contributed directly or indirectly to the economic meltdown. now, everyone is looking through the rear view mirror while at the same time focussing on the road ahead. before delving more on the issues, i would like to commend your association ( ms sabarwal ) for the commitment to training accountants in botswana over the years. it is encouraging to learn that, since 1990, two years following the enactment of the relevant legislation, the membership of the association of certified chartered accountants in botswana has grown to more than 350, and the student in - take has continued to increase. it is also encouraging to observe that the more than 96 percent membership retention level you have so far achieved is fairly comparable internationally. this should provide confidence that you will reach your 2010 / 2011 retention target of 98 percent with relative ease. however, i happen to know that there is a big deficit in the supply of accountants in botswana. apparently the demand in the market is about 3 000, while the supply is just over 1 000, the lion ’ s share of which are expatriates. i have no doubt that your association shares this concern, given the fact that the shortage of professionals in accounting and related disciplines can only raise costs and, therefore, be unaffordable for many small and medium size