to be licensed as a bank in botswana, hence the approval, in principle, of the acquisition of 78. 15 percent of abch shares in bancabc, in march 2021. promoting financial sector development and inclusion turning to the promotion of financial sector development and inclusion, the bank of botswana recognises, distinguished guests, that in the first instance, the licensing requirements and ongoing prudential supervision are meant to allow those that meet the criteria and operate prudently to pursue their business and profit / return interests and aspirations freely, albeit within a regulated environment that safeguards safety of deposits and integrity and stability of the broader financial system. however, at the same time, the activities and operations of banks play an important role in promoting and fostering economic development, financial discipline and innovation. in this regard, going back to economic history, a preeminent father of the economics profession, adam smith in his classic / seminal works, “ an enquiry into the nature and causes of wealth of nations ”, alluded to “ the invisible hand ”, a concept that describes unseen market forces of supply and demand, leading to the unintended greater social benefits and public good as a result of individuals acting in their selfinterest. hence, the need, as promoted by the bank of botswana, to accentuate the developmental role of banks in the interest of economic prospects and welfare improvements for society. therefore, where opportune and prudent, the bank will continue to implore banks, including access bank, into active participation and contribution to the national development and transformation agenda. distinguished guests, i have, therefore, in my engagement with the leadership of the incoming bank highlighted the pertinent and immediate developmental issues for botswana, where i observed a positive response by access bank, supported by a demonstrable track record in markets in which it currently operates. the overriding issue for botswana is financial inclusion generally, where it is expected that access bank plc will add to vibrancy of market competition and broader coverage in attracting customers, diversity of products and services, quality of service provision and related cost rationalisation, for the benefit of both its investors and customers. beyond this generalisation, there are specific areas of need where the bank of botswana has observed what i would call “ cherry - picking ” of easier to deal with customers and sectors and eschewing of some areas of greater need where the developmental impact can be larger and more pervasive. here i am referring to support for

’ s presentation will include an overview of structural features of the botswana economy, including the related challenges of slow progress on economic diversification, evidenced by continuing over - reliance on a single commodity for exports, government revenues and growth. notwithstanding the current environment of extreme volatility and uncertainty in global economy and markets, the presentation will also cover economic outlook for 2020 and prospects for recovery in 2021. it suffices for me to indicate that the locomotives of the botswana ’ s economic growth performance, namely, the diamond revenues and catalytical role of the government activities, would be severely constrained by macroeconomic the covid - 19 pandemic amidst shock which, according to a many commentators, is estimated to likely lead the global, regional and domestic economy into a recession of uncertain magnitude and duration ; most likely not experienced since the great depression of the 1930s. the third presentation will be a summary of the theme topic for the 2019 annual report, on “ central bank governance and functions in pursuit of price and financial stability ” by deputy director in the research and financial stability department, mr innocent molalapata. this theme topic is intended to explain the role of central banks in the economic management of any country, evolving institutional structures, mandates and objectives. among others, mr molalapata will highlight the importance and linkages of the triad of central bank operational autonomy, transparency and accountability in facilitating effective discharge of the central bank mandates and maintenance of macroeconomic stability, attainment of inclusive and sustainable economic growth. he will also reinforce the need for central bank adaptability in an environment of fast and disruptive developments in financial technology, aligned to the nation ’ s aspirations for digital transformation and knowledge - based economy. distinguished members of the media, in tying together the various strands out of the presentations to be delivered by my colleagues this morning, some key messages become apparent, clearly suggesting that the current growth model for botswana will, going forward, be difficult to sustain. first, that a key driver of economic and welfare prospects for botswana, namely, the export potential has, over the last few years, faltered and shrunk as a proportion of gdp ; therefore there is an urgent need for rejuvenation by redesigning the country ’ s industrial policies to promote exports and, given the size of the domestic market, to grow the private sector through a better integration into regional and global value chains. second and related thereto is that, despite the large public investment in infrastructure and related social spending by government, as