Raise productivity levels
His Excellency the President Dr Mokgweetsi E. K. Masisi urges the private sector to enhance productivity to reach economies of scale and produce affordable consumer goods. The result will also aid in the reduction of inflation.
In his address, at the official opening of the 16th National Business Conference (NBC), the President said the country was grappling with the downside of restrictive measures that economies around the world including Botswana, implemented to fight the COVID 19 pandemic.
These include global supply chain bottlenecks which lead to delays in the delivery of inputs for production. To this he requests the Business sector to create an environment of high productivity, low and stable inflation that would pave way for the country to achieve a high income status.
“I look forward to cutting edge ideas from this conference on how to boost productivity so as to maintain a low and stable inflationary environment.”
In order to address the soaring inflation, in August 2022 the Government reduced the rate of Value Added Tax (VAT) by 2% for a period of 6 months. The Government also zero-rated VAT on the supply of liquefied petroleum gas and cooking oil for the same period of 6 months. An increase was also made on student allowances and old age pensions to cushion the beneficiaries against the financial strain.
The 16th National BNC is expected to contribute towards the review of existing policies, the regulatory environment and propose new transformative reforms.
