Ex-AfDB chief to chair Botswana diamond fund as country pushes economic diversification

Ex-AfDB chief to chair Botswana diamond fund as country pushes economic diversification

Akinwumi Adesina, the former African Development Bank president, has been appointed chairman of Botswana’s Diamonds for Development Fund, a new initiative aimed at using the country’s diamond wealth to drive economic diversification, job creation and long term development.

The appointment was announced by the Government of Botswana and De Beers Group, which jointly established the fund as part of efforts to ensure that revenues from diamonds deliver broader economic benefits for citizens.

Adesina, a development economist with nearly four decades of experience in African and global development, will formally assume the role on June 15, 2026, according to De Beers Group.

His appointment comes months after completing a decade long tenure as president of the African Development Bank Group, where he oversaw a major expansion of the institution’s capital base and championed initiatives designed to boost investment, infrastructure and energy access across the continent.

According to De Beers Group, Adesina played a key role in increasing the bank’s capital from $93 billion to $318 billion, launched the Africa Investment Forum, which has mobilised more than $225 billion in investment interest since 2018, and led the implementation of the High 5 development agenda, which the bank says has improved the lives of more than 565 million Africans. He also helped establish Mission 300, a joint initiative between the African Development Bank and the World Bank aimed at providing electricity access to 300 million Africans by 2030.

Bogolo Kenewendo, Botswana’s minister of minerals and energy, said Adesina’s appointment reinforces the country’s commitment to using its diamond resources as a catalyst for broader economic transformation.

“We are proud and honoured to have Dr Akinwumi Adesina join the Diamonds for Development Fund as chairperson,” Kenewendo said.

“His appointment solidifies the position of the Government of Botswana to maximise the value of Botswana diamonds as an anchor for economic transformation, diversification, innovation, beneficiation and citizen participation in the diamond value chain.” She added that the government looked forward to benefiting from Adesina’s experience in reforming strategic sectors and delivering large scale development programmes.

Al Cook, chief executive officer of De Beers Group, described Adesina as the right leader to guide the fund’s ambitions.

“When we set up the groundbreaking Diamonds for Development Fund with the Botswana Government, we knew that we would need an extraordinary leader to achieve our ambition of economic diversification and job creation,” Cook said.

“In Dr Adesina, I am confident we have found just that person. His track record in African development is outstanding, and his global network, commitment to strong governance and understanding of the Fund’s priorities make him the right chair to shape the Fund’s support for Botswana’s long term economic objectives.”

Responding to the appointment, Adesina said the initiative could become a model for how countries rich in natural resources can convert that wealth into lasting prosperity for their people.

“I am greatly honoured to be appointed the chairman of the board of directors of the Diamonds for Development Fund by the Government of Botswana and De Beers Group,” he said.

“The Diamonds for Development Fund represents a bold and visionary initiative to ensure that the people of Botswana benefit directly from the wealth created by diamonds. It is not only diamonds that should shine, the lives of the people of Botswana must also shine.”

“The Fund’s success will set a global benchmark for how natural resource wealth can create enduring value for generations to come.”

The Diamonds for Development Fund is currently finalising the appointment of independent directors as it moves towards becoming fully operational.

Botswana, the world’s leading diamond producer by value, has long relied on the precious stone industry as a cornerstone of its economy. The new fund is expected to support efforts to diversify growth beyond mining while creating opportunities for innovation, local enterprise development and broader participation in the diamond value chain.

For De Beers, the initiative forms part of a wider effort to strengthen the developmental impact of the diamond industry in Botswana, one of its most important producing countries. The company says the fund is intended to ensure that diamond wealth contributes to sustainable economic growth and improved livelihoods for future generations.