Botswana Investment and Trade Centre (BITC), Citizen Entrepreneurial Development Agency (CEDA), the Local Enterprise Authority (LEA) through the Ministry of Investment, Trade and Industry (MITI) have partnered with the Tony Elumelu Foundation (TEF) for the training and funding of 20 Botswana Start-ups.
The premise of the partnership is to leverage the widely acclaimed Tony Elumelu Foundation Entrepreneurship Programme (TEF EP), which is a $100 million commitment to identify, train, mentor and fund 10 000 African Entrepreneurs over 10 years. The programme, the brainchild of Nigerian millionaire Tony Elumelu has so far empowered 4 470 entrepreneurs with an investment of over $22 million.
According to the Ministry, the partnership is a response to the problem of rising youth unemployment across the African continent, including Botswana. Africa currently has close to 200 million youth, unemployed, underemployed or inactive. Forecasts indicate that by 2025 there will be an additional 150 million new youth work force entrants in Africa.
To cater for this growing population, entrepreneurship and job creation must be prioritized by governments, private sector, development institutions and all stakeholders. From selection to disbursement and post-disbursement for up to five years, monitoring and evaluation will be a joint effort between the three parastatals. The purpose of embedding this project in a robust monitoring and evaluation framework is to track the impact of the programme.
According to Neo Tumelo of CEDA, CEDA will specifically be responsible for the training and mentoring of the 20 entrepreneurs selected for this year’s Tony Elumelu Foundation Entrepreneurship Programme. This will be for a duration of five years. The application portal was launched on January 1, and closes on March 1, and all local entrepreneurs are encouraged to apply.
The entrepreneurship programme accepts business ideas as well as existing businesses with less than three years of experience in all sectors of the economy. In 2015, the TEF consolidated its various programmes and initiatives and made investing in Africa’s next generation of entrepreneurs and business leaders a priority.
The vision for the Foundation is to unlock the obstacles that Africa’s entrepreneurs face as they grow their start-ups into small to medium enterprises (SMEs), their SMEs into national growth companies and their national growth companies into African Multinationals.
Local chalk manufacturer eyes African market
Je Me Presente, a chalk producing company that has been in operation for a year and has ambitions to position the country, as a chalk production hub, hopes to reduce unemployment figures.
“Our plan is to supply the whole country and eventually the entire continent of Africa. We want to become Africa’s hub of chalk production so that someone in Malawi or Kenya will know that chalk is made in Botswana,” said Maipelo Tshoso, Je Me Presente, Director.
Presently, the company produces 20 000 boxes per week on request and has plan to increase to at least 100 000 per day. “We are working on developing a plant that will operate on a shift basis that will supply the entire continent,” said Tshoso, highlighting that the company’s current market is mostly private schools in and around Gaborone. In addition, the business supplies to some stationary shops in the northern part of the country.
Quizzed why the company is not utilising the Economic Diversification Drive (EDD) programme, Tshoso said the company came into existence when government tenders were already running in the previous year. She is however optimistic that the company will benefit from EDD, this year.
Produced from gypsum, the dustless and non toxic chalk, production at Je Me Presente has other by-products which are manure and a cleaning chemical that gives white shoes their original colour.
Gypsum is a soft sulphate mineral composed of calcium sulphate dihydrate, with the chemical formula, widely mined and used as a fertilizer and as the main constituent in many forms of plaster, blackboard chalk and wallboard.
Tshoso said the company’s most pressing challenge at the moment is distribution, especially to school in the remote part of the country.“Our product is mostly used in rural Botswana and reaching such areas can be quite challenging for a start-up but we do try,” said Tshoso. Despite competition from large retailers that source chalk from outside the country, Tshoso hopes legislation would soon encourage the retailers to source local products.
Lucura Q1 sales impressive
Lucara Diamond Corporation has recorded an impressive and improved performance with 0.76 million tonnes ore in its Karowe mine during the first quarter of 2019 and the first sales of the year exceeded US$ 47 million.
The company also recovered an unbroken 1,758 carat diamond which is larger than the 1.109 world’s second largest diamond, Lesedi La Rona, which was recovered from Karowe in 2015. During the period the company sold several diamonds larger than 10.8 carats which resulted in quarterly sales revenue of $48.7 million compared to $25.4 million in the same period last year.Lucara President and Chief Executive Officer, Eira Thomas, highlighted that they expect the total stones mined in 2019 to be between 8.5 and 11.8million tonnes.
“While guidance is unchanged, the average strip ratio is now expected to be lower than originally anticipated due to a higher percentage of ore mined during the first quarter of 2019,” she said.
The operating cost for three -months period was 30.52 per tonne, a decrease from $39.97 per tonne in the first quarter of 2018. Thomas explained that operating cash cost per tonne processed was positively impacted by a reduction in waste mined and an increase in tonnes processed during the first quarter.
“Lucara’s focus on operational excellence has delivered another strong quarter, having met guidance with respect to ore mined and processed as well as carats produced. Costs were significantly down quarter over quarter in line with expectations,” said Thomas.
She pointed out that in 2019 the company forecasts revenue between $170 million and $200 million, consistent with the forecast for 2018. In 2019, diamonds recovered are expected to be between 300 000 carats and 330 000 carats and diamonds sold are expected to be between 300 000 and 320 000 carats. The company has approved a budget of $14.8 million evaluating the potential for an underground mining operation at Karowe. “In 2019 efforts will focus on follow up geotechnical and hydro geological drilling and related studies. Exploration expenditures are estimated to be up to $3.0 million”.
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