The Pula Fund was established in November 1993, to invest surplus revenues from
diamond exports.[2][3]
In 1997, the fund was re-established in its current form, under the
Bank of Botswana Act 1996 with the objective of providing greater flexibility in the management of international reserves, and greater certainty in the forecasting of annual “dividend” payments to the government from the
Bank of Botswana.[4]
In 2008, the fund agreed to the
Santiago Principles, a series of guidelines on best practices for sovereign wealth funds.[5]
As of 2015, the fund has assets valued at $7 billion.[2]
Prior to May 2019, the fund was restricted to investing in
United States dollars,
Pound sterling,
Japanese yen, and
euros. In May 2019, the Bank of Botswana eased these restrictions, increasing the number of eligible currencies to 17.[6]
In July 2020, the Bank of Botswana announced it would be seeking legislation to limit access to the fund, as the fund was being accessed by governments to meet budget deficits, leading to a steady fall in the fund's reserves.[7]
Corporate Governance
In order to achieve its statutory objectives, the Bank of Botswana is directed by a
board of directors. All departments and the division are responsible to the
governor through the
chief operating officer, the
general Counsel and the
deputy governor. The Bank's executive committee meets fortnightly and is chaired by the Governor. The work of the bank is also coordinated by a number of committees.[8]
Board of Directors
The board of directors is composed of the members listed below:[9]
M. D. Pelalo – Governor
K. Molosi – Member
L. Lisenda – Member
O. Masimega – Member
B. M Ditlhabi – Member
L. G. Makepe – Member
D. K. Briscoe – Member
Executive Committee
The executive committee is composed of the members listed below:[10]
M. D. Pelaelo – Governor
K. S. Masalila – Deputy Governor
T. A. Kganetsano – Deputy Governor
R. H. Nlebesi – Chief Operating Officer
E. T. Rakhudu – General Counsel
S. M. Sealetsa – Advisor, Banking & Currency Digitisation
G.S Seganabeng – Banking, Currency & Settlement
P. C. Tumedi – Business Conduct and Regulatory Compliance
J. Selwe – Corporate Management Services
G. Baatlholeng – Deposit Insurance Scheme
D. N. Loeto – Finance
L. C. Moseki – Financial Markets
C. S. G Chepete – Human Capital
J. Ghanie – Information & Communications Technology
K. M. Mothusi – Internal Audit Services
M. Kgokgothwane – Protective Services
G. Ngidi – Prudential Authority & Payments Oversight
L. S. Senatla – Statistics, Data Management & Analytics
I. Molalapata – Research & Financial Stability
A. B. Kgathola – Strategic Planning & Risk Management