By Abdullahi Lukman
Former President of the African Development Bank (AfDB), Akinwumi Adesina, has been appointed Chairperson of the Diamonds for Development Fund, a new initiative established by the Government of Botswana and De Beers Group to support economic diversification and sustainable development in the country.
The appointment, jointly announced by Botswana and De Beers Group, will take effect on June 15, 2026.
The Fund is expected to play a key role in expanding economic opportunities, creating jobs, and reducing Botswana’s dependence on mining revenues.
Botswana’s Minister of Minerals and Energy, Bogolo Kenewendo, described Adesina’s appointment as a significant milestone in efforts to maximise the value of the country’s diamond resources and strengthen citizen participation in the diamond value chain.
She expressed confidence that his extensive development experience and record of institutional reforms would help advance the Fund’s objectives of economic transformation, innovation, and beneficiation.
De Beers Group Chief Executive Officer, Al Cook, said the Fund required strong leadership to achieve its long-term goals, noting that Adesina’s experience in African development, governance, and international partnerships made him well suited for the role.
In his acceptance remarks, Adesina described the appointment as a privilege and said the initiative represented a bold step towards ensuring that Botswana’s diamond wealth delivers lasting benefits for its people.
According to him, the Fund has the potential to become a global model for transforming natural-resource wealth into inclusive and sustainable prosperity.
Adesina served as President of the African Development Bank from 2015 to 2025, during which he led major reforms and development programmes across Africa.
Under his leadership, the Bank’s capital base grew from $93 billion to $318 billion, while the Africa Investment Forum mobilised more than $225 billion in investment interest.
He also championed the Bank’s High 5 development agenda and Mission 300, a joint initiative with the World Bank aimed at expanding electricity access to 300 million Africans by 2030.
The Diamonds for Development Fund is currently completing the appointment of independent directors to its board as part of efforts to make the institution fully operational.
Once operational, the Fund is expected to support Botswana’s long-term strategy of building a more diversified economy while creating sustainable opportunities for future generations.
