Economic reports and analyses by international financial institutions

Duma Boko's UDC Wins as Masisi Concedes, Ending BDP's 58-Year Rule

Nov 1, 2024, 09:52 AM

Botswana's ruling Botswana Democratic Party (BDP) has lost its 58-year hold on power following a historic election that saw the opposition coalition, Umbrella for Democratic Change (UDC), secure a majority in parliament. President Mokgweetsi Masisi conceded defeat on Friday after preliminary results showed the BDP won only one of 61 parliamentary seats, ending nearly six decades of governance since independence in 1966. Duma Boko, a Harvard-trained lawyer and leader of the UDC, has been declared Botswana's sixth president. Masisi stated he 'respected the will of the people' and would 'respectfully step aside' to ensure a smooth transition. Observers attribute the electoral outcome to voter dissatisfaction over economic stagnation linked to a decline in the diamond trade, as Botswana is the world's largest producer of diamonds. The peaceful handover of power has been praised as a testament to Botswana's democratic maturity and marks the first transfer of power since independence.