Government sets up Chema Chema Fund
LOW INCOME HOUSEHOLDS AIDED TO ACCESS POWER BOTSWANA RECOGNISED FOR TOBACCO CONTROL EFFORTS
BUDGET SPEECH: Minister of Finance, Peggy Serame has unveiled a visionary plan that carries within it a beacon of hope and opportunity for Botswana - Chema Chema Fund.
Notably, the revolutionary Chema Chema Fund takes centre-stage in this fiscal proposal. With a robust 23.5 percent increase compared to the previous year’s budget, Minister Serame’s fiscal plan is poised to redefine economic dynamics and empower grassroots innovation across the nation.
One of the outstanding factors in Minister Serame’s 2024/2025 financial year budget speech is the inception of the Chema Chema Fund, a groundbreaking initiative with an initial capital injection of P200 million.
Designed to revolutionise the informal sector, this revolving fund stands as a testament to the government’s unwavering commitment to fostering inclusive economic growth and job creation, she said, adding that Chema Chema Fund embodies a transformative vision, aiming to breathe new life into the informal economy, which Statistics Botswana reports contributed 3.2 percent to economic growth in 2023.
By providing accessible financing and support mechanisms, this fund seeks to empower aspiring entrepreneurs, artisans, and innovators, unlocking their potential to drive economic prosperity from the grassroots up.
In tandem with the Chema Chema Fund, Minister Serame’s budget allocates significant resources towards nurturing indigenous research and innovation. The establishment of an Intellectual Property Motshelo Scheme and an Intellectual Property Ideas Incubation Centre underscores the government’s commitment to safeguard and promot local ingenuity.
These initiatives will not only empower Batswana to protect their intellectual property but also provide a fertile ground for the cultivation of ground-breaking ideas and inventions.
Furthermore, Minister Serame’s budget amplifies its support for sectors pivotal to national development. Sport development sees a monumental increase of 317 percent, emphasising the government’s recognition of sports as a catalyst for social cohesion and individual empowerment.
Similarly, research and development receive a substantial boost of 280.9 percent, fostering a culture of innovation and knowledge creation essential for sustained growth.
The creative arts sector, instrumental in preserving cultural heritage and driving tourism, receives a notable increase of 58.8 percent. This investment not only enriches the cultural fabric of the nation but also creates avenues for economic diversification and job creation.
Minister Peggy Serame has revealed government’s commitment to improving the living standards of low-income households in the 2024/2025 financial year by ensuring their access to electricity. This initiative aims to alleviate the financial burden on these households by revising electricity connection fees and providing prewired boxes free of charge to those without wiring, thereby enhancing their quality of life.
Botswana was on Monday honoured with an integrity award by the World Health Organisation (WHO) for its significant achievements in tobacco control efforts. The recognition, presented during the 10th session of the Conference of the Parties to the WHO Framework Convention on Tobacco Control (FCTC) in Panama, commends Botswana’s dedication to protecting public health by preventing tobacco industry influence in policy formulation and implementation processes. The Tobacco Control Act in Botswana strictly prohibits contributions or corporate social responsibility initiatives from the tobacco industry, emphasising the importance of regulating tobacco products to inform users about their health risks.