Former President of the African Development Bank (AfDB), Akinwumi Adesina, has been appointed as the inaugural Chairperson of the Diamonds for Development Fund, a landmark initiative jointly established by the Government of Botswana and the De Beers Group to promote sustainable economic development through the country’s vast diamond resources.
The appointment was announced on Friday in a statement issued by the De Beers Group, which described the initiative as a significant step towards ensuring that Botswana’s mineral wealth generates long-term economic opportunities and broader prosperity for its citizens.
“The Government of the Republic of Botswana and De Beers Group are delighted to confirm that Dr Akinwumi Adesina has been appointed as the Diamonds for Development Fund’s Chairperson,” the statement said.
Adesina’s selection is widely viewed as a major endorsement of the initiative, given his reputation as one of Africa’s foremost development economists and his extensive experience in driving economic transformation across the continent.
The former Nigerian Minister of Agriculture and former AfDB President is expected to bring decades of expertise in development finance, policy implementation and institutional leadership to the newly created fund.
Commenting on the development, Botswana’s Minister of Minerals and Energy, Bogolo Kenewendo, described the establishment of the fund as a defining moment in the country’s economic journey.
“The Diamonds for Development Fund marks an exciting new chapter in Botswana’s sustainable economic development story,” she said.
Kenewendo noted that Adesina’s appointment reflects the confidence both Botswana and its partners have in his ability to guide the fund towards achieving its long-term objectives.
“Dr Adesina’s distinguished career and unwavering commitment to Africa’s prosperity make him the ideal person to chair this important initiative,” she added.
The De Beers Group also expressed confidence in Adesina’s leadership capabilities, highlighting his track record in economic development and resource management.
Chief Executive Officer of De Beers Group, Al Cook, described the former AfDB President as a globally respected leader whose experience aligns closely with the goals of the fund.
“Dr Adesina brings unparalleled experience in economic transformation and development finance across Africa,” Cook said.
“He understands how natural resources can catalyse broader economic opportunity and long-term prosperity.”
Reacting to the appointment, Adesina said he was honoured to accept the responsibility and expressed optimism that the initiative could become a model for leveraging natural resources to achieve sustainable development.
“I am deeply honoured to serve as the inaugural Chairperson of the Diamonds for Development Fund.
“Botswana has long demonstrated how natural resource wealth can be managed responsibly and strategically for national development, ” he said.
According to Adesina, the fund has the potential to showcase how mineral resources can be transformed into lasting economic benefits for citizens while supporting broader national development goals.
“This Fund has the potential to become a global example of how diamond wealth can drive economic diversification, industrialisation, job creation, and inclusive growth,” he stated.
The development expert further stressed the importance of ensuring that Africa’s abundant natural resources translate into tangible improvements in the lives of present and future generations.
Adesina is scheduled to formally assume office as Chairperson of the fund on June 15, 2026.
Meanwhile, the organisation disclosed that efforts are ongoing to complete the establishment of the fund’s governance structure.
“The Diamonds for Development Fund is now in the process of finalising the appointment of independent directors to its board as the vital next step in making the Fund operational,” the organisation stated.
The Diamonds for Development Fund forms part of a broader partnership between Botswana and the De Beers Group aimed at maximising the developmental value of the nation’s diamond industry while reducing long-term dependence on mining revenues alone.
According to the organisers, the fund will focus on supporting sustainable economic growth, infrastructure expansion, economic diversification and community development projects through strategic investments linked to Botswana’s diamond wealth.
The initiative is expected to play a central role in strengthening economic resilience, creating employment opportunities and ensuring that the benefits of the country’s natural resources extend beyond the mining sector.
With Adesina at its helm, stakeholders believe the fund is well positioned to advance Botswana’s vision of transforming mineral wealth into sustainable prosperity and inclusive economic development for future generations.
