Acting President Mr. Ndaba Nkosinathi Gaolathe has emphasised the growing importance of financial literacy in today’s challenging economic climate. Speaking at a kgotla meeting in the Tlogatloga area of Gaborone on Thursday, Gaolathe urged citizens and government alike to adopt a more mindful approach to financial decision-making.
Addressing the community, Mr. Gaolathe reflected on the economic environment of previous years, describing it as relatively stable. He acknowledged that during that period, financial literacy was not prioritised, as there was a sense of comfort and confidence in the country’s fiscal state. However, he cautioned that such complacency can no longer be afforded.
“In the past, there was a tendency to overlook the importance of understanding how money works. But the reality today is different. Financial literacy is no longer a luxury—it is a necessity,” said Gaolathe.
The Acting President expressed concern over past spending habits, especially within government departments. He admitted that significant amounts of money had been allocated to the purchase of equipment and other resources, often without sufficient scrutiny. Gaolathe called for a shift in mindset, highlighting the urgent need for responsible spending.
“We must learn to use money wisely and carefully,” he urged. “The time of excessive expenditure is over. We need to ensure that every pula is accounted for and contributes meaningfully to national development.”
Gaolathe’s remarks come at a time when many citizens are feeling the pinch of rising costs and economic uncertainty. His call to action serves as both a warning and a guidepost for individuals, families, and institutions to embrace smarter financial habits and adopt strategies that promote long-term sustainability.
As Botswana faces evolving economic pressures, financial education is becoming a cornerstone of resilience. Gaolathe’s message is clear: understanding how to manage money is not just for the wealthy or for accountants—it is a critical skill for every citizen.
