Former African Development Bank President Akinwumi Adesina has been appointed chairperson of Botswana’s Diamonds for Development Fund, a landmark initiative jointly established by the Government of Botswana and De Beers Group to channel diamond wealth into economic diversification, job creation and long-term national development.
The appointment places one of Africa’s most influential development economists at the helm of a fund designed to help Botswana reduce its dependence on diamond revenues and accelerate investment into new sectors of the economy at a time when resource-rich nations across Africa are under increasing pressure to transform natural resource wealth into sustainable prosperity.
The Government of Botswana and De Beers announced the appointment on May 29, describing Adesina as the ideal candidate to lead the fund’s ambitious mandate.
Adesina brings nearly four decades of experience in African and global development policy, investment mobilisation and economic transformation. He served as the eighth elected President of the African Development Bank Group from 2015 until September 2025, overseeing one of the institution’s most transformative periods.
His tenure was marked by a dramatic expansion of the bank’s financial capacity, increasing its capital base from $93 billion to $318 billion, the largest capital increase in the institution’s history.
Under his leadership, the African Development Bank also launched the Africa Investment Forum in 2018, creating a platform that has since generated more than $225 billion in investment interest for projects across the continent. He also spearheaded the High 5 development strategy, an initiative credited with improving the lives of approximately 565 million Africans through investments in energy, agriculture, industrialisation, regional integration and quality of life.
Adesina additionally played a leading role in developing Mission 300, a joint initiative between the African Development Bank and the World Bank that aims to provide electricity access to 300 million Africans by 2030.
His appointment comes as Botswana seeks to leverage its globally significant diamond industry to drive broader economic transformation. Diamonds account for a substantial share of Botswana’s exports and government revenues, but policymakers have increasingly emphasized the need to diversify the economy amid shifting global commodity markets and changing consumer trends.
Botswana’s Minister of Minerals and Energy, Bogolo Kenewendo, said Adesina’s appointment reflects the country’s determination to maximize the developmental impact of its diamond resources.
“We are proud and honoured to have Dr Akinwumi Adesina join the Diamonds for Development Fund as Chairperson,” Kenewendo said.
“His appointment solidifies the position of the Government of the Republic of Botswana to maximise the value of Botswana diamonds as an anchor for economic transformation, diversification, innovation, beneficiation and citizen participation in the diamond value chain. We draw inspiration from Dr Adesina’s achievements as an internationally accomplished reformer of strategic sectors and look forward to his impactful influence in the delivery of the Fund’s bold mandate.”
For De Beers, the appointment represents a critical step in operationalising a fund that many observers see as a potential model for resource-backed development financing across Africa.
De Beers Group Chief Executive Officer Al Cook said the organisation sought an internationally respected figure capable of translating ambition into measurable impact.
“When we set up the groundbreaking Diamonds for Development Fund with the Botswana Government, we knew that we would need an extraordinary leader to achieve our ambition of economic diversification and job creation,” Cook said.
“In Dr Adesina, I am confident we have found just that person. His track record in African development is outstanding, and his global network, commitment to strong governance, and understanding of the Fund’s priorities make him the right chair to shape the Fund’s support for Botswana’s long-term economic objectives.”
“He is a man characterised by deep integrity and outstanding delivery, and I very much look forward to seeing him steer Diamonds for Development in the years to come,” he added.
Adesina said the fund has the potential to establish a new international benchmark for the management of natural resource wealth.
“I am greatly honoured to be appointed the Chairman of the Board of Directors of the Diamonds for Development Fund by the Government of Botswana and De Beers Group,” he said.
“The Diamonds for Development Fund represents a bold and visionary initiative to ensure that the people of Botswana benefit directly from the wealth created by diamonds.”
“It is not only diamonds that should shine, the lives of the people of Botswana must also shine.”
“The Fund’s success will set a global benchmark for how natural resource wealth can create enduring value for generations to come. I look forward to working closely with the Government of Botswana and De Beers to ensure that the Diamonds for Development Fund contributes towards a more prosperous future for the people of Botswana.”
The appointment is expected to draw significant international attention given Adesina’s standing among global investors, development finance institutions and African policymakers.
Throughout his career, he has received numerous international accolades, including Forbes Africa Person of the Year in 2013 and 2019, EMY Africa’s Man of the Year in 2022, and repeated inclusion among the list of the 100 Most Influential Africans. He has also been recognised among the world’s most reputable individuals by Reputation Poll International.
The Diamonds for Development Fund is now moving toward its operational phase, with the appointment of independent directors currently underway. Adesina will formally assume the chairmanship on June 15, 2026.
For Botswana, the appointment signals a major step toward ensuring that one of the world’s most successful diamond economies can convert mineral wealth into lasting economic opportunity, setting a precedent for resource-rich nations across Africa seeking to build prosperity beyond extraction.
