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Botswana's Credit Rating Downgraded Amid Diamond Market Struggles

3/15/2026

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Summary

Story summary

S&P Global Ratings downgraded Botswana's sovereign credit rating from BBB to BBB-.
The downgrade reflects prolonged weakness in the global diamond market, which accounts for about 70% of exports.
Production fell 27% in 2024 and remains about 40% below 2023 levels in 2026.
Botswana faces an 8.9% of GDP deficit in 2026/27 and must address rising public spending and youth unemployment to diversify its economy.

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Story summary

S&P Global Ratings downgraded Botswana's sovereign credit rating from BBB to BBB-.
The downgrade reflects prolonged weakness in the global diamond market, which accounts for about 70% of exports.
Production fell 27% in 2024 and remains about 40% below 2023 levels in 2026.
Botswana faces an 8.9% of GDP deficit in 2026/27 and must address rising public spending and youth unemployment to diversify its economy.