Embezzlement of the National Petroleum Fund in Botswana

Abstract

The government of Botswana had created the National Petroleum Fund (NPF) in order to cushion Botswana from oil inflationary increases and by October 2016 it was reported be around at 600 million Pula while by November 6, 2017, almost a year later, it was reported to be running dry. The blunder that government made was that they left the funds in the Ministry of Mineral Resources, Green Technology and Energy Security (MMGE) regardless of the fact that the Permanent Secretary in the Ministry of Finance and Development Planning (MFDP)had requested that the funds be transferred to his ministry and be managed from there. Botswana has over the years been given accolades of being the least corrupt country on Africa. The case of the "disappearance of the NPF" funds indicates that the standard of ethics has degenerated in the country. This paper uses secondary data to disentangle the myth that Botswana may still be the shining example of good governance in Africa using the case study of NPF funds embezzlement by some of those entrusted to safeguard the fund.