The Botswana Development Corporation (BDC) – the government investment arm – has replaced the company’s substantive Managing Director (MD) by appointing Cross Kgosidiile to the top post a year later.
The BDC top post became vacant mid January 2019 after the resignation of the former MD Bashi Gaetsaloe, who joined the company in April 2014.
Kgosidiile is expected to kick-start his new job at the BDC from the Botswana Power Corporation (BPC). He has been with the BPC since June 2017 holding the position of Chief Financial Officer before ascending to acting CEO.
Whilst at the BPC, he drove the ICT agenda intended to enable the BPC to achieve its mission of providing safe, competitive and reliable electricity supply. He was appointed acting CEO in March 2019.
He had a stint at Air Botswana as Financial Accountant and Finance Manager. Kgosidiile has also been Chief Executive Officer for the Motor Vehicle Accident Fund (MVA) in 2005, and successfully led the Fund for a period in excess of 10 years.
At the time, MVA Fund achieved a rare fit of growth with its balance sheet growing by over three folds on a period more than 10 years, and without any fuel levy rate increase over the same period. The Fund was recognised as a benchmark organisation both within the Botswana Parastatal sector and in the Region.
BDC has recently a month back ended its five-year strategy (2014-2019) with P227 million operating profit in the final year of the strategy.
Kgosidiile is joining BDC when it’s Operating Profit is at P277 million for the year ending 30th June 2019, represented a 40 percent Year-On-Year growth. BDC net worth grew by P700 million to a record P2.1 billion, the first time in 49 years of the corporation’s existence. The Corporation’s overall financial performance for the year remained positive and the financial position remains strong with income and asset ratios in good condition.
The newly appointed BDC MD is joining the Group which has a total assets have shown a 16 percent Year-On-Year growth to record P4.8 billion, largely due to strong growth in the value of investment assets. During the past financial year, BDC disbursed P742 million to new project ventures, exceeding the P705 million target and concluding its first major international transaction in the process.
He is equipped with Bachelor of Commerce (Accounting) Degree and a Masters in Business Administration. He is a fellow of the Chartered Institute of Management Accountants and also serves as its Membership Assessor. He is also a fellow member of the Botswana Institute of Accountants. He has served as Board Chairman for the Botswana Building Society and was also a member of Botswana Railways and Stanbic Bank Botswana Limited.