Monday, February 26, 2024

PEEPA drops Galeforolwe

PEEPA Chief executive Officer, Joshua Galeforolwe, will next week start clearing his office following the board’s decision not to renew his contract when it comes to an end in October.

The PEEPA board was this week expected to give Galeforolwe the letter notifying him of their decision not to renew his contract. According to Galeforolwe’s contract, the board has to notify him six months before the end of his contract.

Galeforolwe’s fate was sealed two years ago when he was forced on the board by Cabinet. His relationship with the board has been damaged irretrievably and has been deteriorating.

Galeforolwe’s relationship with other government bodies has not been any better and this is believed to have disrupted the privatisation process.
The Ministry of Finance and Development Planning, whose principals had running battles with the PEEPA Chief Executive Officer, last year stayed away from an invitation by PEEPA to workshop on the privatization of the National Development Bank.

Officials from another major stakeholder, the Bank of Botswana (BoB), walked out of the meeting because the Ministry of Finance, under which NDB falls, had stayed away from the workshop.

In another controversy, PEEPA was forced to cancel the Botswana Telecommunications Corporation (BTC) privatization tender advertised in the local media, in a bid to avert possible court action.

This followed a decision by the PEEPA board to disqualify a joint bid by Collins and Newman, a leading local law firm, Standard Bank (known as Stanbic in Botswana) and Rothschild, one of the world’s leading independent banking organizations, to buy into BTC.

The PEEPA board disqualified the tender bid citing conflict of interest. At the time, PEEPA was still reeling from the failed privatisation of Air Botswana. This followed a parliament motion suspending the controversial privatization of Air Botswana.
The turmoil and a groundswell of negative publicity surrounding both PEEPA and the privatisation of Air Botswana forced the agency to engage the services of an international public relations image maker, Adam Smith International

Galeforolwe’s contract with PEEPA was renewed two years ago amid a lot of controversy.

After weeks of uncertainty, Galeforolwe took back his position as Chief Executive of the government privatization agency PEEPA.

The stand off between cabinet and the PEEPA Board over Galeforolwe’s appointment was resolved after a lot of behind the scenes face saving trade offs.

The board, however, was not happy with the commitment Galeforolwe made on behalf of PEEPA to privatize Botswana Telecommunications Corporation, especially with regard to what they said were unrealistic deadlines and shareholding rules. Galeforolwe will most likely leave office before BTC is privatized.


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