The First National Bank (FNB) Chief Executive Officer Stephen Bogatsu has implored the private sector to look beyond just making profits in order to contribute meaningfully to the growth of the economy. Bogatsu was speaking during the 16th Business Botswana National Business Conference held at Adansonia Hotel in Francistown last week Monday.
“The first thing I should ask my colleagues from the private sector is that we should take interest beyond profit making,” he said.
He further said the private sector should desist from pointing fingers. He however said it is common knowledge that the government has more often shouldered the blame for lacking the much needed thrust to execute projects. In the same vein he encouraged the private sector to play its active role. He also implored Business Botswana members to actively participate in the activities of the organization for it to achieve its desired results.
“Shared value principles, is a new concept the world over which basically talks about leadership commitment to taking community along within the conduct of business. Shared value is not about charity. It is about delivering purpose profitably and creation of shared prosperity for all,” he added.
Among other important issues Bogatsu said there is need for SMME’s (Small Micro to Medium Enterprises) to be given a chance. He said although there is common belief that their goods and services are poor, there is a serious need to develop them to a required standard and that is how the private sector can strengthen the ecosystem.
“Many of the goods and services we enjoy in the country come from outside our borders and they were given a chance in their respective economies to be perfected over time and become globally competitive. That is the role of private sector,” said Bogatsu.
He said if SMMEs can be supported, they have the potential to create jobs and help mitigate unemployment challenges particularly amongst the youth who are the most vulnerable. Bogatsu said supporting these enterprises can help goods and services from the country to be globally competitive and stimulate the much needed growth of the economy. He also said it is high time that the private sector introspects to see what commitments it is making towards job creation or reduction of the import bill.
“We need to do things a bit differently. Private sector needs to be held accountable for growth, competitiveness after ministers have successfully delivered on their undertakings. For future conferences let us in the private sector make commitments around expansion, job creation and reduction on import bill,” he said.
“Let us discuss on what framework or assistance we need from government in order to make this work. Let us give feedback on the progress we have made based on the successful implementation of an enabling environment created by government. Let government enable and let us create the necessary jobs we undertook to create and be accountable for what we promise,” he added.
He said continuing to do things as they have been done in past would show that they have not learnt anything from the Covid-19 pandemic. He said the pandemic should have taught the private sector that profit alone should not be its objective, but rather sustainability of businesses beyond now.
“It should have taught us the importance of home grown industries to support our own ecosystem,” Bogatsu said.
