Botswana Stock Exchange Posts Record Turnover in H1
TLDR
- The Botswana Stock Exchange (BSE) recorded historic trading volumes in the first half of 2025, with turnover across all listed instruments rising to P7.1 billion
- First National Bank Botswana led trading activity at P812.9 million, followed by Sefalana (P523.9 million) and CA Sales (P375.0 million)
- Officials attributed the boom to revised pension fund regulations introduced in 2023, which required higher local asset allocations and prompted portfolio rebalancing
The Botswana Stock Exchange (BSE) recorded historic trading volumes in the first half of 2025, with turnover across all listed instruments rising to P7.1 billion—up 96.9% from P3.6 billion in the same period last year.
Equity trading alone surged to P4.7 billion, nearly tripling 2024’s full-year figure of P1.7 billion. First National Bank Botswana led trading activity at P812.9 million, followed by Sefalana (P523.9 million) and CA Sales (P375.0 million).
Bond market turnover fell to P2.1 billion from P2.6 billion, while Exchange Traded Fund (ETF) trades rose 80% year-on-year, driven largely by interest in the NewGold ETF.
Officials attributed the boom to revised pension fund regulations introduced in 2023, which required higher local asset allocations and prompted portfolio rebalancing. The increased liquidity and lower inflation have also encouraged retail participation. BSE anticipates additional ETF listings by year-end to diversify access to international markets.
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Key Takeaways
The BSE’s strong performance in the first half of 2025 reflects structural shifts in Botswana’s capital market. Regulatory changes now require pension funds to hold a greater portion of assets locally, pushing institutions to rebalance portfolios and actively trade equities and ETFs. This shift is enhancing market liquidity and attracting retail investors seeking better returns in a low-inflation environment. The rise in ETF activity, particularly the sustained rally in the NewGold ETF, shows growing demand for accessible, diversified investment vehicles. The result is a more dynamic market environment where both institutional and individual investors are driving volume. It also marks a departure from Botswana’s traditionally illiquid market, where large investors held long positions with minimal turnover. As liquidity improves and asset diversity grows through upcoming ETF listings, the BSE could emerge as a more attractive regional exchange for both local and cross-border investors looking for exposure to Southern African equities.
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