Botswana has been widely touted in the academic literature and policy sector as a country that has not been afflicted by the “resource curse” to the extent of being regarded as a model in some quarters, notwithstanding the contradictions that its success presents. Its avoidance of “the resource curse” has ignited considerable interest from development scholars and other researchers. To this extent, Botswana has been credited for its prudent management of natural resources that have, since its independence, been largely used for the benefit of its citizens. This chapter examines Botswana’s Natural Resource Fund, the Pula Fund, which is Africa’s oldest Sovereign Wealth Fund (SWF). It seeks to understand the effects of decision-making and politics on Botswana’s Natural Resource Fund (NRF) by examining the context under which the fund was established, its establishment stage, the fund in operation and its challenges, and the political and economic outcomes that were realized.

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