Over the past few decades, Botswana has been considered among the best performing economies in the world and hailed as a beacon of success in economic management compared with most African states. Driven in large part by diamond revenue expenditures, the economy moved from being one of the poorest at independence (1966) to middle-income status by the mid-1990s. During this period, the economy grew at an average positive growth rate of more than 8 percent per annum and per capita income of more than $6,000 (current market prices) as of end of 2009 (Bank of Botswana 2009). To a large extent Botswana has also thus far been able to avoid the so-called “Dutch disease” or “resource curse” suffered by so many other mineral-rich economies, owing largely to its expenditure strategy.1

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