Pula Fund

The Bank of Botswana Board of Directors is responsible for setting investment policy and overseeing the management of the Pula Fund. The board delegates day-to-day portfolio management to internal investment professionals within the Bank of Botswana. The Ministry of Finance acts as the ultimate asset owner on behalf of the Government of Botswana.

The Pula Fund is distinguished by its single-commodity funding source — diamond export revenues from the Debswana partnership with De Beers. This contrasts with funds like Nigeria's NSIA or Angola's FSDEA, which draw from diversified hydrocarbon and tax revenue streams. Its governance structure places investment policy directly under the central bank board rather than a separate investment authority.

The Pula Fund does not publicly disclose specific portfolio holdings or precise asset-allocation weights. It adheres to the Santiago Principles for transparency around governance and mandate, but individual investment positions remain confidential. The fund participates in the IFSWF as a founding member, reflecting a commitment to global best practices.

The fund is capitalized through diamond export revenues generated by Debswana, the long-standing joint venture between the Government of Botswana and De Beers. This resource-linked structure means the fund's growth is directly tied to diamond production and global commodity prices. It serves as a vehicle for intergenerational savings and foreign-reserve management.

The Pula Fund constitutes a portion of the Bank of Botswana's broader foreign exchange reserves, with a distinct long-horizon mandate. While the fund's specific allocation is not publicly disclosed, it operates under the same institutional roof as the central bank's reserve-management operations. The board determines the strategic split between liquidity-focused reserves and growth-oriented Pula Fund assets.