Botswana's central bank cut its Bank Rate by 50 basis points to 5.50 percent, saying the "current state of the economy and both the domestic and external economic outlook as well as the inflation forecast provide scope for easing monetary policy to support economic activity without undermining maintenance of inflation within the Bank's medium-term objective range of 3-6 percent."

Botswana's central bank kept its benchmark lending rate unchanged at 6 percent on Wednesday, saying the outlook for price stability remained positive, and inflation was seen remaining within target in the medium term.

International fast food outlet, Kentucky Fried Chicken (KFC) has closed its franchise in Botswana rendering over 400 employees jobless.

The African Development Bank is to loan Botswana $76.2m to support the country’s economic diversification plan.