7. Local Currency

Local Currency - Winner: Republic of Botswana

Bookrunner: Standard Bank

The Republic of Botswana has enjoyed sustained and rapid growth over the last four decades, developing from a poor to an upper middle-income country. However, this rapid growth has been based largely on exploitation of diamond resources, which supply about 32% of GDP.

Conscious of the perils of overreliance on this one sector, the Botswanan government has become increasingly eager to reduce its dependence on mining. And as