Every two months, nine Batswana, highly skilled in the fields of economics, finance and research, meet at the Bank of Botswana headquarters to ponder on the country's economic standing.
Their deliberation culminates in the announcement of the Monetary Policy Rate (MoPR), which determines whether Batswana and businesses in the country will be paying more or less for their loan obligations.
This group is referred to as the Monetary Policy Committee (MPC).
The MPC came about as a result of the Bank of Botswana (Amendment) Act, 2022 (No.24 of 2022). Section 19B of the Act (2022) states that the internal membership of the MPC shall comprise the Governor and Deputy Governors, as well as heads of Departments responsible for economic research and treasury.
Furthermore, it also comprises four persons appointed by the Minister, who are not employees of the Bank and are knowledgeable and experienced in the relevant function of the MPC.
These are the profiles of the MPC:
Cornelius Dekop (Chair): Dekop is the Governor of the Bank of Botswana and was appointed in October 2023. He is a former Executive Director of the African Development Bank (AfDB) and African Development Fund, where he represented the Southern Africa Group 1 Constituency.
He was Secretary for Development Programmes and Budget at the then Ministry of Finance and Development Planning, where he served as the government's chief advisor on national development planning and the national budget. He also served as Permanent Secretary at the Ministry of Mineral Resources, Green Technology, and Energy Security.
He holds a Master of Arts in Development Economics from Williams College, USA and a Bachelor of Arts in Economics and Statistics from the University of Botswana.
Dr Kealeboga Masalila (Deputy Governor): Masalila was appointed deputy governor in December 2016, and oversees the Research and Financial Stability, Financial Markets, Statistics and Data Management, Human Capital, Information and Communications Technology, Protective Services, as well as Procurement and Property Management Functions.
Prior, he had been Director of the Research and Financial Stability Department from 2010. He has also worked in the Banking Supervision area of the Bank and under the Special Appointee programme at the International Monetary Fund, as well as the then Ministry of Trade and Industry.
He graduated with a Bachelor of Commerce degree from the University of Botswana, an MPhil in Monetary Economics from Glasgow University and a PhD in Economics from the University of Manchester.
Lesego Moseki (Deputy Governor): Moseki was appointed as deputy governor in February 2025. He joined BoB in 1994 as an assistant supervisor in the foreign exchange reserves management unit and, from 2020, rose to director of the Financial Markets department.
He holds a Bachelor's degree in Economics from the University of Botswana and a Master of Science in Money, Banking and Finance from the University of Birmingham.
Innocent Molalapata (Director, Research and Financial Stability): Molalapata holds a Bachelor's degree in Economics and Econometrics from the University of Johannesburg and a Master's degree in Applied Econometrics from the University of Free State. Previously, he was a Manager at the Mergers and Acquisitions department of the Competition Authority of Botswana.
Baitshenotse Mmopelwa (Acting Director, Financial Markets): Mmopelwa joined BoB in 1998 as a Money Market Dealer/ Portfolio Analyst. Over the years, she rose through the ranks, becoming Senior Dealer, Senior Portfolio Analyst, Chief Dealer and Deputy Director (Reserves Management).
She holds a Bachelor of Arts in Economics from the University of Botswana, an MA in Economics from the University of Stellenbosch and a postgraduate certificate in Mechanics of Project Finance from Middlesex University.
Professor Patricia Makepe (External Member): Professor Makepe is an Associate Professor of Economics and Director, Centre for Business Management, Entrepreneurship and General Education at the Botswana International University of Science & Technology (BIUST).
Before joining BIUST, she served as Head of Department of Economics, University of Botswana, for six years, and was promoted to Associate Professor in 2013.
She holds a PhD in Natural Resource Development from Michigan State University, a PhD-level Certificate in Environmental Economics from Gothenburg University in Sweden and an MSc in Agricultural Economics from Michigan State University, U.S.A.
She completed her BSc (Hons) in Agricultural Economics from the University of Zimbabwe, the Oxford Strategic Management Executive Programme in 2022 and the London School of Economics ' MBA Essentials programme.
Dr Pinkie Kebakile (External Member): Dr Kebakile joined Botswana Institute for Development Policy Analysis (BIDPA) in 2004 and rose through the ranks to become the Head of the Trade, Industry and Private Sector Development Unit and Chairperson of the Research Committee from 2020 to date.
She holds a PhD in Economics and a Master of Commerce Degree in Economics, both from the University of Cape Town, South Africa.
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Dr Onkokame Mothobi (External Member): Dr. Mothobi is an expert in research and training in the areas of Competition and Regulation, Network and Digital Economics. He holds a doctoral degree from the School of Economics, University of Cape Town. He is a member of the MONSSA Digital Transformation Unit based at the University of Cape Town, School of Economics.
He is a faculty member in the Department of Economics, University of Botswana. He has provided technical assistance to several international organisations, including the International Telecommunications Union (ITU), the World Bank, the South African Competition Commission and several African telecommunication authorities, on issues of telecommunication access, pricing, affordability and digital rights.
He is also an associate researcher at Research ICT Africa. Some of his areas of interest include econometrics, game theory, international trade and institutional economics.
Dr Taufila Nyamadzabo (External Member): Dr. Nyamadzabo was Executive Director for Africa Group 1 Constituency at the World Bank Group (WBG), consisting of 22 countries (8 in Southern Africa, 11 in East Africa and 3 in West Africa), from November 2020 to October 2022.
Dr. Nyamadzabo also held senior positions at the then Ministry of Finance and Economic Development as Secretary, Economic and Financial Policy, Secretary for Economic Affairs, Deputy Permanent Secretary (Economic Affairs), Director, Policy Analysis, Director of Macroeconomic Planning, Director of Development Programmes and Chief Economist (Macroeconomic Planning).
He holds a PhD in Economics from American University. He completed his Master of Arts in Economics from the University of Delaware and Bachelor of Arts in Economics and Statistics from, University of Botswana.