Can you introduce us to Seed Co?

At Seed Co, we’re proud to be celebrating 85 years since our founding in Zimbabwe. From those beginnings, we’ve grown into a pan-African business with a physical presence in 17 countries and operations in over 20.

Seed Co International, which includes all our businesses outside Zimbabwe, is listed on the Botswana Stock Exchange and Victoria Falls Stock Exchange in Zimbabwe, whilst our Zimbabwean operations are listed under Seed Co Limited on the Zimbabwe Stock Exchange. Our largest markets include Zambia, Tanzania, Kenya, and Malawi, alongside Botswana, Mozambique, and South Africa. This structure enables international investors to see Seed Co International as a stable, well-governed business listed on a reputable stock exchange. Thanks to the absence of exchange controls in Botswana, investors are able to receive dividends and repatriate capital without restrictions — a major advantage in the African context.

Seed Co has seen strong financial performance in recent years. What have been the main drivers behind this momentum?

Our strong financial performance this year was driven by Zambia and East Africa — especially Tanzania, where the large population aligns well with our mission to help feed Africa. We contract local growers and supply seed to boost food security across the continent.

We’ve also seen solid growth in Zambia Botswana,  and Malawi, supported by efficiency improvements, direct seed sales, and pricing models that reflect inflation and currency fluctuations. These adjustments have helped us navigate volatility in African markets.

Looking to 2025, we’re optimistic. We’re already contracting growers and preparing for seed deliveries later this year. While the official rainfall forecast isn’t out yet, we expect normal to above-normal conditions in most of our key markets.

We anticipate continued growth in Tanzania and Zambia, a rebound in Mozambique, and renewed momentum in Kenya following improved stockholding and distribution. Stable currencies in markets like Tanzania and Zambia have also supported our operations.

We’ve also seen growth in exports. When we export, we sell in U.S. dollars. But that doesn’t mean we don’t have local currency exposure.  However, our reporting currency is the U.S. dollar because we operate across multiple countries in Africa. So we convert all local earnings to U.S. dollars for reporting purposes.

What does Botswana represent for your group’s business?

 Botswana has been a stable and reliable market for us. While the size of the business here is modest — given the country’s smaller population and more limited maize and seed production compared to other markets — it remains profitable and predictable. The broader investment climate in Botswana is highly attractive. The country benefits from sound macroeconomic fundamentals, stable interest rates, and a strong pula. 

Strategically, Botswana also plays a vital role from a treasury perspective. We manage group-level treasury operations from here and benefit from our listing on the Botswana Stock Exchange, which gives us access to competitively priced capital. This is largely thanks to Botswana’s sound fiscal environment and strong regulatory framework. Moreover, Botswana’s strong credit rating enhances our ability to raise capital at favorable rates, supporting our expansion across Africa.

Unlike many other African countries, Botswana has no exchange controls. This allows us to bring in capital, repatriate dividends, and execute cross-border transactions with ease. We are also a member of the Botswana Investment and Trade Centre (BITC), which facilitates investment into the country and provides tax incentives.

What kind of partnerships are critical to your strategy?

We are very pleased to have Limagrain as a strategic partner. They hold a 30% stake in the business, and our collaboration includes strong technical knowledge exchange, which continues to add value to our operations.

On the financial side, we maintain excellent relationships with key development finance institutions such as the International Finance Corporation (IFC) and the World Bank, which support our access to capital. We’ve also worked closely with FMO, and about five years ago, we completed a successful transaction with Proparco — a partnership that remains active and constructive.

Our relationships with commercial banking partners are equally strong. In addition, we are exploring promising opportunities with the African Export-Import Bank (Afreximbank) and the Pan-African Payment and Settlement System (PAPSS) under the African Continental Free Trade Agreement. We are optimistic about the future of foreign currency liquidity through PAPSS and the broader potential it offers for intra-African trade.

As Botswana looks to diversify its economy beyond mining, where do you see the greatest opportunities?

Economic diversification is a clear priority for Botswana’s current leadership. While the economy has historically relied on diamonds, we see growing opportunities in agriculture. Botswana has available land and labor, and both vegetable and seed production are promising areas for investment.

Mining beyond diamonds also holds potential. Cattle farming is another major opportunity. Like Kobe beef in Japan, Botswana’s premium beef could be exported to Europe and beyond, where there is strong demand.

The stability of the financial system and ease of capital flows make Botswana a strong springboard for African companies seeking competitively priced capital. Overall, Botswana is a great place to invest.