Botswana's new president sworn in after historic election upset

The president said he wanted to secure investor confidence as well as ties with mining companies active in Botswana while exploring ways to diversify the diamond-dependent economy, a measure seen as critical to stabilising the country's finances.

A public inauguration ceremony would be held in due course, he said. The presidency is "a responsibility one approaches and accepts with humility, with some trepidation and feeling. I dare not fail. I dare not disappoint."

Outgoing president Mokgweetsi Masisi conceded defeat earlier in the day after overnight results from Wednesday's general election showed that his party -- in power since independence from Britain in 1966 -- would not win enough seats in parliament to be able to form a government.

'Higher democracy'

Boko, who has spent three decades in opposition politics fighting to dislodge the BDP, praised the peaceful handover as an example of democracy in action.

"What has happened today takes our democracy to a higher level," he told the independent Mmegi newspaper.

"It now means we have seen a successful, peaceful, orderly democratic transition from one regime to the next and this happened in full view of every citizen of this country with their full participation and endorsement."

The BDP's defeat was a major blow for Masisi, 63, who was elected in 2018 and had been confident of securing a second term.

"We got it wrong big time in the eyes of the people," Masisi conceded.

"We were really convinced of our message. But every indication, by any measure, is that there's no way that I can pretend that we're going to form a government."

"I will respectfully step aside and participate in a smooth and transparent transition process ahead of inauguration," he said.

A key concern for voters was unemployment which has risen to 27 percent this year and a slump in the economy due in part to weakened diamond sales, Botswana's single biggest revenue earner.

Growth is projected to slow to one per cent this year.

There have also been allegations of corruption, nepotism and mismanagement by Masisi's government, while the gap between the rich and poor is one of the largest in the world, according to the World Bank.

'New dawn'