President Mokgweetsi Masisi conceded defeat in this week's election, which resulted in Botswana's ruling party, the Botswana Democratic Party (BDP), losing its parliamentary majority, ending nearly six decades of uninterrupted rule, local media reported.
"Although I wanted to stay on as your president, I respect the will of the people, and I congratulate the president-elect. I will step aside, and I will support the new administration," Masisi said at a press conference broadcast by national media.
Preliminary results show a landslide victory for the opposition Umbrella for Democratic Change (UDC) party, led by Duma Boko, who is on track to become the new president. Final results are expected later today.
Analysts attribute the BDP's downfall to mounting socio-economic grievances, particularly among young people, exacerbated by a downturn in the diamond market that led to plummeting economic growth and high unemployment. The UDC campaigned on promises to raise the minimum wage and increase social grants, resonating with voters, media noted.