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You're correct that Botswana has a pretty decent and stable governance (for example their corruption rate is on the level of Israel or Poland, which is pretty good for an African country), but there are some other factors aswell. It is a pretty large country with low population density and not so many ethnic divisions (which means there are fewer opportunities for internal ethnic conflicts) with a huge diamond industry, the largest in the world in fact. They've been really, really lucky the British didn't discover the diamonds, when Botswana was their colony.
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