Mokgweetsi Masisi's concession on Friday came before final results were announced, with his Botswana Democratic Party trailing in fourth place in the parliamentary elections in what appeared to be a humbling rejection by voters.
The main opposition Umbrella for Democratic Change held a strong lead in the partial results, making its candidate, Duma Boko, the favourite to become president of a southern African country that is one of the world's biggest producers of mined diamonds.
Masisi said he had called Boko to inform him he was conceding defeat and said Boko was now in effect the president-elect.
Final results were expected to be announced later on Friday.
"I concede the election," Masisi said in an early-morning news conference two days after the vote.
"I am proud of our democratic processes. Although I wanted a second term, I will respectfully step aside and participate in a smooth transition process.
"I look forward to attending the coming inauguration and cheering on my successor. He will enjoy my support."
Masisi's BDP dominated politics in Botswana for nearly six decades, since independence in 1966.
Duma Boko is the favourite to become president after Mokgweetsi Masisi called him to concede. (AP PHOTO)
The nation of 2.5 million people will be governed by another party for the first time in its democratic history.
The Umbrella for Democratic Change has won 25 out of the 61 parliamentary seats decided by voters, according to the official partial count.
It needs 31 to clinch a majority.
"We lost this election massively," Masisi said.
Botswana has been held up as one of Africa's most stable democracies, with its economy largely relying on diamonds.
Botswana is the second-biggest natural diamond producer behind Russia.
But the mood for change was evident as a downturn in the global demand for diamonds badly affected Botswana's economy.
Unemployment rose to more than 27 per cent in 2024, and significantly higher for young people, as the government saw a sharp decrease in revenue from diamonds.
Masisi and his party had faced criticism for not having done enough to diversify the economy and the nation has been forced to adopt recent austerity measures.
Botswana's general elections decide the make-up of its parliament, and MPs then choose the president.
The party that gains a majority is in position to choose its candidate as president.
All five of Botswana's post-independence presidents have been from the BDP.
Boko is a 54-year-old lawyer who also contested elections in 2014 and 2019.
The BDP was one of the longest-serving parties in Africa still in power and its sharp defeat came as a surprise after what was expected to be a tight race.
Masisi, a 63-year-old former high school teacher and UNICEF employee, said he had not expected the results and had "not packed a shoe".
