Foreign shareholding in bars (holding a bar liquor licence to sell alchool) and touristic transfer companies is prohibited.
"2. Interpretation
In this Act, unless the context otherwise requires—[…]
"bar" means a place used for the sale of intoxicating liquor, non-intoxicating drinks and snacks, for consumption on the premises; 
"bottle store" means a place used for the sale of intoxicating liquor, non-intoxicating drinks in sealed vessels and snacks for consumption off the premises; […]
"intoxicating liquor" means spirits, wine, beer, cider or any other fermented, distilled or spirituous liquor and includes traditional beer; 
[...]
PART III -Application for a Licence to Trade in Liquor (ss 12-24)
12. Prohibition against trading without a licence
(1) No person shall carry on the business of selling intoxicating liquor unless he holds a licence issued under this Act. 
[...]
15. General principles affecting issue of licences
A control authority shall not issue a licence where it is satisfied that— [...]
(h) the applicant is a non-citizen and has failed to produce—
 (i) proof of registration of his business or company where the applicant is not an individual, 
[...]
18. Certain trades and businesses to be reserved for citizens
(1) The Minister may make regulations providing that licences to carry on a reserved trade or business in liquor shall be issued only to citizens of Botswana or to companies wholly owned by citizens of Botswana.
(2) Regulations made in accordance with subsection (1) may further provide that only citizens of Botswana shall—
(a) be entitled to carry on trade in liquor or transact liquor business—
 (i) in such areas in the country as may be prescribed, or  (ii) from such premises as may be prescribed; or
(b) engage in specific types of liquor businesses.
(3) A joint venture of a medium business enterprise between a citizen and a non-citizen may be granted a licence in a reserved liquor trade or business where a citizen has a minimum beneficial ownership of 51 per cent of the joint venture; [...]
19. Proof of shareholding
A trade or business licensed under section 18(3) shall—
(a) maintain shareholding in the trade or business at a minimal shareholding of 51 per cent citizens; and
(b) on renewal of the licence under section 17, furnish the control authority with proof that its shareholding continues to be maintained in accordance with paragraph (a). [...]" (CHAPTER 43:11 LIQUOR ACT)
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"5.   Licences reserved for citizens
(1) The following licences shall be reserved for citizens of Botswana or to companies wholly owned by citizens of Botswana-
 (a) bar liquor licence; (b) bottle store liquor licence; (c) liquor depot licence; and (d) discotheque/nightclub liquor licence.
(2) The provisions of subsection (1)(a) shall not apply to a bar liquor licence operating in restaurants.
[...]
13.   Exemptions
The following shall be exempt from holding a licence under the Act-
(a) categories A, B, and C, tourism enterprises licensed under the Tourism Act (Cap. 42:09) and selling liquor; and
(b) sellers of traditional beer.[...]" (LIQUOR REGULATIONS (section 42), 2008)
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"2. The following tourist enterprises are hereby reserved for citizens of Botswana or companies which are wholly owned by citizens of Botswana —
(a) guest houses (except corporate guest houses); (b) mobile safaris; (c) motorboats; (d) tourist transfers; (e) camp and caravan sites; and (f) mekoro." (TOURISM (RESERVATION OF TOURIST ENTERPRISES FOR CITIZENS) REGULATIONS, 2010 (S.I. No 87 of 2010))
CHAPTER 43:11 LIQUOR ACT
LIQUOR REGULATIONS, 2008 (S.I No 26 of 2008)
TOURISM (RESERVATION OF TOURIST ENTERPRISES FOR CITIZENS) REGULATIONS, 2010 (S.I. No 87 of 2010)
[<a href="https://www.gov.bw/sites/default/files/2020-03/LIQUOR%20ACT.pdf">Act</a>],[<a href="https://botswanalaws.com/StatutesActpdf/2008Subsidiarypdf/LIQUOR%20REGULATIONS,%20S.%20I.%20NO.%2026%20OF%202008.pdf">Reg</a>],[<a href="https://botswanalaws.com/StatutesActpdf/2010Subsidiarypdf/TOURISM%20(RESERVATION%20OF%20TOURIST%20ENTERPRISES%20FOR%20CITIZENS)%20REGULATIONS,%20S.%20I.%20NO.%2087%20OF%202010.pdf">Reg</a>]