"I concede the election. 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," Masisi told reporters early in the morning.
"I look forward to attending the coming inauguration and cheering on my successor. He will enjoy my support," Masisi added.
Several local media reports said the BDP had lost by a landslide, citing results from 36 out of 61 constituencies. A party needs to win 31 constituencies to get a majority in Botswana.
The southern African nation is one of the continent's most stable democracies. It is the second largest producer of diamonds in the world. However, as global demand for diamonds has slumped, the economy has suffered.
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