AGP Executive Report

Regional Trade & Finance: Eswatini and South Africa reaffirmed cooperation in higher education, science, innovation and ICT, with plans for the SADC University of Technology to boost regional skills and tech development. Digital Payments & Inclusion: MTN MoMo API technology is being pushed to help developers build apps that take payments, process transactions and open new revenue streams, with healthcare flagged as a key early beneficiary. Banking Promotions: EswatiniBank’s Transact Nomakuphi draw rewarded five customers with a total of E10,000 for using digital banking channels. Monetary Policy: The Central Bank of Eswatini kept a cautious stance amid imported inflation, maintaining the discount rate at 6.75% and resisting rate hikes to protect households. Governance & Parastatals: Parliament is set to probe the ENPF board deadlock after MPs said only the CEO remains, with ministers defending the disputed board appointment process. Cross-Border Security & Health: IOM’s “HIV Knows No Borders” programme is working with mobile communities around Beitbridge to improve HIV testing, sexual health and child protection. Trade Rules of Origin: WCO and EU support is training customs officials and origin experts across multiple countries, aiming to make preferential trade agreements work in practice. Money Laundering Focus: SADC urged stronger collaboration to safeguard regional financial systems, noting only a few members—including Eswatini—have signed the AML/CFT agreement. Legal & Business Risk: A High Court dismissed a Standard Bank summary judgment bid in a dispute over alleged losses tied to an Old Mutual insurance policy document.

Court Ruling: The High Court dismissed Petros Masithela Nxumalo’s summary judgment bid against Standard Bank over a claim exceeding E45.9m tied to an Old Mutual insurance policy, saying the matter involves disputed facts not suited to summary proceedings. Public Finance & Governance: Parliament heard that the Eswatini National Provident Fund (ENPF) board is effectively dysfunctional, with only the CEO left, prompting a motion to set up a select committee to investigate the impasse. Monetary Policy: The Central Bank of Eswatini said it is sticking to a cautious stance amid inflation shocks, keeping the discount rate at 6.75% and avoiding aggressive hikes. Reserves Update: The CBE reported gold reserves worth E195m after acquiring 2,500 ounces in July 2025, while noting reserves remain tight at about two months of import cover. Regional Trade & Compliance: Eswatini and South Africa reaffirmed cooperation in higher education, science, innovation and ICT, while the WCO supported origin-determination training pools across several countries including Eswatini. Business & Cost Pressures: Tiger Brands warned consumers may face higher prices as fuel, logistics and input costs squeeze manufacturers, with some cost relief efforts proving limited. Justice & Rights: A court found police officers liable for torturing a Lubombo mechanic and ordered damages for unlawful arrest, detention, assault and torture, with the amount to be determined later. Cross-Border Health: IOM’s “HIV Knows No Borders” programme is working with mobile communities around Beitbridge to shift attitudes on HIV testing, sexual health and child protection.

Higher Education & Innovation: Prime Minister Russell Mmiso Dlamini met South Africa’s Higher Education, Science and Technology Minister Blade Nzimande, reaffirming plans to deepen cooperation in higher education, research, innovation and ICT, including support for the proposed SADC University of Technology. Customs & Trade Rules: With EU-WCO support, Customs officials from Nigeria, Comoros, Morocco and others have been trained as “rules of origin” experts, aiming to make free-trade use more compliant and effective. Green Entrepreneurship: Eswatini is among countries invited to the 2026 FNF Afri GreenPitch Challenge, backing market-ready green SMEs with pitch events in Nairobi and Cape Town and prizes worth about US$20,000. Central Bank & Reserves: The Central Bank of Eswatini says it is keeping a cautious monetary stance amid inflation shocks, while also reporting gold reserves worth E195 million and gross official reserves averaging E11.5bn in 2025. Food Prices Risk: Tiger Brands warns some food categories may see higher prices as fuel, logistics and input costs squeeze manufacturers. ENPF Governance: Parliament hears the ENPF board crisis has left only the CEO, with a select committee proposed to investigate the deadlock. Water & Climate Pressure: A new warning flags Eswatini’s high climate-disaster costs and the need for preparedness as El Niño signals build.

ENPF Board Deadlock: Parliament is moving to investigate why the Eswatini National Provident Fund board has been dysfunctional for more than half a year, with a seven-member select committee set to report within 14 days after MP Marwick Khumalo said only the CEO remains on the board. Monetary Policy Watch: The Central Bank of Eswatini says it will keep a cautious stance on interest rates amid imported inflation shocks, maintaining the discount rate at 6.75% and stressing it is using tools beyond rate hikes. Reserves Boost: The CBE says it has gold reserves worth E195 million after buying 2,500 ounces in July 2025, with reserves averaging E11.5 billion in 2025 and standing at E8.8 billion as of May 29. State Enterprise Integrity: The new managing director of EPTC, Thulani Fakudze, is tasked with restoring integrity and financial sustainability at the state-owned telecoms firm, with the ICT minister urging strict compliance and cost discipline. AI Skills for Tax Staff: ERS and the University of Eswatini launched an AI literacy programme to train 650 ERS employees through the UNESWA AI Academy. Children’s WASH Push: Government officially launched Children’s Month 2026, calling for universal water, sanitation and hygiene access to protect health and education outcomes. Labour Rights Spotlight: Zimbabwe has been placed on the ITUC workers’ rights watch list, while the ITUC also flags Eswatini among the worst violators in its 2026 Global Rights Index. Regional Finance Cooperation: SADC finance officials urged stronger anti-money laundering and counter-terrorism financing collaboration, noting vulnerabilities from external shocks. Climate Risk Reminder: Eswatini is warned it cannot afford another E3.8bn climate disaster as El Niño signals for late 2026 increase monitoring needs.

Childcare & food support: Deputy Prime Minister Thulisile Dladla, Siphocosini MP Mduduzi Matsebula and Eswatini Mobile CEO Sydney Sichula served meals and distributed food packs to children at Mahlatsini Neighbourhood Care Point, highlighting the NCP’s growth from cooking under a tree in 2023 to a structured support centre for orphaned and vulnerable children. Monetary policy & inflation: The Central Bank of Eswatini says it is sticking to a cautious approach, keeping the discount rate at 6.75% and avoiding aggressive hikes as imported inflation pressures mount. Reserves boost: CBE reports gold reserves worth E195 million after acquiring 2,500 ounces in July 2025, with reserves monitored for external stability. ENPF governance dispute: Housing Minister Apollo Maphalala defends Inyatsi Construction CEO Derrick Shiba’s ENPF board appointment amid a seven-month impasse over nomination authority. Public health & water: Government launched 2026 Children’s Month with a push for universal WASH access, warning that unsafe water and poor sanitation undermine health and schooling. Regional trade & water security: Natural Resources Minister Prince Lonkhokhela says shared rivers are key to economic growth and climate resilience as INMACOM convenes Eswatini, South Africa and Mozambique. AI skills for tax staff: Eswatini Revenue Service signs an MoU with UNESWA to train 650 employees in AI literacy through the UNESWA AI Academy. Labour rights watch: ITUC’s 2026 Global Rights Index places Zimbabwe on a watch list and flags broader labour-rights concerns across the region. Climate risk warning: A new report says Eswatini cannot afford another E3.8bn climate disaster as El Niño signals for late 2026 rise.

Central Banking & Inflation: The Central Bank of Eswatini says it will stick to a cautious monetary stance, keeping the discount rate at 6.75% and avoiding aggressive hikes despite imported inflation pressures. Reserves & Risk Management: CBE also reports gold reserves worth about E195 million, with reserves averaging E11.5 billion in 2025 and standing at E8.8 billion (around two months’ import cover) as of May 29. ENPF Governance: Minister Apollo Maphalala defends the appointment of Inyatsi Construction CEO Derrick Shiba to the ENPF board, arguing the nomination followed the law amid a board deadlock. Water for Growth: Natural Resources Minister Prince Lonkhokhela says cooperation on shared rivers through INMACOM is now an economic necessity for energy, farming and climate resilience. AI Skills for Revenue Service: ERS signs an MoU with UNESWA to train 650 employees in AI literacy via the UNESWA AI Academy. Children’s Month & WASH: Government launches 2026 Children’s Month with a push for universal water, sanitation and hygiene access for every child. Public Sector Integrity: New EPTC managing director Thulani Fakudze is tasked with restoring integrity and financial sustainability at the state-owned telecoms firm. Copyright Funding Debate: ESWACOS launches a creativity and artist development fund under the CIDF, offering up to E5,000 per project, drawing mixed reactions from creatives. Tourism & Jobs: MTN Bushfire Festival traffic and economic impact are highlighted, with arrivals topping 26,000 and the event estimated to generate about E121 million annually.

ENPF Board Deadlock: Minister Apollo Maphalala defended Inyatsi Construction CEO Derrick Shiba’s nomination to the Eswatini National Provident Fund board, saying his ministry followed the law after duties shifted to Housing and Urban Development, keeping the seven-month impasse in focus. Water for Growth: Natural Resources and Energy Minister Prince Lonkhokhela told the INMACOM council that shared river cooperation across Eswatini, South Africa and Mozambique is now an economic and development necessity for energy, farming and resilience. Central Bank Reserves: The Central Bank of Eswatini says it now holds gold reserves worth E195 million, acquired to diversify holdings and strengthen reserve stability amid external risks. Food Prices Watch: Tiger Brands warned consumers may face higher prices as fuel, logistics and raw material costs squeeze manufacturers, with some cost pass-through expected in sensitive categories like mayonnaise. Digital Skills for Tax Administration: Eswatini Revenue Service signed an MoU with UNESWA to train 650 employees in AI literacy and capacity-building through the UNESWA AI Academy. Children’s Month—WASH Push: Government launched 2026 Children’s Month with renewed focus on universal water, sanitation and hygiene to protect children’s health and school attendance. EPTC Leadership Reset: New EPTC managing director Thulani Fakudze was tasked with restoring integrity, professionalism and financial sustainability at the state-owned telecoms firm. Creative Funding Debate: ESWACOS launched a Fund for Creativity and Artist Development under the CIDF, offering up to E5,000 per project, drawing mixed reactions from creatives. Tourism and Jobs Signal: MTN Bushfire Festival drove strong border arrivals, with officials estimating an annual economic impact of about E121 million. Regional Labour Rights: A global ITUC report flags Eswatini among the worst for workers’ rights and freedoms, adding pressure on labour protections and union safety.

Central Banking & Reserves: Eswatini’s Central Bank says it has boosted gold reserves to E195 million, buying 2,500 ounces in July 2025 to diversify and protect external stability; reserves averaged E11.5 billion in 2025, peaking at E15.5 billion in November, and stood at E8.8 billion by May 29 (about two months’ import cover). Food & Consumer Prices: Tiger Brands warns selected food prices may rise as fuel, logistics and raw material costs squeeze manufacturers, saying it can’t absorb all inflation and will pass some cost pressure in input-heavy categories like mayonnaise. Regional Trade & Integration: Namibia’s President Netumbo Nandi-Ndaitwah reiterates SACU’s role as a key regional economic pillar, stressing the customs union’s need to adapt to new global arrangements while keeping goods moving across borders. Digital Skills for Government: Eswatini Revenue Service signs an MoU with UNESWA to train 650 employees in AI literacy through the UNESWA AI Academy, aiming to support responsible use and digital transformation. Public Health & Social Services: Government launches 2026 Children’s Month with a renewed push for universal WASH access, linking safe water, sanitation and hygiene to better health and school attendance. International Politics (Taiwan/China): Taiwan’s legislature unanimously condemns Beijing over alleged efforts to block President Lai’s Eswatini visit, citing pressure on third countries to withdraw flight clearances. Labour Rights Watch: A new ITUC Global Rights Index flags South Africa for rising attacks on workers and interference with collective labour rights, adding Eswatini to the worst-countries list. Tourism & Local Economy: MTN Bushfire Festival is credited with driving over 26,000 arrivals and an estimated E121 million annual economic impact across tourism, hospitality, retail and transport.

Central Banking & Reserves: The Central Bank of Eswatini says it now holds gold reserves worth E195 million, adding 2,500 ounces in July 2025 to diversify and protect the reserve position; it also notes gross official reserves averaged E11.5 billion in 2025 and stood at E8.8 billion as of May 29. Tax & Digital Skills: Eswatini Revenue Service (ERS) signed an MoU with the University of Eswatini to train 650 ERS employees through an AI literacy programme, aimed at building practical, responsible AI capacity for the tax authority. Public Health & Child Welfare: Government launched 2026 Children’s Month, calling for universal access to water, sanitation and hygiene (WASH) to protect children’s health and keep girls in school. State-Owned Enterprise Oversight: The new Managing Director of EPTC, Thulani Fakudze, was tasked with restoring integrity and financial sustainability, with the ICT minister warning against illegal or wasteful spending. Creative Economy: ESWACOS opened applications for a Fund for Creativity and Artist Development, offering up to E5,000 per project to help creators move from concept to completion. Regional Aviation & Trade: ESWACAA and SASO hosted an ICAO workshop on Aircraft/Pavement Classification Rating, stressing harmonised standards to support trade and connectivity. Copyright Funding Debate: Creatives are weighing the ESWACOS fund’s benefits against concerns about the grant size and production costs. Legal Proceedings: An alleged online gambling kingpin, Lyu Tao, withdrew his bail application as his trial approaches. China–Taiwan–Eswatini Tensions: Taiwan’s legislature unanimously condemned Beijing’s alleged efforts to block President Lai’s Eswatini visit, while China also accused Taiwan of “dollar diplomacy” tied to alleged funding claims.

Central Banking & Reserves: Eswatini’s central bank says it has bolstered gold reserves to about E195 million, aiming to diversify holdings and protect the economy amid global risks, while noting gross official reserves averaged E11.5 billion in 2025 and stood at E8.8 billion (about two months of import cover) as of May 29. Consumer Prices & Industry: Tiger Brands warns some food prices may rise as fuel, logistics and raw-material costs squeeze manufacturers, saying it can’t absorb all cost pressures indefinitely and may pass on increases in sensitive categories like mayonnaise. Tax, Trade & Finance Institutions: Afreximbank appoints Peter Adeshola Olowononi as director of regional operations for Southern Africa, covering Eswatini and 12 other countries, as the bank expands regional financing. Digital Skills & Revenue Administration: The Eswatini Revenue Service signs an MoU with the University of Eswatini to train 650 employees in AI literacy through the UNESWA AI Academy. Public Services & Children: Government launches Children’s Month with a push for universal water, sanitation and hygiene (WASH) access for every child, linking poor WASH to disease and school absenteeism. State-Owned Enterprise Governance: A new managing director is tasked with restoring integrity and financial sustainability at EPTC, with the ICT minister urging strict adherence to the law and cost-cutting. Creative Economy Funding: ESWACOS opens applications for a creativity and artist development fund offering up to E5,000 per project, drawing mixed reactions from creatives over the size of support. Regional Cooperation: SADC renews the board of the Regional Fisheries Monitoring Control and Surveillance Centre, keeping Eswatini’s Boy Ronald Mavuso on the team as the region targets illegal fishing. Labour Rights Spotlight: A global workers’ rights index flags Eswatini among countries with severe labour-rights concerns, alongside broader warnings about rising violence and repression of unions.

ERS AI Skills Push: The Eswatini Revenue Service signed an MoU with the University of Eswatini to train 650 ERS employees in AI literacy through the UNESWA AI Academy, aiming to build responsible, practical capacity for digital transformation. Children’s Month WASH Drive: Government launched 2026 Children’s Month with a clear call for universal water, sanitation and hygiene for every child, linking poor WASH to preventable disease, school absenteeism and barriers to girls’ education. EPTC Integrity Reset: The new managing director of Eswatini Posts and Telecommunications Corporation, Thulani Fakudze, was tasked with restoring integrity, professionalism and financial sustainability, with the ICT minister urging strict compliance and cost-cutting. Creative Funding Debate: ESWACOS opened applications for a Fund for Creativity and Artist Development under the Creative Industries Development Fund, offering grants up to E5,000, drawing mixed reactions over the size of support. Regional Fisheries Governance: SADC renewed the board of the Regional Fisheries Monitoring Control and Surveillance Coordination Centre, keeping Eswatini’s Boy Ronald Mavuso on the board as the region targets illegal fishing and better vessel governance. Diplomacy Tensions: Taiwan’s legislature condemned Beijing’s pressure that led to the cancellation of President Lai’s Eswatini visit, while separate reports allege China is accusing Taiwan of “dollar diplomacy” tied to Eswatini funding. Tourism and Border Traffic: MTN Bushfire Festival continues to boost arrivals, with official figures citing 26,774 arrivals over two days and Ngwenya Border Post recording the highest traffic. SOE Tax Compliance Push: Finance minister Neal Rijkenberg urged state-owned enterprises to lead by example in paying taxes as a six-month salary review exercise gets underway.

Creative Industries Finance: ESWACOS has opened applications for its Fund for Creativity and Artist Development under the Creative Industries Development Fund, offering grants of up to E5,000 per project for music, film, literature and other copyright-linked work; creatives are split—some welcome the push to move ideas from concept to completion, while others question whether the amounts are enough to cover real production costs, with applications closing June 30 and results due July 17. UN Development Push: The UN launched the UNSDCF 2026–2030 in Eswatini, targeting upper-middle income progress and SDGs with an estimated E51.84bn investment, prioritising human capital, private sector jobs, climate resilience and inclusive governance, and positioning MSMEs as key economic drivers. Regional Trade & Connectivity: ICAO and ESWACAA/SASO held a regional workshop on aircraft and pavement classification standards (ACR/PCR), stressing that modern air infrastructure underpins trade and economic growth across Southern Africa. Labour Rights Watch: The 2026 Global Rights Index flags Eswatini among the worst for workers’ rights and freedoms, while also noting rising violence and shrinking access to justice and union rights across many countries. Diplomacy & Taiwan Tensions: China renewed pressure on Taiwan’s ties with Eswatini, accusing Taipei of “dollar diplomacy” and alleging large funding flows tied to recent visits. Border & Mobility Costs: South Africa’s new SARS traveller declaration requirement for foreign-registered vehicles took effect June 1, including for eSwatini motorists, with online or app-based declarations encouraged to reduce delays. SOE Tax Discipline: Eswatini’s Finance Minister urged state-owned enterprises to lead by example on tax compliance as a six-month salary review exercise gets underway at the Eswatini Revenue Service. Tourism Spillover: MTN Bushfire Festival traffic boosted arrivals at key border posts and airports, with the event estimated to generate about E121m annually across tourism and services.

UN Development Push: The UN launched its UNSDCF 2026–2030 with government and private partners, targeting upper-middle income progress and SDGs, with an estimated E51.84bn investment and a focus on human capital, private-sector jobs, climate resilience and inclusive governance—positioning MSMEs as key growth engines. China–Taiwan Tensions With Eswatini: China imposed a one-year travel ban on four New Zealand MPs after their Taiwan visit, while Beijing also accused Taiwan of “dollar diplomacy” tied to alleged funding to Eswatini, escalating the diplomatic fight around the kingdom’s Taiwan ties. Workers’ Rights Spotlight: The ITUC’s 2026 Global Rights Index flagged Eswatini among countries with weak labour-rights guarantees, alongside rising violence against workers in several nations. Tourism and Borders: Eswatini’s MTN Bushfire Festival drove 26,774 arrivals in two days, with Ngwenya Border Post handling 12,517, underlining the event’s E121m annual economic impact. Local Creative Funding: ESWACOS opened applications for a Fund for Creativity and Artist Development, offering up to E5,000 per project to help creators produce and market new copyright works. Regional Fisheries Governance: SADC reappointed Stanley Ndara to chair the regional fisheries monitoring centre board, aiming to curb illegal fishing and reduce reliance on donor funding.

Online Gambling Case: Alleged Mbabane online gambling kingpin Lyu Tao has withdrawn his bail bid as his money-laundering, illegal gambling and immigration-related trial is expected to start within two weeks; he and 84 co-accused face charges tied to alleged unlawful acquisition of E200,000 and E508,000. Gender & Sport: ZOC is hosting the ANOCA Zone VI Gender Equality and Diversity Forum in Victoria Falls, bringing together 10 Southern African NOCs including Eswatini to push women’s leadership, safe sport, safeguarding, financing and digital safety. Creative Economy: ESWACOS has opened applications for a Fund for Creativity and Artist Development under its Creative Industries Development Fund, offering up to E5,000 per project for creators and rights holders to record, publish, market and distribute new copyright works. Regional Fisheries Governance: SADC has reappointed Stanley Ndara as chair of the Regional Fisheries Monitoring Control and Surveillance Coordination Centre board in Maputo, aiming to curb illegal fishing and reduce donor reliance. Cross-Border Trade & Compliance: South Africa’s SARS now requires travellers in foreign-registered vehicles—including from eSwatini—to declare vehicle details before crossing, with online options to speed processing. Labour Rights Watch: The ITUC Global Rights Index flags Eswatini among countries with “no guarantee of rights,” alongside other states added to the worst list for workers’ rights. Aviation Infrastructure: ESWACAA and SASO ran an ICAO workshop on Aircraft Classification Rating/Pavement Classification Rating standards, stressing modern air infrastructure for trade and economic growth.

Taiwan–Eswatini Funding Row: China accused Taiwan of “dollar diplomacy” after reports that Taipei provided NT$25 billion (about US$795m) linked to Lai Ching-te’s recent visit to Eswatini, alleging money would benefit the king and royal family and accusing “greed and graft.” Creative Industries Push: ESWACOS opened applications for a Fund for Creativity and Artist Development under its Creative Industries Development Fund, offering up to E5,000 per project for music, books, videos, marketing and digital distribution. Aviation Standards for Trade: ESWACAA and SASO ran an ICAO workshop on Aircraft Classification Rating/Pavement Classification Rating (ACR/PCR) with 12 African countries, stressing modern air infrastructure as a driver of connectivity and economic growth. Regional Fisheries Governance: SADC reappointed Stanley Ndara as chair of the Regional Fisheries Monitoring Control and Surveillance Coordination Centre board, aiming to cut illegal fishing and reduce reliance on donor funding. Cross-Border Customs Changes: South Africa’s SARS introduced a mandatory traveller declaration for foreign-registered vehicles from 1 June, requiring vehicle and passport details via online portals or apps to speed border processing. SOE Tax Compliance: Eswatini’s Finance Minister urged state-owned enterprises to lead by example in paying taxes as a six-month salary review exercise gets underway at ERS headquarters. Digital Safety in Africa: TikTok reported millions of proactive removals for guideline violations across Sub-Saharan Africa and highlighted deeper regional engagement, including media literacy and election preparedness dialogues. SADC Tourism Integration: Justice ministers in Victoria Falls are set to discuss the Draft Agreement establishing a SADC Tourism UNIVISA to simplify transit and tourism stays across member states.

SADC Fisheries Oversight: Stanley Ndara has been reappointed chair of the SADC Regional Fisheries Monitoring Control and Surveillance Coordination Centre board, as ministers push to cut illegal fishing through tools like a regional register of fishing vessels. Cross-Border Trade & Compliance: South Africa’s SARS has rolled out a mandatory traveller declaration system for foreign-registered vehicles, including Eswatini, requiring vehicle and passport details via online portals or apps to speed border processing. SOE Tax Push: Eswatini’s Finance Minister Neal Rijkenberg urged state-owned enterprises to lead by example on tax payments during a six-month salary review exercise for SOEs at ERS headquarters. Local Creative Funding: ESWACOS opened an application call for its creative industries development fund, offering grants up to E5,000 for new copyright works across music, publishing, videos and promotion. Climate Adaptation Finance: A new $30m initiative approved for Southern Africa will fund locally led climate adaptation in Eswatini, Zambia and Zimbabwe, with support reaching community groups and local enterprises. Regional Diplomacy: Somalia and Eswatini pledged stronger ties after talks in Seoul focused on expanding cooperation and development partnerships. Labour Rights Watch: The ITUC Global Rights Index placed Eswatini among countries with the lowest labour-rights guarantees, while also flagging worsening worker protections globally. Tourism Integration: Justice ministers in Victoria Falls are set to discuss the SADC Tourism UNIVISA draft, aiming for a unified visa for transit and tourism stays across participating member states. Business & Tech at Home: FNB Eswatini used the MTN Bushfire Festival to drive digital banking and cashless payments, backing ATMs and swipe campaigns to boost adoption.