AGP Executive Report

Private Sector Credit: Central Bank data shows private sector credit edged up to E23.8bn in July 2026 (+0.2% month-on-month, +11.4% year-on-year), but business lending slipped slightly to E12.9bn as manufacturing, agriculture, construction, transport and real estate cut back. Anti-Money Laundering: Eswatini improved its technical standing in FATF-style safeguards, securing upgrades that lift compliance on 32 of 40 standards, leaving only eight below largely compliant—reducing greylisting risk. Trade & Investment Ecosystem: Mbabane City Council won top exhibitor honours at the Eswatini International Trade Fair, while government pushed plans to turn Mavuso into a permanent trade and investment hub. Capital Markets Push: The Eswatini Stock Exchange unveiled Kwakhanya 2030, aiming to reposition the bourse as a driver of wealth creation and business growth. Energy & Climate Policy: King Mswati III announced a Paris-aligned NDC 3.0 and a target to cut 2.24m tonnes of emissions by 2035, alongside calls for accelerated water investment to reach clean water for all by 2030. Sports & Business Spotlight: Eswatini’s CAF football build-up continues, with Nsingizini Hotspurs and Scottland FC’s tie drawing major attention and sponsorship talk.

Migration & Deportations: A Venezuelan man says he learned hours before a US charter flight that he was being deported to Liberia—highlighting how third-country deals can upend lives with little notice. International Diplomacy: Eswatini voted in favour of the UN “Correct the Map” resolution backed by the African Group and AU, arguing Mercator-style maps distort Africa’s size. Anti–Money Laundering: Eswatini improved its FATF technical ratings, moving to satisfactory levels on 32 of 40 standards and leaving only eight below compliant/largely compliant—aimed at avoiding greylisting. Public Finance Pressure: Government projects worth about E600m have stalled due to slow cash flow, leaving contractors and workers unpaid and delaying schools, roads, water and livestock dipping tanks. Capital Markets Push: The Eswatini Stock Exchange launched “Kwakhanya 2030” to reposition the bourse as a national engine for wealth creation and business growth. Trade & Investment Infrastructure: Mbabane City Council won top exhibitor honours at the EITF as government backed plans to upgrade Mavuso into a permanent trade and investment hub. Sports & Business Exposure: Nsingizini Hotspurs face Scottland in CAF Champions League action in Harare, while Green Mamba’s CAF run continues after a punishing schedule.

Money-Laundering Shield: Eswatini says it cleared four hurdles in its FATF money-laundering test, lifting ratings to “satisfactory” on 32 of 40 standards and leaving only eight below compliant levels—reducing the risk of greylisting and protecting confidence in the financial system. Capital Markets Push: The Eswatini Stock Exchange (ESE) unveiled its Kwakhanya 2030 strategy to reposition the bourse as a national engine for wealth creation and business growth, with a focus on making investment opportunities more visible and accessible. Trade Fair Momentum: Mbabane City Council won best exhibitor and most innovative at the Eswatini International Trade Fair, as government backed plans to turn Mavuso into a permanent, year-round trade and investment hub. Energy Efficiency Consultations: Stakeholders are invited to comment on proposed Minimum Energy Performance Standards for appliances like fridges, air conditioners and lighting, with workshops scheduled across regions. Public Works Cash Crunch: Government projects worth about E600m are stalled due to slow cash flow, leaving contractors and workers waiting and delaying services like schools, roads, water and livestock dipping tanks. Climate Watch: Meteorologists warn El Niño could bring above-normal temperatures, with parts of eastern Eswatini possibly exceeding 40°C, alongside rainfall expectations into late 2026. Sports & Business Spotlight: Nsingizini Hotspurs face CAF Champions League pressure after coach Mandla Qhogi warned that poor domestic scheduling could trigger CAF action against the league.

Money-Laundering Watch: Eswatini strengthened its fight against FATF greylisting after securing four upgrades, lifting the country to satisfactory ratings on 32 of 40 standards, leaving only eight below largely compliant levels—an important confidence signal for banks and investors. Public Finance Strain: Government projects worth about E600m have stalled because approved budgets exist “on paper” while cash flow lags, leaving contractors and workers unpaid and delaying services like schools, roads, water works and livestock dipping tanks. Capital Markets Push: The Eswatini Stock Exchange (ESE) unveiled its Kwakhanya 2030 strategy to reposition the bourse as a national engine for wealth creation and business expansion, with a focus on making capital markets more visible and accessible. Energy Efficiency Regulation: Stakeholders are invited to comment on proposed Minimum Energy Performance Standards for appliances such as refrigerators, air conditioners and lighting, with consultation workshops scheduled across regions. Sovereign Credit Ratings: Business Eswatini is urging greater private-sector participation in Eswatini’s sovereign credit rating process, warning that ratings affect the cost of capital and business investment decisions. Trade Fair Logistics: Eswatini Railways (ESR) showcased a regional logistics partnership at the EITF, bringing together operators from Mozambique and South Africa to support integrated trade routes. Sports & Business Spotlight: Eswatini’s King’s Cup Golf committee targets E10m sponsorship to lift the winner’s purse toward E5m, while CAF competition continues to shape club scheduling and costs.

Energy & Climate Policy: King Mswati III unveiled Eswatini’s Paris Agreement-compliant NDC 3.0, targeting a 2.24 million-tonne emissions cut by 2035, and called for accelerated investment and regional cooperation to secure clean water for all by 2030. Growth & Investment Push: The King also pointed to long-run economic expansion, with GDP cited at E95.2bn and growth momentum, while government leaders urged faster investment to meet energy and water goals. Energy Sector Openness: Eswatini is moving to expand domestic power—targeting 1,000MW by 2030—while opening the electricity sector to independent power producers under a local-ownership approach. Business Climate & Standards: Stakeholders were invited to comment on proposed Minimum Energy Performance Standards for appliances, aiming to improve efficiency and reduce costs for consumers and businesses. Financial Inclusion: Central Bank Governor Dr Phil Mnisi was appointed AfPI chair, giving Eswatini a stronger voice on Africa’s financial inclusion agenda. Sovereign Ratings: Business Eswatini pushed for greater private-sector input into Eswatini’s sovereign credit rating process, warning it affects investment and the cost of capital. Weather Risk: Meteorologists warned El Niño could bring above-normal temperatures, with parts of Eswatini possibly exceeding 40°C, alongside seasonal rainfall shifts. Sports & CAF Compliance: Nsingizini Hotspurs’ coach warned that failing CAF scheduling rules could put the league at risk of CAF taking charge. Regional/Global Context: A Madlanga Commission “Big Five” photo reportedly named alleged cartel figures linked to South Africa’s police and politics, while broader reporting highlighted shifting immigration and trade dynamics affecting regional economies.

Madlanga Commission: South Africa’s inquiry into alleged organised crime moved from whispers to faces, unveiling “Big Five” cartel suspects, including Katiso “KT” Molefe, Steve Motsumi, Ignatius Mothakathi, Andrew “Boy” Mthethwa (King Nyambose) and the late Jothan “Mswazi” Msibi, with Molefe facing more than 30 charges. Energy policy: Eswatini is consulting stakeholders on Minimum Energy Performance Standards for appliances like fridges, air conditioners and lighting, with workshops running 8–11 September across Hhohho, Manzini, Shiselweni and Lubombo. Business climate: EU officials warn that rising energy costs are eroding MSME competitiveness, while Commerce Minister Manqoba Khumalo urged firms to move from survival to growth, productivity and competitiveness. Energy investment push: PM Russell Dlamini says Eswatini wants energy partnerships built on local ownership—opening generation and inviting investors to develop, not just contract. Financial inclusion: Central Bank Governor Dr Phil Mnisi was appointed AfPI chair, giving Eswatini a stronger voice on Africa’s financial inclusion agenda. Weather risk: Meteorologists warn El Niño could push temperatures above 40°C in eastern areas, with rainfall expected later in the season. Football & sport economy: Nsingizini coach Mandla Qhogi cautioned that misalignment between domestic fixtures and CAF schedules could put Eswatini’s league at risk of CAF intervention. Media & skills: MTN, UJ and TAEF launched a Pan-African Media Innovation Programme, with Eswatini among the first cohort countries.

Madlanga Commission: South Africa’s inquiry has put faces to the alleged “Big Five” cartel, showing a photo linked to a network said to reach into police, courts and politics, naming Katiso “KT” Molefe, Steve Motsumi, Ignatius Mothakathi, Andrew “Boy” Mthethwa (King Nyambose) and the late Jothan “Mswazi” Msibi, with Molefe facing multiple charges. Energy Policy: Eswatini’s MNRE, with ESERA and EEA, is consulting stakeholders on Minimum Energy Performance Standards for appliances like fridges, air conditioners and lighting, with workshops scheduled across regions from 8–11 September. Energy Security & Local Ownership: PM Russell Dlamini says Eswatini aims to exceed 1,000MW of domestic generation by 2030 and has opened the sector to IPPs as developers/investors/owners, pushing “Africa First” and local-content partnerships. Business & Competitiveness: At the Powering Profit Symposium, EU and UNDP officials warned rising energy costs are eroding MSME competitiveness, urging smarter efficiency and energy management rather than simply raising prices. Private Sector in Ratings: Business Eswatini wants a bigger private-sector role in sovereign credit rating processes, arguing ratings affect investment and the cost of capital for the whole economy. Financial Inclusion: Central Bank Governor Dr Phil Mnisi was appointed AfPI chair, giving Eswatini a stronger voice on Africa’s financial inclusion agenda. Football & CAF Scheduling: Nsingizini Hotspurs coach Mandla Qhogi warned that poor alignment between domestic fixtures and CAF requirements could lead to CAF taking charge of the league.

Energy Policy Consultations: Eswatini’s Ministry of Natural Resources and Energy, with ESERA and the EEA, invited stakeholders to comment on proposed Minimum Energy Performance Standards (MEPS) for electrical and electronic appliances, including refrigerators, air conditioners and lighting, with workshops set for 8–11 September across Hhohho, Manzini, Shiselweni and Lubombo. Energy Costs & MSMEs: At the Powering Profit Symposium alongside the EITF, EU officials and UNDP urged businesses to protect competitiveness by cutting inefficiencies and managing energy better, warning that simply raising prices won’t solve rising energy costs for MSMEs. Private Sector on Sovereign Ratings: Business Eswatini pushed for a bigger private-sector role in Eswatini’s sovereign credit rating process, saying ratings affect investment confidence and the cost of capital for the whole economy. Energy Sector Openness: Prime Minister Russell Dlamini said Eswatini is opening its electricity sector to Independent Power Producers, but wants long-term ownership, jobs, skills and local industrial capacity—not just contracting. Economic Snapshot: CSO reported GDP at E96.6bn in 2025 with real growth of 4.8%, driven mainly by the tertiary sector. Financial Inclusion Leadership: Central Bank Governor Dr Phil Mnisi was appointed AfPI chair, giving Eswatini a stronger voice on Africa’s financial inclusion agenda. Investment Promotion Focus: EIPA said it is targeting investors for long-term development, stressing compliance, labour law respect and local career progression.

Energy & Industry: Prime Minister Russell Dlamini says Eswatini wants to exceed 1,000MW of domestic power by 2030, cutting import reliance and boosting energy security, while inviting investors to build the sector as long-term owners—not just contractors. Business Climate: At the Powering Profit Symposium, the EU warned rising energy costs are eroding MSME competitiveness, while UNDP urged firms to invest smarter for productivity instead of simply raising prices. Economic Snapshot: Eswatini’s GDP hit E96.6bn in 2025 with real growth of 4.8%, driven mainly by a stronger services (tertiary) sector. Financial Inclusion: Central Bank Governor Dr Phil Mnisi was appointed AfPI chair, giving Eswatini a bigger role in shaping Africa’s financial inclusion agenda. Trade & Investment: EIPA says it is targeting investors who build local capacity and jobs, not those seeking shortcuts or regulatory workarounds. Public Sector Pay: Government provisionally set aside E160m for appeals linked to the 2025 public service salary review. Digital & Skills: A digital skills workshop series focused on coding, content creation and digital careers for youth and SMEs. Sports & Tourism: The +268 Motorcycle Club’s inaugural bikers rally in Mbabane (Sept 18–20) is set to blend motorsport with a star-studded entertainment line-up. Regional Business: Shoprite reported 12.2% earnings growth and acquisitions including Vida e Caffè, which already operates across Eswatini and other countries.

Macroeconomy: Eswatini’s GDP hit E96.6bn in 2025, with real growth rising to 4.8% (from 3.0% in 2024), driven mainly by a 6.0% expansion in the tertiary sector. Public Finance: Government has provisionally set aside E160m to handle 2025 public service salary review appeals, with the final deadline having been effectively extended due to the Umhlanga holiday. Business & Productivity: UNDP urged firms to protect profitability by investing smarter, cutting inefficiencies and using technology for real cost drivers—warning against “fashionable” tech spending. Energy & Investment Strategy: PM Russell Mmiso Dlamini pushed for indigenous ownership in energy development, while Eswatini’s approach highlights IPPs as developers and owners, not just contractors, linked to industrialisation goals. Energy Transition Tools: Eswatini launched an embedded generation rooftop solar application platform (up to 2MW) to speed approvals and improve transparency, while Namibia rolled out a similar portal. Local Enterprise & Finance: The commerce ministry called for a connected enterprise ecosystem so training, finance, markets and standards work together for MSME growth. Broadcasting Sector: ESCCOM issued free-to-air commercial radio licences to Sakha Live FM and Icon Connect Radio, expected to boost jobs and content diversity. Retail Deal Watch: Shoprite reported 12.2% earnings growth and acquisitions including Vida e Caffè (operating across Eswatini and other countries), plus a stake in R&A Cellular. Security & Trade: Police and NMC are investigating suspected maize smuggling at Ngwenya Border Gate after two consignments were intercepted. Sports & Business Links: Netball Eswatini budgeted E200,000 for the Africa Netball Cup, and the 8Bet Trade Fair Cup saw operational fallout after a match was abandoned.

Energy & Ownership Push: Prime Minister Russell Mmiso Dlamini urged Africa to shift from participation to ownership, arguing that energy development should be led by Africans using African capital, technology and enterprise. Local Energy Partnerships: Eswatini is seeking investors who don’t just build infrastructure but create jobs, transfer skills and develop indigenous companies, with opportunities across generation, transmission, storage and petroleum infrastructure. Responsible Investment Focus: Eswatini Investment Promotion Authority says it targets investors who comply with laws, respect labour rules and build local leadership, warning against “quick profit” operators. MSME Financing Rethink: Commerce Minister Manqoba Khumalo called for financing models that match MSME realities, alongside better records, credit assessment and market access. Embedded Solar Portals: Eswatini and Namibia launched online rooftop solar application portals to speed approvals and improve transparency for embedded generation. Shoprite Expansion: Shoprite reported 12.2% earnings growth and agreed to buy Vida e Caffè (and a stake in R&A Cellular), strengthening its coffee and quick-service restaurant push across the region including Eswatini. EITF Digital Skills: A digital skills workshop at Mavuso Trade Centre highlighted coding, content creation and career pathways for the growing digital economy. Broadcasting Licences: ESCCOM handed operating licences to Sakha Live FM and Icon Connect Radio, aiming for more content diversity and jobs. Football Admin Fallout: PLE apologised for abandoning a Trade Fair Cup match after Red Rhinos failed to show, with the club set to face disciplinary action. Cyber Risk Alert: Hungry Lion customer credentials were reportedly exposed for months, raising concerns for online customer portals.

Energy & Regulation: ESERA has opened an online rooftop solar “embedded generation” application portal for projects up to 2MW, aiming to cut red tape and boost transparency, while Namibia’s Electricity Control Board launched a similar portal for small-scale systems up to 500kW. Broadcasting & Jobs: ESCCOM has issued free-to-air commercial radio licences to SakhaLive FM and Icon Connect Radio, expected to widen content and create roles across the radio value chain. Trade Fair Services: Eswatini’s Home Affairs processed 297 services at EITF on Aug 31, including passport applications/collections and birth and marriage conversions. Corruption Watch: A Home Affairs official linked to the “Cat” Matlala ID saga has been found guilty by the Civil Service Commission for unlawfully issuing documents. Commerce & Enterprise: The commerce ministry urged a connected youth-enterprise-finance-markets ecosystem so training turns into investment, production, and jobs. Security & Food Supply: Police and NMC are investigating suspected maize smuggling after two white maize consignments were intercepted at Ngwenya Border Gate. Sports Business: ESCCOM licences and EITF activity continue alongside the 8Bet Trade Fair Cup fallout and upcoming CAF ties for Eswatini clubs.

Women’s Rights at UNGA81: Ahead of the 81st UN General Assembly, Eswatini-linked civil society speakers warned that “family/values/sovereignty” narratives are being used to dilute women’s and girls’ rights, stressing that Africa’s human-rights frameworks only work if implementation and accountability hold. Trade & Peace Security: Eswatini urged the African Union to act faster on conflict warnings, saying the gap between knowing and responding is where lives are lost, with climate stress and migration flagged as early instability signals. Shoprite Expansion via Coffee: Shoprite agreed to buy South Africa’s Vida e Caffè, a 25-year coffee brand with about 400 stores across Africa, to push further into the coffee and quick-service restaurant market. Finance Deal Watch: Nedbank received Central Bank of Kenya approval to acquire up to a 66% stake in NCBA, a major ownership shift for the East African lender group. EITF Business Learning: The Eswatini Stock Exchange will run a Trade Fair seminar on how capital markets can help businesses grow and access funding beyond traditional finance. Cyber Risk for Consumers: Hungry Lion says customer credentials were exposed for months, with researchers linking compromised records to its online portals. Fuel & Industry Pressure: Eskom is seeking to restore industrial demand and exports, including potential renewed Mozal-related electricity use. Tourism Boost: Reed Dance tourism is credited with lifting international visitor numbers and revenue to E1 billion. Vehicle Safety Recall: Ford Ranger double-cabs sold in Southern Africa, including Eswatini, face a side-airbag recall due to possible non-deployment risk. Football & Business Culture: Eswatini’s 8Bet Trade Fair Cup and local club rivalries continue to draw crowds, while the event also supports commerce and visibility for sponsors.

Banking Deal: Kenya’s CBK has approved Nedbank’s plan to buy up to a 66% stake in NCBA, via an acquisition of about 1.087 billion shares, with remaining clearances expected by end of Q3 2026. Trade & Investment (Taiwan): Taiwan is proposing NT$1 billion (about US$31.6m) for an industrial innovation park in Eswatini to deepen ties and attract Taiwanese firms, with the budget awaiting lawmakers’ approval. Energy & Industry: Eskom says it wants to restore industrial demand, including a possible return of Mozambique’s Mozal smelter within a year, while pushing electricity exports using surplus capacity. Tourism: Umhlanga’s Reed Dance is credited with lifting international visitor numbers and tourism revenue to E1 billion, boosting hospitality and local vendors. Markets & Finance: The Eswatini Stock Exchange will run a Trade Fair seminar on how capital markets can help businesses grow and access funding beyond traditional finance. Business & Safety: Ford Ranger double-cab recalls in Southern Africa include 7 units in Eswatini, linked to side curtain airbag deployment risk. Royal & Culture: Thousands of maidens delivered reed at Ludzidzini ahead of main Umhlanga day, reinforcing the event’s draw for visitors. Sports (CAF): Nsingizini Hotspurs unveiled eight signings ahead of their CAF Champions League preliminary round.

Taiwan–Eswatini Industrial Push: Taiwan’s government has proposed NT$1 billion (about US$31.6m) for an “innovative industrial park” in Eswatini, aiming to attract Taiwanese firms, create jobs and build industrial clustering around Phocweni (pending lawmakers’ approval). Trade Fair Pressure: King Mswati III says the 58th Eswatini International Trade Fair has outgrown the Mavuso venue, with some exhibitors still in temporary tents, calling for urgent expansion of trade fair facilities. Public Finance & Pensions: The Public Service Pension Fund is using the EITF to boost pension education and retirement planning, while the acting PM highlights the Throne’s focus on entrepreneurship and investment through the fair. Education Funding Gap: The Swaziland National Association of Teachers warns that despite more attention to education financing, precarious teacher employment and early childhood teacher shortages still undermine quality education. Mobility Disability Data: Shiselweni’s pilot social registry recorded 2,304 people with difficulty walking or climbing steps, with mobility the most common disability category. Regional Business & Banking: Nedbank received Central Bank of Kenya approval to acquire up to a 66% stake in NCBA, strengthening its East Africa footprint. Consumer Safety: South Africa’s National Consumer Commission reports a Ford Ranger airbag recall affecting 2,275 vehicles sold in the region, including Eswatini.

Mobility & Disability Data: Shiselweni’s Imbeleko social registry recorded 2,304 people with difficulty walking or climbing steps (1,239 women; 1,065 men), alongside high numbers reporting trouble seeing, hearing, remembering, understanding language, and self-care—data meant to help target vulnerable households. Vehicle Safety Recall: Ford has recalled 2,275 Ranger double-cab models over a side airbag issue that could injure passengers; affected units were sold between 22 May and 23 June and repairs are free. Corporate Earnings Pressure: RCL Foods’ headline earnings fell 32.8% as sugar imports undercut local sales and pet-food recalls disrupted production, with Heps down to 105.1 cents. Trade & Investment Push: Taiwan proposes NT$1 billion (US$31.6m) for a Taiwan Industrial Innovation Park in Phocweni, aiming to attract Taiwanese firms, create jobs, and deepen ties. EITF Expansion & Green Focus: King Mswati III urged urgent expansion of EITF facilities as exhibitor numbers outgrew Mavuso; the fair also launched green-economy prizes like electric scooters and eco-tourism packages. Football Governance Uncertainty: EFA says clubs can buy or sell businesses if licensing rules are met, as Wanderers’ ownership/name changes could affect 8Bet Trade Fair Cup fixtures. Regional Mobility & Deportation Context: Reports say ICE expanded deportation flights to “third countries,” with Eswatini listed among destinations.