By 
By Lwazi Dlamini
The Government of the Kingdom of Eswatini has set for itself an economic growth rate of 10 per cent in the next five years to be able to finance the desired national development goals.
The ambitious target was pronounced by Prime Minister Russell Mmiso Dlamini during a meeting with the Editor’s Forum at the Mountain View International Hotel on Thursday.
Before announcing the economic target, the Premier first highlighted that a discourse about the need to change the dominant mindset in the country from a seemingly timid mindset to a bold mindset, and from a modest mindset to an ambitious mindset, has been ignited.
“This discourse on the change of the mindset has the potential to lead to the transformation of the Nation and is arguably the most important goal to be pursued as the success of all the other goals depends on this one.
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I am particularly encouraged by His Majesty King Mswati’s speech made a day ago in South Korea where he recognized the unique mindset of the people of South Korea which enabled them to transform a very poor low developed country into a rich developed country within a period of 50 years,” the PM said.
He added:
“Government has put to the forefront the importance of growing the economy to afford financing the development goals. After the change of mindset, this is a priority so that we can adequately finance our plans.”
The Premier revealed that the Ministry of Finance is working on a plan to wean the country from over-dependence on SACU receipts.
Eswatini will receive E13.06 billion from SACU receipts for the 2024/2025 financial year in what the Ministry of Finance Neal Rijkenberg described as a moment in which “Emaswati would start feeling it in their pockets”.
“The country will continue to work harder to benefit from SACU, but such benefit must come as a bonus to sovereign revenue. We are expecting that this plan will be completed and brought to Cabinet soon for approval and implementation. Excellent ideas have already been flaunted within Cabinet,” he stated.
He further stated that the ambitious 10 per cent targeted economic growth has been shared with the business sector to stimulate the appetite for growth and to achieve this target Government has already shifted focus to invest in growth as opposed to the previously dominant practice of spending consumption.
“The Ministry of Finance has assured that we can achieve at least 10 per cent growth in the next five years so that we are able to finance our entire budget. To be able to overcome the social ills, we need to finance our budget.
The government has changed focus. We must keep our salary bill low,” Dlamini said.
In recent months, the leadership of the country has been punting the need to relook at how the country produces and utilises its resources.
His Majesty King Mswati III during the opening of the Maloma Colliery Mine Shaft 1 spoke about the country developing mechanisms to start processing the high-value anthracite coal and to use it as a stepping stone for steel production in Eswatini.
His Majesty told the nation that the iron ore mine in Ngwenya will soon be opened and fully operationalised, saying the combination of the two minerals could enable Eswatini to enter the lucrative steel production business.
“Steel production depends to a very large part on coal. The anthracite coal that you produce here at Maloma Mine is ideal for steel production.
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Very soon the iron ore deposits in that mine will be opened and this places us in a very good position to enter the foray of steel production,” the King said at the time.
“I call on all of you as employees and community members of Maloma Mine, and all emaSwati to position yourselves well for these exciting developments,” the King said.
It was gathered that steel production is reliant on coal, which is primarily used as a reducing agent to extract iron from iron ore and to provide the carbon content needed in steel.
A move in that direction could see the nation achieving its 10 per cent target and in the process, reducing the levels of unemployment in the country.
