A decorated panel from different sectors of Eswatini have shared how best they think Private Sector Growth can be accelerated.
This was during the first ever International Financial Corporation (IFC) Private Sector Day whose theme was Sustainable Private Sector Growth.
The event co-sponsored by the World Bank Group and Business Eswatini was held at Ezulwini Happy Valley.
MTN Eswatini Chief Executive Officer Wandile Mntshali said Digital infrastructure was one area they could work on and to improve.
He further said they have done an excellent job in fostering connectivity in the country.
Mntshali revealed that Eswatini rated one of the highest in the African region.
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“We need to tap on more opportunities,98% broadband connectivity in Eswatini. Digital transformation is pivotal for the country.
Opportunities are there in connectivity, we need to improve the speed, we are looking at business cases to provide 5G. In the next year or two we will be seeing 5G roll out,” said Mntshali.
He further spoke about enhancing e fibre connectivity which seeks solutions to the needs of Emaswati. The CEO called for more education on digital transformation.
“The private sector and Government can achieve digital transformation if they work together and skill Emaswati.
Areas moving slow are cloud classification, data centres, we need to invest in that, they must be made available in the country.
Digital transformation needs to happen in the Government sector first, businesses need to be able to diversify and enhance their business, machine learning and AI education for,” he said.
Meanwhile Eswatini Bank Managing Director Nozizwe Mulela access to finance is the biggest challenge the country is faced with.
She said they need to go to the root cause of accessing funding, one of the key issues is the requirements they want when seeking funding.
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“SMEs sectors are high credit risks, we tend to require a lot of things. Collateral becomes an issue, another big challenge is the cash flow, financial literacy, people need the money, yet they lack knowledge,” said the
When elaborating on the role of the the private sector, Minister of Finance Neal Rijkenberg explained how the country envisions the participation of the private sector,
He said one of their advantages is that the government is accessible, and that they were going through a growth process.
“There is an 8.3% projection of growth for Eswatini, if the private sector were to consider the time would be now,” he said.
