Eswatini’s 57-Year Economic Journey: From Humble Beginnings to Aspirations for a First World Future
By Karabo Ngoepe
As Eswatini marks 57 years of independence, it stands at a crossroads in its economic transformation, reflecting on a past shaped by resilience, evolution and an unyielding ambition to join the ranks of the world’s more prosperous nations.
The Early Foundations: A Colonial Economy Rooted in Agriculture
At the dawn of independence in 1968, Eswatini’s economy was largely agrarian. Agriculture, forestry, and mining dominated, contributing nearly a third of the country’s GDP, with vast parts of the rural population engaged in subsistence farming. Manufacturing was nascent but steady, and services accounted for a modest share.
The economy was intricately linked to South Africa, its bigger neighbour that shaped trade, labour, and monetary policies. While this proximity offered opportunity, it also posed vulnerability to external shocks and regional politics.
The Boom Years: Growth Fuelled by Sanctions and Strategic Investment (1980–1994)
Between 1980 and 1994, Eswatini enjoyed a period of relatively robust growth, averaging around 8% annually. This was largely due to global sanctions against apartheid South Africa redirecting investments and trade to Eswatini.
The kingdom welcomed several South African and multinational corporations, particularly in manufacturing and agro-processing.
Government fiscal management was disciplined, emphasizing social investments in education, health, and infrastructure.
These efforts broadened the export base and elevated Eswatini to lower-middle-income status by the mid-1990s, a notable achievement for a small, resource-scarce country.
Challenges and Shifts: Navigating a New Regional Reality (Post-1994)
The dawn of democracy in South Africa in 1994 brought fresh challenges. Eswatini’s comparative advantage as a safe investment destination diminished as businesses returned south.
Growth slowed to around 3% and then further to an average of 2.6% in the following decades.
Structural weaknesses emerged, the economy remained overly dependent on sugar and the public sector, while the rural majority faced persistent poverty and unemployment. Inequality widened, as high public wage bills drained resources without translating proportionally to broad-based growth.
The COVID-19 pandemic further strained Eswatini’s fragile progress, exacerbating unemployment and exposing social vulnerabilities.
Diversification and Development: Building a Path Forward
Today, Eswatini’s economy is more diversified and modern, with manufacturing, services, and construction jointly driving growth. High-value agriculture and forestry remain vital, supported by irrigation and investment on title deed land, though subsistence farming predominates in rural areas.
Government and private sector investments in mega-projects, including the International Convention Centre, Mpakeni Dam, and renewable energy plants, signal a commitment to infrastructure-led growth.
Monetary policy has eased to encourage credit extension, with private sector lending growing steadily.
Exports continue to concentrate on sugar, textiles, and forestry products, relying heavily on Southern African Customs Union (SACU) trade networks.
Yet challenges endure, notably the need to improve productivity, reduce inequality, and strengthen the business environment to attract more diverse and sustainable investment.
Vision 2045: From Middle Income to First World Aspirations
Looking ahead, Eswatini envisions a transformative journey towards becoming an upper-middle-income or “first world” country by 2045. This calls for renewed focus on education, innovation, export competitiveness, and sustainable resource management.
Realizing this vision means addressing entrenched challenges, poverty, unemployment, and reliance on a few sectors, while harnessing demographic dividends and regional integration opportunities.
It also requires steadfast governance, private sector engagement, and close cooperation with development partners.
Eswatini’s 57-year economic chronicle is a story of transformation against the odds, a small kingdom carving space in a complex region and a shifting global landscape. From its agricultural roots to its increasing industrial and service-based profile, the journey reflects promise and resolve.
As the nation celebrates independence, it also embraces an ambitious future, with eyes fixed firmly on prosperity, inclusion, and global participation.
Business Figures Who Shaped Eswatini’s Modern Economy
1) Nathan “Natie” Kirsh — Global wholesale, born in Mbabane
If you’ve ever walked through a Restaurant Depot in the United States, you’ve seen the quiet reach of Eswatini’s most famous export in business. Kirsh built the New York–based cash-and-carry giant Jetro/Restaurant Depot and folded it into a broader investment vehicle, Kirsh Group, along with major stakes in property and storage businesses.
His timeline includes opening the first Restaurant Depot in 1995 and selling a strategic stake in 2004, while keeping control and continuing to scale the footprint. Today, his wealth is still closely tied to Jetro and to listed property plays abroad.
Why he matters: Kirsh proved a Swati-born entrepreneur could build and own critical distribution infrastructure in the world’s biggest consumer market, then recycle capital into long-duration assets. The model, own the platform that feeds small businesses, became a playbook.
2) Neal Rijkenberg — Montigny and the power of integrated forestry
Long before he became Eswatini’s finance minister, Rijkenberg founded Montigny (1997) and grew it into one of Southern Africa’s largest privately owned, integrated timber companies.
Montigny controls tens of thousands of hectares, pushes high utilization of each tree, and has ambitions in renewable energy with a large woody biomass project planned at Bhunya.
The company exports regionally and to global markets, and has spoken publicly about supplying up to 95% utilization of tree value through diversified product lines.
Why he matters: Montigny shows how industrial policy, sustainability and private capital can live under one roof, creating jobs, export earnings and a base for value-added manufacturing.
3) Michelo Shakantu — Inyatsi Group’s regional footprint
As executive chairman of Inyatsi Group Holdings, Shakantu has overseen the evolution of an Eswatini-headquartered conglomerate with interests that now span construction, mining (including Maloma Colliery), energy, telecoms and financial services across several African markets.
Under his stewardship, Inyatsi has invested in core national assets and regional projects, positioning the group as one of the kingdom’s most consequential private employers.
Why he matters: Inyatsi demonstrates that a Swati group can compete head-to-head with multinationals in heavy industry and infrastructure, fields that set the pace for wider economic growth.
4) Moses “Mkhulu” Motsa — The property contrarian
Starting from modest means, Motsa became one of Southern Africa’s notable property owners by buying where others hesitated, especially in under-invested city centers.
His portfolio has included urban retail and mixed-use assets, with a long reputation for turning difficult buildings around and creating jobs in the process.
He’s often cited as an example of patient, counter-cyclical investing by a Swati entrepreneur.
Why he matters: Motsa’s story is a lesson in reading the cycle, seeing value others miss, and using property as a tool for urban renewal and SME tenancy.
5) Victor Gamedze — Eswatini Mobile and the risk of a second operator
A football club boss and businessman with interests in multiple sectors, Gamedze co-founded Eswatini Mobile and helped break a long-standing telecoms monopoly, pushing prices and innovation through competition.
His 2018 assassination shocked the country, but the network he helped build stayed and so did the competitive pressure it created in a vital utility.
Why he matters: Opening a second mobile network is about more than market share; it changes how citizens communicate, how businesses sell, and how media is consumed.
6) Ambrose Mandvulo Dlamini — Banking, telco, and the corporate pipeline
Before he served as prime minister, Ambrose Dlamini spent nearly two decades in banking, then led MTN Eswatini as CEO (2010–2018). In both roles,
he championed professional management, digital adoption and corporate governance, helping to deepen the talent bench that drives modern services.
Why he matters: Not every shaper of a small economy is a founder. Dlamini represents the cadre of Swati executives who have modernized large institutions from the inside.
7) Jiggs Thorne — From a family stage to a continental festival brand
Thorne took a family arts venue, House on Fire, and transformed it into the home of MTN Bushfire, one of Africa’s leading music and arts festivals, and an award-winning cultural enterprise with measurable tourism and SME spinoffs for Eswatini each year.
His work shows how the creative economy can be serious business, anchored in community development and global partnerships.
Why he matters: Culture scales too. Bushfire proves a festival can be a national export, drawing visitors, building soft power and supporting a web of local suppliers.
8) S’thofeni “Stofeni” Ginindza – Developer and Institutional Builder
Often described as the face of modern Eswatini business, Ginindza led African Alliance, growing it into a diversified powerhouse that operates 56 KFC outlets across Southern Africa and explores expansion into Europe.
Beyond fast food, African Alliance owns Pick n Pay franchises, financial services, and property developments like Manzini Arch and Malkerns Square, which spearhead urban growth and tourism.
Ginindza’s vision blends economic ambition with community upliftment.
Why he matters: Ginindza is a rare example of an Eswatini business figure who spans private development, public enterprise governance, and national strategy, embodying both vision and influence.
