10 OCTOBER 202

ESWATINI HIGHER EDUCATION COUNCIL (ESHEC) CONSULTATIVE MEETING

ESHEC Management met with BE Management for the second consultation on cooperation and collaboration in aligning qualifications with industry needs. A major highlight of this meeting; ESHEC shared that they have collaborated with the Ministry of Labour and Social Security in conducting a survey- the National Labour Market Skills Project (NLMSP) which aims to address the gaps in knowledge, information, and statistics on labour market needs. It seeks to identify the skills needed for industries to grow and compete globally, recognising the existing skill shortages and developing strategies to address them.  This is a build-up from the Ministry of Labour and Social Security’s Skills Audit Report (2021) and members are greatly encouraged to participate in this exercise to provide relevant information to align the nation’s education and training system with the demands of the labour market. ESHEC also shared news of a huge Indaba that they will be hosting in November in partnership with the Ministry of Education and Training – creating a platform for Industry and Higher Education to have candid conversations around skills mismatch and thus rightfully informing the program development by Higher Education Institutions.

FUEL PRICE DROP

Great news for business owners! The Ministry of Natural Resources and Energy recently announced a significant drop in fuel prices, marking the second reduction in just a month. As of midnight on 3rd October 2024, diesel, illuminating paraffin, and unleaded petrol prices have decreased by E1.20 and 80 cents per litre, respectively.

This reduction offers immediate relief to businesses, especially those heavily reliant on transportation and logistics. Lower fuel costs directly reduce operational expenses, allowing you to improve profitability, manage cash flow better, and invest in other areas of your business. Additionally, the drop in fuel prices is expected to ease inflationary pressures, potentially lowering costs across supply chains and boosting consumer purchasing power. This could drive demand for goods and services, offering growth opportunities across sectors.

Take advantage of these savings and position your business for the positive impact!

CROSS BORDER PAYMENTS UPDATE

Following the migration from the Electronic Funds Transfer (EFT) payment system to the Real Time Gross Settlements (RTGS) system, banks have been receiving complaints about the difficulty of this transition which is not only costly but the time taken to process is too long and causes a lot of hindrances.

The Central Bank of Eswatini (CBE) Governor has reported that they engaged with the South African Reserve Bank (SARB) who have now given directive to their domestic banks to prioritise the processing of CMA payments. Part of the process includes each bank (both sender and receiver) checking transactions on both ends, for Balance of Payments (BOP) records and the Anti-Money Laundering (AML) records. What CBE has opted to do is to remove the checking of the BOP from both ends which means that checking for that part of the process will only happen on one end point of the banks, especially the bank that is sending out the transaction. This will minimise the processing time and it applies to all transactions under E1 Million for individuals and E5 Million for businesses. The Eswatini Banker’s Association is yet to engage with their South African counterparts, the Payments Association of South Africa (PASA) on how to further make the process faster and more seamless to avoid any further delays without compromising the anti-money laundering requirements. 

BUFE Pays Visit to Business Eswatini

Business Eswatini (BE) and the newly formed Business Federation of Eswatini (BUFE) recently met for the first time to discuss potential collaboration and shared goals. BUFE initiated the meeting to introduce their organization and outline their vision for representing domestic businesses, while acknowledging the invaluable experience BE has gained over its 100 years of service.

BREAST CANCER AWARENESS MONTH! October is breast Cancer Awareness Month! Early detection saves lives. Business Eswatini encourages everyone to take advantage of screening services available near you. Together, we can fight breast cancer through awareness, prevention and early diagnosis. Remember; “Health is Wealth”.