ESWATINI RICH IN CULTURAL HERITAGE, YOUTHFUL POTENTIAL

In the Kingdom of Eswatini, a nation rich in cultural heritage and youthful potential, the question arises: can young entrepreneurs be the catalyst for economic revitalisation? With over 60 per cent of the population under 35 years old, the youth represent a significant demographic that holds the keys to innovation and economic growth. However, they face daunting challenges, including high unemployment rates, which stand at an alarming 48.7 per cent. This article delves into historical precedents where youth have transformed their environments and explores how similar initiatives can be harnessed today to empower the next generation of emaSwati entrepreneurs.

Historical Context: Youth as change agents
Throughout history, youth have often been at the forefront of social and economic change. In pre-18th century societies, the young individuals frequently led movements that challenged the status quo. For instance, during the Renaissance, young thinkers and artists like Michelangelo and Leonardo da Vinci revolutionised art and science, demonstrating that youthful energy and creativity could reshape entire cultures.

Similarly, in various African contexts, youth-led movements have historically driven significant political changes—think of the role young activists played during South Africa’s anti-apartheid struggle. These examples illustrate that when empowered with knowledge and resources, young people can effectuate profound changes in their communities. In Eswatini today, a parallel can be drawn: by fostering entrepreneurship among its youth, the nation could harness their innovative spirit to address pressing economic challenges.

Current economic landscape
Eswatini’s economy is currently grappling with several issues—high unemployment rate, inflation projected to rise to 5.3 per cent, and a fiscal deficit that has narrowed but still poses risks to sustainability. The International Monetary Fund (IMF) has noted that while gross domestic product (GDP) growth was estimated at 4.9 per cent in 2023, this is not sufficient to absorb the growing number of unemployed youth. The fiscal constraints limit government’s capacity to create jobs directly; thus, entrepreneurship emerges as a viable alternative.

Empowering youth through entrepreneurship
To address these challenges, initiatives aimed at empowering young entrepreneurs are critical. Programmes like the Youth Enterprise Revolving Fund (YERF) provide essential support by offering business capital and training for those aged 18 to 35. Such programmes are designed not only to reduce unemployment but also to stimulate economic activity by supporting small businesses that can grow into larger enterprises.

Moreover, organisations such as All Out Africa are pioneering entrepreneurship training aimed at equipping the youth with necessary skills. These initiatives focus on practical business planning and financial literacy—skills crucial for navigating the complexities of starting a business in today’s economy.

Innovative ideas from young minds
The entrepreneurial spirit among Eswatini’s youth is palpable. Ideas ranging from agricultural innovations to tech startups demonstrate a burgeoning creativity that could drive economic growth. For instance, some young entrepreneurs are exploring opportunities in sustainable agriculture and eco-friendly products—areas that align with global trends towards sustainability.
Furthermore, there is potential for technological advancements through initiatives like tech hubs that provide training in programming and digital skills. As seen globally, technology-driven businesses often yield higher returns on investment and can significantly contribute to national economies.

Recommendations for sustainable growth

To maximise the impact of youth entrepreneurship on Eswatini’s economy, several recommendations can be made:

• Enhanced access to capital: Financial institutions should consider lowering barriers to entry for young entrepreneurs seeking loans or funding. This could involve simplifying application processes or offering lower interest rates tailored for start-ups.
• Mentorship programmes: Establishing mentorship networks connecting experienced business leaders with young entrepreneurs can provide invaluable guidance and support. Such relationships can help navigate challenges faced in the early stages of business development.
• Government support: Government must prioritise policies that create an enabling environment for start-ups. This includes reducing bureaucratic hurdles for establishing businesses and providing tax incentives for youth-led enterprises.
• Education reform: Integrating entrepreneurship education into school curricula will equip future generations with essential skills from an early age. This approach fosters a culture of innovation and self-reliance among youth.
• Networking opportunities: Creating platforms for networking among young entrepreneurs can facilitate collaboration and resource sharing, further enhancing their chances of success.

Conclusion: A call to action
As Eswatini stands at a crossroads in its economic journey, empowering its youth through entrepreneurship may well be the key to unlocking sustainable growth and development.
By investing in their potential and providing them with the tools they need to succeed, Eswatini can cultivate a generation of innovators capable of transforming their communities and driving economic progress. In reflecting on historical examples where the  youth have changed their worlds, it becomes clear that with determination, support and opportunity, today’s youth can indeed save their economy—if only given the chance to lead the way forward.

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