Times Of Swaziland: GOVT NEEDS TO BOOST DOMESTIC INDUSTRIAL SECTOR

GOVT NEEDS TO BOOST DOMESTIC INDUSTRIAL SECTOR
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Nhlanganiso Mkhonta on 12/02/2024 08:39:00


MBABANE – SARFED Regional Coordinator Dr George Choongwa says there is a need
to boost the domestic industrial sector, especially in the areas of production
of essential goods and services.
In his weekly statement, the Southern African Research Foundation for Economic
Development regional coordinator stated that government could engage in early
adjustments in its fiscal space, causing it to be more sustainable so as to
cushion unexpected shock that could be caused by market forces. Dr Choongwa said
government had of late been embarking and funding the development of factory
shells at regional level for the past five years or so, and this could be the
right time for the facilitation and development of this concept to full utility
capacity.
He said increasing employment opportunities in strategic sectors of the economy
was fundamental as this would bring about increased levels of innovation and
sustainability. He said considering the fact that unemployment levels were still
high in the country, promoting an innovative policy as a key economic tool would
serve at a great level.
Structures
He opined that the government could take advantage of promoting and transforming
local structures such as traditional practices into economic beacons that would
enable the citizens of Eswatini to establish better ways of addressing their
challenges in a more cost-effective manner. The economist added that government
should embrace the practice of reviewing the budget implementation process on a
short-term basis to ensure that economic resources were within the confines of
fiscal prudence. “This would help in advancing cost-effective measures in the
preceding budgetary activities,” he said.
Dr Choongwa mentioned that issues of social vices such as corruption and poor
accountability would significantly reduce the benefit of the well-being of the
economy. He further highlighted that the years 2024/25 have been considered as
periods of economic recovery and stability on a global perspective. He said
Eswatini should use this opportunity for an effective fiscal consolidation
through the engagement of ideal cost-effective measures of structural adjustment
programme. “This would serve as a launch pad for the facilitation of a vibrant
economic structure for sustainable competitiveness in the preceding years in
preparation of the agenda 2030,” he said.