Swazi Observer

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MAJOZI’S CONTRACT COMING TO AN END SOON

By SABELO NDZINISA | 2022-02-06

Central Bank of Eswatini Governor Majozi Sithole is reportedly on his way out of the financial services regulator.
Sithole was first appointed into this position in 2013 on a five-year contract before it was renewed for a further three years in July 2019.

This means the current contract of the former finance minister is ending this year while it remains uncertain if it would be renewed again.
What is throwing doubts on the chances of Sithole’s contract being renewed, according to highly-placed government sources, is that he is already past the retirement age of 60.

“Look, Majozi is already over the retirement age of 60 and with his contract up for renewal, it is highly unlikely that government will keep him this time around. We expect the prime minister (Cleopas Dlamini) to make the announcement but expect changes in the Central Bank leadership,” the source said.

Minister of Finance Neal Rijkenberg could not provide clarification on Sithole’s contract situation, referring inquiries to the Central Bank. The Bank’s Head of Strategy and Communications Mandla Luphondvo also could not shed light on the matter.

“I would have to make consultations with the governor before responding on the issue and this will need more time,” he said.
Sithole is one of the most experienced and respected politicians in the country.

He was recently credited by former Eswatini Revenue Service (ERS) Commissioner General Dumisani Masilela for being one of the brains behind the entity’s establishment.

The Central Bank was established on April 1, 1974 with the mission to promote monetary stability and foster a stable and sound financial system in the country. This entity manages the country’s foreign exchange position and safeguards foreign reserves of cash. The bank conducts weekly auctions of 91-day Swazi treasury bills.

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