ANNUAL REPORT APRIL 2016 - MARCH 2017 I
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UMNTSHOLI WEMASWATI ANNUAL REPORT APRIL 2016 - MARCH 2017 i CENTRAL BANK OF SWAZILAND CENTRAL BANK OF SWAZILANDUMNTSHOLI WEMASWATI 2016/2017 ANNUAL REPORT VISION, MISSION AND VALUES VISION STATEMENT “To be amongst the top five leading Central Banks in the Eastern and Southern African region”. MISSION STATEMENT “We foster financial sector stability conducive to economic development in Swaziland”. MANDATE The Bank seeks to achieve this mission by among other things: � Achieving price stability through sound monetary policy. � Achieving a sound and efficient financial system and financial stability. � Issuing and redeeming currency (notes and coins) for Swaziland. � Holding and managing foreign exchange reserves of Swaziland. � Be the Bank of and advisor to Government. � Facilitating the development and operation of an efficient national payment system. � Being the lender of last resort to financial institutions and facilitate the development of domestic financial markets. � Researching on monetary, financial and economic matters that will support monetary policy formulation. VALUES � PERFORMANCE DRIVEN We are performance driven, delivering timely services beyond expected standards, and maintaining good relations with stakeholders. � ACCOUNTABILITY ii We take ownership of all our actions to respond in a transparent manner. � INTEGRITY Our actions are integrity driven. We are honest, respectful, upright, ethical and consistent in our decision-making. � OPEN COMMUNICATION We believe in open communication in the timely delegation and delivery of our tasks, taking constructive criticism and ideas. CENTRAL BANK OF SWAZILAND 2016/2017 ANNUAL REPORT EXECUTIVE BOARD MEMBERS Mr. Majozi V. Sithole Governor and Chairman Mr Sithole is the Governor of the Central Bank of Swaziland, a position he has held since November 2013. Prior to this current position he held the political positions of: Minister for Finance (2001–2013); Minister of Economic Planning and Development (1998-2001); Elected Member of Parliament for Mafutseni Inkhundla (1998 – 2008); Appointed Member of Parliament (2008– 2013). Prior to engaging in a political career he was an academician and held the following positions: Research Assistant at University of Swaziland (UNISWA) 1981–1983, Research Fellow at UNISWA (1986–1994); Lecturer in Economics Department (1986–1998); Research Associate in Women and Law in Southern Africa. Majozi is a Fulbright Scholar (Iowa State University 1996/97) and holds academic qualifications which include a B.A. Social Sciences in Economics and Accounting from UNISWA, 1981 and an M.Sc. Agricultural Economics from the University of Alberta, Canada, 1986; and a few post graduate diplomas. He has attended many Leadership Training Programs, Emotional Intelligence Workshops and Strategy Formulation Workshops both locally and externally. He has done consultancy work while working at UNISWA. His area of specialization is Transportation Economics, Project Evaluation, and Agricultural Economics. Mr Sithole has an extensive administration experience including being Head of the Department of Economics at UNISWA, Chairman and Secretary General of the Association of Lecturers and Academic Personnel of the UNISWA, Governor of IMF/WB and Governor of the African Development Bank. He has produced over 40 papers, some of which have been published in research journals, referred journals and for specific conference papers. He is currently a board member of the Swaziland Revenue Authority, Swaziland Economic Policy and Research Centre and also serves as an Executive Committee Member of the MEFMI Secretariat. Mr. Mhlabuhlangene P. Dlamini Deputy Governor Mr Dlamini is the Deputy Governor of the Central Bank of Swaziland, a position he has held since November, 2015. Prior to this current position he has held the following:- Board Secretary and Head Legal at the Central Bank of Swaziland from 2008 – 2015; Legal Officer at the Central Bank of Swaziland from 2007 – 2008; Partner at Magagula & Hlophe Attorneys; Manager Legal Compliance Standard Bank (Swaziland) Limited; Company Secretary, Stanlib (Swaziland) and Candidate Attorney at Millin & Currie Attorneys. Mr Dlamini was a part-time Law Lecturer at the University of Swaziland Distance Education Unit. He holds professional admission as an Attorney of the Supreme Court of Swaziland and the following academic qualifications: 1 • A British Schevening Scholar; • Master of Laws in Banking and Financial Regulation (Kings College – University of London) – (Non-degreed); • Master of Laws Merchantile Law (Stellenbosch University)– (Degreed); • Bachelor of Laws (Rhodes University - (Degreed); • Bachelor of Arts in Law – University of Swaziland – (Degreed, 1994; Currently, he is a board member of the Swaziland Revenue Authority; Swaziland Post and Telecommunications Corporation; and Lomati Mine (Pty) Ltd. CENTRAL BANK OF SWAZILAND 2016/2017 ANNUAL REPORT ABRIDGED PROFILE OF BOARD MEMBERS Ms. Refiloe M. Mamogobo Board Secretary Ms Mamogobo is the Head Legal and Secretary to the Board of Directors of the Central Bank of Swaziland. She holds a Bachelor of Laws Degree (LLB) awarded in 2000 and a Bachelor of Arts Degree (B.A Law) awarded in 1998. She was admitted and enrolled as an attorney of the High Court of Swaziland in October, 2001. She was also admitted and enrolled as a Conveyancer June, 2006 and further admitted and enrolled as a Notary Public in March, 2011. She has served in several boards and including being President of the Malkerns Town Board Evaluation Court, Matsapha Town Board Evaluation Court and Ngwenya Town Board Evaluation Court. She has also served as a board member of the Swaziland Railways, Royal Swazi National Airways Corporation and the Prince Lindani Foundation. She has also served as Pro Bono Counsel for the Save the Children Fund and prosecutor for the Premier League of Swaziland. Ms Mamogobo was further appointed to the Commission of Enquiry to look into the affairs of the Municipal Council of Mbabane and served as an Executive Member of the Council of the Law Society of Swaziland – 2001/2002 : 2004/2005 and 2007/ 2008. Mr. Bheki S. Bhembe Ex-Officio Member, Principal Secretary Ministry of Finance Non-Executive Board Director Mr Bhembe has been the Principal Secretary for the Ministry of Finance since 2014. Prior to his appointment as the Principal Secretary, he held the position of Budget Director within the Ministry of Finance between 2009 and 2014. Mr Bhembe is an economist by profession with extensive experience in the public sector having served over seven years as a planning officer or economist in various departments of the Ministry of Economic Planning and Development. He has also worked as an economist and statistician for the Central Bank of Swaziland and the Swaziland Railway respectively. He holds a Master of Arts degree in Development Economics from Williams College, MA, USA, completed in June 2005. He completed his Bachelor of Arts’ Degree in 1997 from the University of Swaziland. Mr Bhembe currently serves as an Alternate Executive Director in the African Development Bank representing Lesotho, 2 Swaziland and South Africa in the Board and as an Executive Committee Member of the MEFMI Secretariat. He also has served in various boards within the country such as the Swaziland Development and Savings Bank, Swaziland Revenue Authority, National Emergency Response Council on HIV/AIDS, University of Swaziland and Swaziland Environment Authority. CENTRAL BANK OF SWAZILAND 2016/2017 ANNUAL REPORT ABRIDGED PROFILE OF BOARD MEMBERS Mr. Daniel M. Shabangu Non-Executive Board Director Mr Shabangu began his career as an Investment Analyst with Baker Williams & Associates in Cape Town, where he acquired all round skills in corporate finance advisory, dealing primarily with listed companies. He has been exposed to the practical aspects of public finance, handling SOEs at the PEU, Ministry of Finance. He was Head of loans & Equities at SIDC with responsibilities in origination, structuring and execution of project finance transactions. Mr Shabangu holds a BSc (Maths & Physics) from UNISWA and a BBusSci (Finance) from the University of Cape Town (UCT) and an MBA (finance) from Maastrict, Holland. He won a CASH Prize in economics at UCT and his MBA was awarded with distinction. He is an Alumni of INSEAD Business School in Paris, France. He has served in a number of Boards of companies locally, including Swazican, then Protea Hotel, Swaziland Water Services Corporation, Swaprop, Swazi Plaza Properties, to name a few. Mr Shabangu has advised broadly on greenfield transactions across various industries including telecommunications, pulp & paper, insurance and Water reticulation (SD), oil & gas (Mozambique), mining (Zimbabwe) and Oil Refining (Namibia). He is presently a Director of Saluelo Capital, a specialist project Finance advisory company focusing on the origination, preparation and capital raising for impactful greenfield projects regionally. Mrs. Adelaide S. Dlamini Non-Executive Board Director Mrs Dlamini is recently retired from the employ of Tibiyo TakaNgwane having served the organization and its affiliated companies for thirty years, entering at grass-roots level and culminating in the management cadre. She serves in various companies’ Boards of Directors, ranging from agriculture, leisure, property and finance industries. She often sits in the RemCo and Audit Sub-Committees of these, mainly, as Chairman or member. She has a robust knowledge of retirement funds having served as a Trustee for both