A motion sponsored by Kubuta Member of Parliament Masiphula Mamba has sparked debate in Eswatini's parliament, calling for the Central Bank of Eswatini (CBE) to be audited by the auditor general. The motion demands that the minister for Finance table a draft amendment to the Central Bank of Eswatini Order of 1974, enabling the Office of the Auditor General (AG) to audit the CBE. However, Section 51 of the Central Bank Order already provides for the AG to examine and report on the bank's accounts or operations.
The motion, which appeared on the Order Paper for the House of Assembly sitting on September 9, 2026, was not moved due to Mamba's absence. Minister for Finance Neal Rijkenberg was also absent, with Minister for Housing and Urban Development Appolo Maphalala standing in for him. Despite this, Lobamba Lomdzala MP Marwick Khumalo rose to share information, pointing out that the motion's objectives were already provided for in the Central Bank Order of 1974.
CBE Governor Dr. Phil Mnisi has clarified the bank's accountability structures, noting that Section 51, Subsection 4 of the Central Bank Order explicitly provides for an AG review. However, Mamba maintains that the motion will not be changed or withdrawn, citing the Constitution of Eswatini (2005), which states that the AG must audit all government funds, including the CBE. Mamba argues that the word "may" in the Order means the minister can direct the AG to audit the CBE at their discretion.
The debate is taking place as parliament considers the proposed Central Bank of Eswatini Bill, 2026, which will repeal the Central Bank Order of 1974. The Bill retains the AG's oversight role over the bank, introducing a strengthened external auditing framework. Clause 70(7) of the Bill states that the minister may instruct the AG to examine and report on the operational efficiency of the bank's management.
The proposed legislation requires the Central Bank's accounts, records, and financial statements to be audited at least once a year by an independent external audit firm. These audits must be conducted in accordance with International Standards on Auditing, with auditors from public accounting firms of good repute and recognized international experience in auditing major financial institutions. The Bill also introduces auditor rotation, requiring the external audit firm to be replaced after serving no more than three consecutive terms.
The AG's role under the proposed legislation would provide an additional avenue for examining the operational efficiency of the bank's management. While the external auditors focus on the bank's financial statements, the AG's audit would provide further oversight. The Central Bank of Eswatini Complex is currently under construction in Ezulwini, with an artist's impression of the complex having been released.
The Eswatini Times reports that the Facebook page of the publication has 525k likes and 6k followers, while their Instagram page has 5k followers. The publication's YouTube channel has 1.3k subscribers, and their TikTok account has 23k followers. The debate on the motion and the proposed Bill will likely continue in the coming weeks.
Key points
- The motion calling for the auditor general to audit the Central Bank of Eswatini has sparked debate, despite existing legislation already providing for such an audit.
- The proposed Central Bank of Eswatini Bill, 2026, retains the AG's oversight role over the bank, introducing a strengthened external auditing framework.
- The Bill requires the Central Bank's accounts to be audited at least once a year by an independent external audit firm, in accordance with International Standards on Auditing.
