Africa-Press – Eswatini. According to Eswatini Capital Markets Association (ECMA) Chairperson Thabo Magagula, Eswatini still does not have a portfolio manager of its own. Despite having skilled professionals, the country continues to send funds to South Africa due to a lack of confidence in local investment expertise.
Magagula expressed concern over Eswatini’s continued reliance on South Africa for investment management, even though the country produces capable and qualified Emaswati. He emphasized that it is time for Eswatini to place trust in its own professionals to manage both local and external investments.
The Chairperson made these remarks during the ECMA launch event, held at the Hilton Garden Inn on July 24, 2025. The event also recognized professionals in the capital markets industry and highlighted efforts to enhance the capital markets sector, stimulate the Eswatini Stock Exchange, and honor corporate trailblazers in the industry.
Magagula, who has worked in the financial services sector for over two decades, expressed frustration that investment management is still outsourced to South Africa, despite the presence of intelligent, capable, and qualified local professionals.
“We keep taking money out of the country to be managed by others, while our own professionals are overlooked. It’s not just about investing in Eswatini, it is about allowing Emaswati to manage and grow that money, even on platforms like the South African Stock Exchange,” he said.
The ECMA Chair stressed the importance of rebuilding confidence in local expertise and urged both public and private institutions to support home-grown talent. He said this was crucial to prevent Emaswati from falling victim to unregulated or risky investment schemes, which have become increasingly common in recent years.
The launch of the association marks a significant step toward strengthening the capital markets ecosystem in the Kingdom. ECMA aims to foster collaboration among market players, advocate for regulatory reform, promote investor protection, and drive financial literacy.
Magagula also noted that ECMA would play a key role in supporting government efforts to raise capital through instruments such as municipal and infrastructure bonds.
“We want to ensure that any initiative be it by government or the private sector comes through a structure that is self-regulated and accountable,” he said.
He concluded with a call to action “Let us trust our people. We are able, capable, and willing.”
The event signaled not just the revitalization of the association but also a renewed vision for Eswatini’s financial future built on local expertise and collective confidence.
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