MBABANE – Eswatini’s capital markets are poised for a historic transformation as the Eswatini Capital Markets Association (ECMA) announced plans to establish a fully functional bond exchange.
This move promises to reshape the country’s financial landscape and unlock new avenues for national development.
Speaking during the relaunch of the association last week, ECMA Chairperson Thabo Magagula revealed that the project, spearheaded in partnership with SNG Grant Thornton Advisory and the Eswatini Stock Exchange (ESE), represents a strategic leap forward in the country’s pursuit of a dynamic and inclusive capital markets ecosystem.
Magagula highlighted that the creation of a bond exchange will provide a transparent, structured and liquid platform for both government and private sector debt instruments.
This will open critical channels for long-term infrastructure financing, municipal and corporate bond issuance, pension fund diversification and increased investor confidence.
“We are not merely catching up — we are setting a new standard for how capital can be mobilised to fund real, tangible development,” said Magagula.
He added that the bond exchange will act as a catalyst for mobilising local and international capital, enabling Eswatini to fund strategic sectors such as infrastructure, health and education, while providing businesses with the means to scale and innovate.
Outlining ECMA’s long-term vision, Magagula emphasised the goal of building a trusted and vibrant capital markets ecosystem that unlocks development capital, supports small and medium enterprises, drives job creation and promotes transparency and investor literacy.
“Our ambition is to create a market that integrates digital platforms, embraces sustainable financing tools such as green bonds and fosters an environment where both institutional and retail investors can thrive,” he said.
Magagula stressed that the success of the initiative hinges on broad collaboration across government, financial institutions, the private sector and civil society.
He also called on banks, collective investment scheme (CIS) license holders and asset managers to engage actively with ECMA in shaping market solutions that reflect both operational realities and investor needs.
Addressing corporates and public enterprises, Magagula urged them to view capital markets not merely as funding sources but as strategic partners in their growth stories.
He also encouraged academia, media and civil society to play a central role in embedding capital markets literacy into the national culture.
Full story in today’s paper.
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