A Firsthand Look Inside Africa’s Evolving Equity Markets and Economic Growth
Senior leaders at FCA Corp and Commonwealth International Series Trust recently hosted a two-week conference in Ethiopia and Malawi for RIA clients and business associates. In partnership with Africap LLC, an Africa-focused private equity fund, the trip provided firsthand insight into the investment landscape, economic development and financial markets in both countries.
Ethiopia’s Commitment to Economic Growth
The visit to Ethiopia highlighted a relationship that goes back decades. Gezahgen Kebede, a member of the Board of Directors of Africap LLC, introduced Robert Scharar, CEO and Founder of FCA Corp and President of Commonwealth Funds, to investment opportunities in Ethiopia in the mid-1990s. Since then, Rob and Ryan Scharar, President of FCA Corp, have continued to follow the country’s economic development and evolving investment landscape.
They met with leaders of the Ethiopian Securities Exchange (ESX), gaining a firsthand look at the development of Ethiopia’s capital markets. The country has been a topic of discussion over the past year, which we covered in our prior article, Ethiopia’s New Chapter. This visit provided an opportunity to see the progress firsthand and hear directly from those involved in shaping the country’s financial and economic future.
Ringing the Bell at the Ethiopian Stock Exchange (ESX)
Left to right: Vizenge Kumwenda, GMD NICO Holdings Plc, Malawi, Brian Boyle, 2026 Wireless Hall of Fame Inductee and Africap AI Technology Committee Chair, Eliza Morford, FCA Conference Chair, Robert Scharar, and Gezahgen Kebede visit the Ethiopian Securities Exchange (ESX)
Ethiopia’s development is also attracting increased international attention. The country announced $13 billion in investment deals at its 2026 investment conference, reflecting growing international interest in the country’s economy. Foreign direct investment was also an area of discussion during the visit, along with the development of Ethiopia’s equity markets, commercial markets and broader financial infrastructure.
Malawi’s Growing Business and Financial Landscape
Malawi was the second stop on the conference, where attendees had the opportunity to learn more about the country’s business and financial markets. Presentations from leaders of the Malawi Stock Exchange and local banks provided insight into the country’s financial system and the developments taking place within its commercial markets.
The conference also overlapped with the launch of the American Chamber of Commerce in Malawi. (Ryan Scharar serves as interim chair). The new organization is focused on strengthening trade, investment and commercial relationships between Malawi and the United States, adding another layer to FCA Corp’s longstanding involvement in the country.
Ryan Scharar with the directors at the launch of the American Chamber of Commerce in Malawi
Ryan Scharar and Felister Dossi the Group Head of Legal, NICO Holdings Plc, presenting Certificate of Incorporation
Commonwealth Funds Africa Fund
For leaders of FCA Corp and Commonwealth Funds, being engaged firsthand provides a closer perspective on the developments shaping African markets. That perspective also informs the work of the Africa Fund (CAFRX), the U.S. mutual fund which invests in companies listed on African Stock Exchanges. The Fund provides an opportunity to invest in the continent of Africa, where relatively few U.S. dedicated investment funds are available.
By meeting with business, financial and social service organization leaders, they learned about developments within individual countries and continue to build relationships across Africa. FCA Corp and Commonwealth Funds remain engaged with the markets and economies that are shaping Africa’s future.