Rwanda is a resilient, forward-looking country with a vision of becoming a high-income country by 2050.

In the last thirty years, Rwanda has redefined itself as the preferred investment and tourism destination in the world.

Under H.E President Paul Kagame’s leadership, Rwanda has become a reference point for good governance in the region, political stability with well-functioning institutions, observance of the rule of law and zero tolerance for corruption.
Rwanda today prides itself in being among the easiest, safest and cleanest places to do business and travel to in the world.

Rwanda at A glance

The economy has grown at an annual GDP average rate of 7.5% since 2007.

• GDP per capita stands at USD 1,040
• GDP (10 yr growth) Rwf 16.355 bn
• Literacy stands at 79%, while Unemployment is at 12.9%
• Currently, the services sector is the largest contributor to GDP. The sector contributes about 44%, followed by Agriculture at 27% and the Industrial sectors at 22% respectively.

Rwanda has consistently been given high ratings by Fitch and S&P

In 2024, Fitch affirmed Rwanda’s B+ ratings (Outlook Stable), reflecting Rwanda’s strong governance and doing business metrics, low public debt/GDP and high growth potential.

Rwanda has also consistently emerged as the top global reformer in the annual World Bank Doing Business reports. The 2019 World Bank Doing Business Report positioned the country as the second easiest place to do business in Africa and 29th globally.

Key Facts About Rwanda

• Name: Republic of Rwanda Land size: 26,338 sqm Capital City: Kigali
• Time Zone: UTC +2 (Central Africa Time)
• Languages: English, French, Kinyarwanda, Kiswahili
• Currency: Rwandan Franc
• GDP per capita:USD1,040
• GDP growth: Over 8% per annum
• Population:13.2 Million
• Climate: Temperate all year round (21-27 degrees Celsius).

Geography

Rwanda is a landlocked country situated in central Africa. Also known as ’the land of a thousand hills’, Rwanda has five volcanoes, twenty-three lakes and numerous rivers, some forming the source of the River Nile. The country lies 75 miles south of the equator in the Tropic of Capricorn, 880 miles ’as the crow flies’ west of the Indian Ocean and 1,250 miles east of the Atlantic Ocean – literally in the heart of Africa. Rwanda is bordered by Uganda to the north, Tanzania to the east, Burundi to the south and the democratic republic of Congo to the west.

Anyone visiting ’the land of a thousand hills’ is in for a multitude of surprises. The loveliness and variety of the landscapes in this ’green country’ is dominated to the north by volcanoes and bordered by Lake Kivu to the west. In Rwanda the great animals of the wild are protected from poachers and roam free in the vast national parks. The Volcanoes National park in the Virunga volcanic mountains with its high altitude forests, are world famous for mountain gorillas – timid and passive family oriented giants – which is teeming with wildlife both large and small, while Lake Kivu to the west offers beautiful beaches, jutting pennisulas and an archipelago of islands.

National Economic Performance In 2023, the Rwandan economy demonstrated resilience and stability, with a GDP growth of 8.2% (RWF 16,344 billion up from RWF 13,720 billion in 2022). The services sector contributed 44%to the GDP, the agriculture sector contributed 27%, and the industry sector contributed 22%.

The overall growth of the industry sector was 10%, attributed to strong performance of manufacturing and construction activities. The growth in manufacturing was boosted by a 14% increase in food processing activities; 20% increase in textiles, clothing & leather goods; 21 % increase in chemicals rubber & plastic products; and 19 % increase in wood, paper, and printing activities.

The service sector saw commendable overall growth of 11%, propelled by ICT (Information & Communications Technology) which registered an impressive 35% growth; 18% increase in hotels & restaurants activities; 9% increase in wholesale & retail trade activities; and 13% increase in transport activities, with air and land travel growing by 29% and 9%, respectively.

The economy exhibited strong performance, as shown by notable improvements in job creation metrics. The unemployment rate decreased from 20% in 2022 to 17% in 2023, while annual job creation surged from 196,000 in 2022 to 235,000 in 2023.

Important links

Ministry of Finance and Economic Planning

National Institute of Statistics

National Bank of Rwanda

Regional Integration

The East African Community (EAC) is a regional intergovernmental organisation of eight Partner States: Burundi, Kenya, Rwanda, South Sudan, Tanzania, Uganda, Somalia, and the Democratic Republic of Congo. Its headquarters are in Arusha, Tanzania.

The EAC is home to an estimated 302.2 million citizens, of which over 30% are urban. With a land area of 5.4 million square kilometres and a combined Gross Domestic Product of US$312.9 billion, its realisation bears great strategic and geopolitical significance and prospects for the renewed and reinvigorated EAC.

The work of the EAC is guided by its Treaty, which established the Community. It was signed on 30 November 1999 and entered into force on 7 July 2000 following its ratification by the original three Partner States – Kenya, Tanzania and Uganda. The Republic of Rwanda and the Republic of Burundi acceded to the EAC Treaty on 18 June 2007 and became full Members of the Community with effect from 1 July 2007. The Republic of South Sudan acceded to the Treaty on 15 April 2016 and became a full Member on 15 August 2016.

The Democratic Republic of the Congo acceded to the EAC Treaty on 8 April 2022 and became a full member on 11 July 2022. The Federal Republic of Somalia became a full member upon depositing its instrument of ratification with the EAC Secretary-General on 4 March 2024.

As one of the fastest-growing regional economic blocs in the world, the EAC is widening and deepening cooperation among the Partner States in various key spheres, including political, economic, and social, for their mutual benefit.

The regional integration process is currently in full swing, as reflected by the encouraging progress of the East African Customs Union, the establishment of the Common Market in 2010, and the implementation of the East African Monetary Union Protocol.

Current status

The process towards an East African Federation is being fast-tracked, underscoring the serious determination of the East African leadership and citizens to construct a powerful and sustainable economic and political bloc.

For more information visit www.eac.int

International Relations

Rwanda is a member of several global and regional organizations and treaties of interest to potential investors, including the following:

• The African Trade Insurance Agency (ATI)
• The Common Market for Eastern and Southern Africa (COMESA)
• The East African Community
• The Cotonou Agreement between the European Union and African, Caribbean and Pacific States (ACP)
• The International Centre for the Settlement of Investment Disputes (ICSID)
• The Multilateral Investment Guarantee Agency (MIGA)
• The Paris Convention on Intellectual Property, the Universal Copyright Convention and the Berne Copyright Convention
• The World Intellectual Property Organization (WIPO)
• The World Trade Organization (WTO)
• African Continental Free Trade Area
• Communaute Economique des Pays des Grand Lacs (CEPGL)

Rwanda has also signed several bilateral investment treaties (BITs) and double taxation treaties (DTTs) with countries such as Barbados, Belgium, South Africa, Singapore, Luxembourg, Republic of Congo, China, Mauritius, Jersey, Turkey, UAE, Qatar and Morroco.