How Rwanda Is Achieving Rapid Economic Growth

-

Rwanda is a small nation making a big impact in the world economy. Given its history of instability and poverty, the country’s economic transformation is dramatic. From a war-ravaged country to a rapidly developing one, Rwanda’s economic growth has been impressive over the past two decades, with Liberia and Mozambique being the only Sub-Saharan African countries outperforming it in terms of economic growth within the same period.

Rwanda is experiencing rapid economic growth due to a combination of factors, including sound fiscal and monetary policies, investments in infrastructure, improvements in the quality of life, and most importantly, strategic partnerships. One of the most notable partnerships is the one with Qatar, with the emphasis on aviation and investment in the airline industry. President.⁴ Paul Kagame of Rwanda revealed his views on key national and international topics, during an interview with Bloomberg Television at the Qatar Economic Forum, highlighting this particular coalition. Qatar Airways cargo hub in Rwanda, and architectural plans for a jointly invested airport with Qatar, are some of the evidence of the substantial partnership between the two nations – the latter is expected to be 70% complete by year-end.

The Rwandan government has also made significant investments in other economic sectors. For example, the nation is investing in technology and biotechnology, such as manufacturing vaccines in partnership with BioNTech. The partnership with the NBA for the Basketball Africa League is yet another testament to the nation’s commitment to develop and grow its economy. As Kagame emphasised, the primary focus of the nation is economic growth and meeting the needs of its citizens – developing and generating job opportunities, and providing quality education and healthcare services.

Rwanda’s Role in the Region

When President Paul Kagame of Rwanda was recently questioned about regional instability, particularly ongoing issues in the Democratic Republic of Congo (DRC), he was adamant that Rwanda was part of the solution, not the problem. He underlined the need for international frameworks and dialogue mediated by entities such as the African Union and the United Nations in order to address the conflict. Meanwhile, Kagame also highlighted Rwanda’s ongoing efforts to promote economic growth and financial stability, showing its ability to repay a €400 million bond even when other African countries struggle with debt.

The Rwandan president further discussed how the current system of allowing access to financing, particularly from developed economies, is inappropriate and unfair. He made an example of the IMF using the Special Drawing Rights during the current COVID-19 pandemic where Africa was underrepresented with a small share of the funds compared to the developed countries. As a result, Kagame called for a rethinking of the international financing system that could potentially benefit African countries.

At the same time, Kagame also shared Rwanda’s highly-contested partnership with the UK concerning asylum seekers. He made clear that this partnership was established due to the need of taking action to resolve the human migration crisis. Kagame’s speech was focused on Rwanda’s national vision and international strategic engagement, driven mainly by sustainable development and economic partnerships. He suggested that Rwanda’s forthcoming projects such as investing in infrastructure and manufacturing, along with investing in aviation and biotechnology, will ensure that the country’s economy continues to grow under his leadership.

Ericson Mangoli
Ericson Mangoli is the founder and Managing Editor of Who Owns Africa, a platform for African journalism that focuses on politics, governance, and business. Mangoli is passionate about African stories and believes that media has a crucial role to play in driving the continent's development. In his work, he strives to promote accuracy and objective reporting on Africa.

Leave a Reply

Related Articels

Economic Turmoil: Nigeria hit with currency crisis and inflation surge

Nigeria is currently facing one of its worst economic crises in recent years, with the country grappling with soaring inflation and a currency in a...

Africa’s Rise: The world’s fastest-growing economies revealed in AfDB report

In a recent report released by the African Development Bank Group, it has been revealed that Africa is set to become home to eleven of...

AfDB unveils plan to spark Africa’s economic boom in 2024

The African Development Bank Group (AfDB) has recently unveiled its plan to ignite Africa's economic boom in the year 2024. According to the bank's latest...

UAE considering $22 Billion purchase of Egypt’s shoreline

The United Arab Emirates (UAE) is considering a massive $22 billion purchase of Egypt's shoreline in a bid to support the Egyptian economy, according to...

Most Read