According to RSE data, the total market capitalisation reached Frw 6.68 trillion ($4.6 billion), with equities accounting for Frw 4.7 trillion ($3.3 billion) and debt instruments valued at Frw 1.9 trillion ($1.3 billion).
Total market turnover stood at Frw 4.8 trillion ($3.4 billion), dominated by over-the-counter and repo transactions, which made up 92% of activity at Frw 4.54 trillion. Bonds and equities contributed Frw 181.8 billion ($125.1 million) and Frw 6.7 billion ($4.2 million) respectively.
Capital markets also saw growth in fundraising, with Frw 359.02 billion ($250.1 million) raised in 2025, Frw 326 billion through Treasury bonds and Frw 33.02 billion via corporate bonds. Market indices reflected this upward trend, with the RSI Index rising 12.96% to 14,792.6 and the ACSI Index increasing 22.45% to 182.26.
Investor participation continued to expand, with 22,731 direct investors, 88,966 indirect investors, and an underlying investor base exceeding 250,000.
RSE also listed 16 new products, including 12 Treasury Bonds and four corporate bonds from companies such as Mahwi Grain Millers, Africa Medical Supplier (AMS), International Finance Corporation (IFC), and Energicotel PLC.
Several strategic initiatives marked 2025 as a year of innovation. RSE introduced the Green Exchange Window (GEW) and the Multi-Currency Denominated Securities Market Segment (MDS).
RSE CEO Pierre Celestin Rwabukumba said in November that the initiatives aim to deepen private-sector participation, expand access to long-term finance, and support sustainable investment across Rwanda and the continent.
“The market is ready for these instruments,” Rwabukumba said, noting that RSE has already raised more than Frw 70 billion through sustainability-linked and green bonds, reflecting strong investor interest in sustainable finance.
Additionally, in 2025, the exchange hosted the inaugural Pan-Africa ESG Awards and the 28th African Securities Exchanges Association (ASEA) Annual Conference, while gaining membership in the World Federation of Exchanges (WFE) and joining the UN Sustainable Stock Exchanges (SSE) Initiative’s Net Zero Financial Services Providers Alliance.
“The year 2025 marked a period of strong market growth, increased investor participation, and major institutional achievements for Rwanda Stock Exchange,” RSE stated, adding, “With expanding activity across equities, bonds, and OTC markets, alongside the introduction of GEW and MDS segments, RSE continues to advance innovation, sustainability, and market development in Africa’s capital markets.”
With these developments, the Rwanda Stock Exchange continues to strengthen its profile in the East African capital market landscape, attracting both domestic and international investors.
Among the major advances are kidney transplants, introduced locally in 2023, and advanced cardiac surgery. Both services are now routinely offered at King Faisal Hospital (KFH), Rwanda, underscoring the country’s steady progress in specialised care.
According to Dr. Augustin Sendegeya, the Chief Medical Officer at KFH Rwanda, a total of 88 kidney transplants were performed in 2025. During the same period, 861 heart surgeries were conducted, including 543 procedures on children and 318 on adults.
Kidney transplantation is among the most complex medical services globally, typically available only in highly advanced healthcare systems. Its availability in Rwanda reflects more than three decades of progress in the country’s health sector. Internationally, the procedure can cost upwards of USD 20,000, often within a single week.
In contrast, Rwanda provides kidney transplant services under the community-based health insurance scheme (Mutuelle de Santé), allowing patients to receive comprehensive care throughout the year.
Dr. Sendegeya noted that international partners involved in the programme are required not only to provide services but also to train Rwandan specialists.
“We are confident that from January 2026, kidney transplants will be performed entirely by Rwandan doctors, without external assistance,” he said.
The frequency of kidney transplants has also increased. While procedures were initially conducted once every three months, they are now carried out monthly, with plans underway to begin weekly transplants from 2026.
As a result, patients no longer need to travel abroad to access these services.
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Rwanda has also embarked on an ambitious programme to quadruple the number of healthcare professionals. Previously, one doctor served approximately 1,000 people, compared to the national target of four doctors per 1,000 citizens.
Two years into implementation, the programme has reached 45 per cent of its target, with 1,522 students enrolled in medical training. The Ministry of Health has further expanded medical education by introducing 14 new training programmes, bringing the total to 25 across various specialisations.
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In 2025, Rwanda recorded another medical milestone when a fetus received a blood transfusion while still in the womb, an unprecedented procedure in the country, successfully performed using advanced technology.
Improved training for specialists in maternal and reproductive health has contributed to a decline in maternal mortality, which fell from 111 to 82 deaths per 100,000 live births within a year.
Additionally, referrals of women experiencing childbirth complications to tertiary hospitals decreased by 30 per cent in secondary teaching hospitals, reflecting improved capacity at lower-level facilities.
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Rwanda is continuing its drive to eliminate cervical cancer by 2027, ahead of the World Health Organisation’s (WHO) global target of 2030.
The government estimates that achieving this goal will require an investment of USD 38.4 million. WHO targets include vaccinating 90 per cent of girls against the human papillomavirus (HPV), screening 70 per cent of women aged 30–49 using HPV DNA testing, and ensuring timely treatment for 90 per cent of women diagnosed with the disease.
Rwanda is on track to meet these benchmarks at least three years early. Plans indicate that 627,889 girls aged 12 will be vaccinated, 1,366,880 women aged 30–49 screened, and 6,277 women treated for cervical cancer.
Currently, screening coverage stands at 34 per cent. About 92 per cent of women diagnosed with early-stage cervical cancer recover following treatment, while 81 per cent of those with advanced disease receive modern care.
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Improved cancer care has gone hand in hand with strengthened emergency medical services. In Kigali, emergency responders now reach patients within 15 minutes of an incident.
Nationwide, the ambulance fleet has expanded to 510 vehicles, supporting referrals to higher-level hospitals and rapid response to accidents and acute illnesses.
These services are reinforced by the Health Intelligence Centre, launched in April 2025. The platform aggregates real-time data from health facilities across the country, enabling faster decision-making, improved oversight, and more efficient delivery of health services.
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The health sector has also seen increased investment in modern diagnostic equipment, including sensor-based digital X-ray machines, 3D CT scanners, fluoroscopy systems for real-time organ imaging, mammography units for breast cancer screening, and ultrasound machines used in obstetrics and general diagnostics.
Among the most notable acquisitions is the ZEISS KINEVO 900 S surgical microscope at KF, the first of its kind in Rwanda, which enables surgeons to visualise minute anatomical structures and perform complex procedures with robotic assistance.
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Looking ahead, Rwanda is set to begin producing medical radionuclides in 2026 for use in advanced nuclear medicine. The country has already received preliminary authorisation to produce these substances, which are used in PET scans for precise diagnosis.
This move is expected to position Rwanda as a regional hub for nuclear medicine, reducing reliance on imports from Europe and Egypt.
In April 2025, Rwanda also inaugurated a medical syringe manufacturing plant in Rwamagana District. At full capacity, the facility is expected to produce between 600 million and one billion syringes per day, supplying both domestic demand and regional markets.
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In November 2025, construction began on a USD 24 million laboratory dedicated to detecting zoonotic diseases transmitted from animals to humans. The facility is expected to be completed within two years.
Mental healthcare also advanced in 2025, with KFH introducing Ketamine therapy for severe mental health conditions, including treatment-resistant depression and acute post-traumatic stress disorder.
While traditionally used as an anaesthetic, Ketamine has been shown to produce rapid improvement in some psychiatric patients, often within hours.
This development comes amid rising demand for mental health services. Data from the Rwanda Biomedical Centre (RBC) show that, in 2022/2023, an average of 3,305 people were diagnosed with mental health-related conditions each month. CARAES Ndera Neuropsychiatric Hospital reported treating 119,859 patients in 2024/2025, a 17.7 per cent increase compared to the previous year.
Giving out his New Year message early on Monday, UN Secretary-General Antonio Guterres called for the world to invest “more in fighting poverty and less in fighting wars.”
“It’s clear the world has the resources to lift lives, heal the planet, and secure a future of peace and justice,” Guterres said. “Our future depends on our collective courage to act. This new year, let’s rise together: For justice. For humanity. For peace.”
In his annual New Year’s Eve address on Wednesday, Russian President Vladimir Putin said the unity of the Russian people “determines the sovereignty and security of our Fatherland, its development, and its future.”
“The New Year is, above all, a time when we hope for the best, for goodness and good luck,” Putin noted. “It is a special and magical holiday, when we open our hearts to love, friendship, and compassion, to sympathy and generosity.”
As South Africa hosted the first G20 summit on African soil in 2025, President Cyril Ramaphosa said Wednesday that the country stands proud that its presidency ensured the voices of Africa and the Global South were “recognised, reflected and respected.”
“Despite the challenges we face, our country is getting stronger, our economy is improving,” he added. “As we prepare to welcome a new year, let us remain united to building the South Africa of our dreams.”
Vowing “a sweeping leap and growth in all fields,” South Korean President Lee Jae Myung pledged commitment to stable growth underpinned by peace in 2026.
“Solid peace is another word for growth, and strong security is the driving force of prosperity,” he said in his New Year’s speech on Thursday morning, noting his government will step up efforts to bolster regional peace and stability through cooperation.
Despite fractured trade and rising geopolitical tensions, global economic growth proved “more resilient than anticipated,” said Singaporean Prime Minister Lawrence Wong on Wednesday.
“Let us carry this mindset into the new year — resilient and united, determined and hopeful,” he said.
British Prime Minister Keir Starmer promised to “defeat the decline and division offered by others” in his New Year message on Wednesday.
“Things have been tough in Britain for a while,” he began, promising that more people will feel once again a sense of hope in 2026, “a belief that things can and will get better, feel that the promise of renewal can become a reality, and my government will make it that reality.”
In his speech, French President Emmanuel Macron outlined his three wishes for the French people: unity, strength and hope.
“We must stand firm on what we cherish: humanity, peace, and freedom,” he said Wednesday. “So, let us look ahead and look far into the future, as citizens and as a nation. I wish you a very happy and prosperous year 2026.”
The demonstrations took place at Mahama Refugee Camp in Kirehe District and Kigeme Camp in Nyamagabe District, where refugees marched peacefully around the camps, carrying placards and chanting messages condemning what they termed incitement and discrimination.
Maj Gen Ekenge appeared on Congolese national television on December 27, 2025, during a programme discussing the security situation in eastern Democratic Republic of the Congo (DRC), particularly in areas affected by ongoing fighting in South Kivu Province. During the broadcast, he made remarks that refugees say targeted Congolese Tutsis, including comments discouraging intermarriage with Tutsi women.
The statements triggered widespread criticism and diplomatic pressure, prompting Congolese authorities to suspend Maj Gen Ekenge from his duties.
Mahama Refugee Camp, one of the protest sites, hosts about 72,100 refugees, including approximately 27,000 Congolese nationals. Many have lived in exile for more than three decades, while others were born in refugee camps after their families fled violence in eastern DRC.
Chantal Umutoni, a refugee at Mahama Camp, said the demonstration aimed to draw international attention to what she described as long-standing discrimination and insecurity facing Congolese Tutsis.
“We cannot celebrate festive seasons like others while our relatives continue to be killed or forced to flee, and the world remains silent,” she said.
She accused the DRC government of portraying Congolese Tutsis as foreigners in their own country and condemned the remarks made by the FARDC spokesperson, warning that such language could incite violence.
Umutoni and other protesters called for Maj Gen Ekenge to be held accountable under international law, arguing that his statements could encourage attacks against Tutsi women or reinforce social exclusion based on ethnicity.
Justine Mukakayonga, who has lived as a refugee for 30 years, said the remarks underscored the persistence of the violence that forced her and others to flee.
“These comments show that the conditions we escaped still exist and that the Congolese state is not ready to end them,” she said, appealing to the international community to advocate for refugees’ rights and facilitate their safe return home.
Twenty-five-year-old Eric Mandera said he was saddened by having been born in exile while what he described as hate speech against his community continues to circulate in his country of origin.
Another protester, Justin Ndagijimana, warned that labelling a particular ethnic group as untrustworthy fuels social exclusion and violence.
“When leaders portray citizens of a certain group as suspicious, it sends a message that they should be isolated or eliminated,” he said. “We are citizens like any other and deserve equal rights, including the right to return to our land and live in safety.”
Christophe Ndayisaba, a representative of Congolese refugees, said the protests were directed not only at Maj Gen Ekenge but also at what he described as a broader pattern of inflammatory rhetoric among senior DRC officials.
“Suspension alone is not enough,” he said. “We are calling for justice and concrete action from the international community so that this problem is addressed and refugees can return home with dignity.”
Similar demonstrations were held at Kigeme Refugee Camp in Gasaka Sector, Nyamagabe District, which hosts 14,415 Congolese refugees. Many have lived in exile for years, including individuals born in refugee camps who have never seen their ancestral homes due to repeated displacement.
At Kigeme, protesters marched with placards and loudspeakers, criticising the DRC government and condemning what they described as the continued spread of hate speech.
Judith Mukansanga, originally from Masisi in North Kivu Province, spoke to IGIHE while caring for her grandchild. She described the hardships of refugee life, particularly during a period when others were celebrating the New Year.
“While others celebrate, we struggle to survive,” she said, explaining that her daughter had left the child with her in search of work. “Life in exile is extremely difficult, yet the international community looks on. We want help to return to our ancestral land.”
She added that persistent hostility towards certain Congolese communities reflected a lack of political will to resolve the refugee crisis.
The DRC government has repeatedly denied targeting any ethnic group and has dismissed claims that Congolese Tutsis are persecuted. However, refugees and rights advocates point to ongoing military operations, allied armed groups, and public statements by senior officials as evidence that ethnic tensions and discriminatory rhetoric persist.
In a national address, Hassan said the government has established a national reconciliation commission aimed at healing divisions and restoring trust among citizens. She urged Tanzanians not to allow ideological or political differences to divide the nation or derail its development agenda.
“Differences are part of democracy, but they must never be used to divide the nation,” the president said, emphasizing that peace, unity, and solidarity are the foundations of patriotism and sustainable development.
Highlighting recent economic performance, Hassan said average inflation stood at 3.4 percent in 2025, while economic growth reached 5.8 percent, up from 5.2 percent in 2024.
Public debt remains sustainable, supported by efforts to refinance high-interest loans and extend repayment periods, she added.
The president said that foreign exchange reserves have risen to 6.6 billion U.S. dollars, enough to cover more than five months of imports.
Looking ahead, Hassan said Tanzania will begin implementing its National Development Vision 2050 in 2026, alongside a three-year medium-term strategy to boost government revenue through expanded use of electronic systems and stronger public financial management.
The Business Ready 2025 report, which assesses 101 economies, evaluates how ready economies are to support businesses and job creation by examining three key areas: the Regulatory Framework, Public Services, and Operational Efficiency. Rwanda’s performance stands out, especially in the Operational Efficiency pillar, where the country has made remarkable progress compared to many other developing nations.
In the Regulatory Framework pillar, Rwanda scored 71.47 points, significantly above the global average of 66.32. This strong score reflects the country’s well-established legal environment that promotes transparency, fair competition, and property rights, critical factors for attracting investment and fostering entrepreneurship. The country has created a legal landscape that supports businesses and entrepreneurs, which is essential for economic growth and development.
Rwanda also excelled in Operational Efficiency, achieving a score of 72.54, well above the global average of 60.03. This result highlights Rwanda’s effective governance in streamlining processes, reducing red tape, and improving service delivery.
However, Rwanda’s performance in the Public Services pillar reflects both notable progress and opportunities for further strengthening. The country scored 59.81, above the global average of 53.97, reflecting steady gains in areas such as digital government platforms, access to administrative services, and efforts to modernise public sector delivery.
According to the report, Rwanda is one of only three countries worldwide, alongside Bahrain and Colombia, to achieve top-quintile performance in at least one of the three core pillars of business readiness, and it is the only country in Sub-Saharan Africa to do so.
“Consistent strong performance is rare,” the report notes, adding that top results are overwhelmingly concentrated in OECD high-income economies, making Rwanda’s placement a notable exception.
The evening opened with electrifying sets from Zuba Mutesi and DJ Shooter, who fired up the crowd with hits like “Plenty Love” by The Ben and “Extra Pressure” by Bien-Aimé and Bensoul. Performances by Shemi, Angell Mutoni, Bruce The 1st, Kenny K-Shot, Bulldogg, Ruti Joël, and Kesho Band kept the energy high as fans sang along to their favorite tracks.
Kevin Kade took the stage around 4:10 AM, performing fan favorites such as “Mazi ya Nyanja”, “Pyramid (TaTa)” with Drama T and Kivumbi King, and “Jugumila”. Shaffy made his Rwanda debut, performing hits like “Bana” and “Serela”.
The night reached its peak when Tanzanian heartthrob Ali Kiba hit the stage. The award-winning singer wowed fans with his signature hits, including “Mwana” and “Aje”, and shared the stage with Kade for their collaborative track “Bebe”. Ali Kiba’s performance brought an electric atmosphere, showcasing why he is one of East Africa’s most celebrated artists.
Rwandan singer Mutima also joined the stage, performing and encouraging fans to support homegrown talent. Bwiza and Bushali kept the momentum with crowd-pleasers like “Ready”, “Ni Danger”, and “Bonane”, while Symphony Band led the audience in welcoming the New Year with “Bonane Remix”. The concert concluded with high-energy performances from Riderman, Diez Dola, and Ariel Wayz.
Beyond entertainment, attendees had the opportunity to hear President Paul Kagame’s end-of-year message, in which he reflected on Rwanda’s achievements and wished citizens a prosperous 2026.
In his end-of-year message, Kagame said Rwanda remains fully committed to implementing the Washington Accord signed with the DRC on December 4, 2025. The accord, he noted, is a critical step toward addressing the root causes of the conflict in eastern DRC and restoring regional stability.
The peace deal calls for, among other measures, the neutralisation of the FDLR militia group, which is linked to the 1994 Genocide against the Tutsi. Kigali maintains that FDLR continues to pose a security threat due to its entrenched genocidal ideology.
“Rwanda is fully committed to implementing this agreement, but any threat to the peace and security of our people is unacceptable. The threat of state-supported violent extremism is unfortunately still very real,” President Kagame stated.
Rwanda has repeatedly accused the Kinshasa administration of collaborating with the FDLR militia group amid the escalating conflict with the AFC/M23 rebels, threatening Rwanda’s security.
In his end-of-year message, President Kagame also reflected on Rwanda’s economic growth and national achievements in 2025, highlighting several milestones that elevated the country’s profile internationally. These included hosting the International Security Conference on Africa, the matriculation of the first class at the African School of Governance, and the launch of a new annual forum on nuclear power innovation for Africa.
Sports achievements also marked the year. Kigali hosted the UCI World Cycling Championships, the first time the event was held in Africa, which Kagame described as a source of national pride. Preparations are underway for the FIFA Series in 2026, aimed at nurturing Rwandan talent and strengthening the country’s presence in global sports.
Reflecting on Rwanda’s path forward, the President emphasised self-reliance, innovation, and collective responsibility as key to sustaining economic growth and national stability. He encouraged young Rwandans in particular to take ownership of the country’s future, acknowledging that progress may require sacrifices from individuals and the nation as a whole.
Speaking in his end-of-year address to Burundians on December 31, Ndayishimiye reiterated allegations he has made repeatedly in recent weeks, accusing Rwanda of undermining peace efforts in the Great Lakes region and of being responsible for insecurity in the eastern Democratic Republic of the Congo (DRC).
He claimed that Rwanda lacks commitment to regional peace, despite what he described as efforts by neighbouring countries to coexist peacefully. Ndayishimiye further alleged that Rwanda was responsible for attacks in the DRC and suggested that Burundi could be the next target, citing what he called hostile rhetoric from Burundians living in exile.
“What is happening in our neighbouring country, the Democratic Republic of the Congo, concerns us greatly,” he said. “The country attacking Congo harbours resentment against Burundi because it continues to protect killers who target our country. Nothing reassures us that after Congo, Burundi would not be next.”
The remarks stand in contrast to Ndayishimiye’s own role as a witness to the signing of regional peace agreements between Rwanda and the DRC, during which no evidence was presented to support claims that Rwanda had attacked Congolese territory. Throughout the negotiations and accompanying diplomatic engagements, Rwanda’s involvement in the conflict was not established, with Kigali repeatedly rejecting the accusations as politically motivated.
Analysts note that accusations against Rwanda have become a recurring narrative among officials in Kinshasa and its regional allies, often used to deflect attention from the AFC/M23 rebellion and to push for international sanctions against Kigali.
Ndayishimiye’s rhetoric also appears to place Burundi firmly within the political and security alignment of Congolese President Félix Antoine Tshisekedi, alongside armed groups such as the FDLR and Wazalendo militias, which are actively engaged in fighting AFC/M23 in eastern Congo. The FDLR, in particular, is designated as a terrorist group and is linked to perpetrators of the 1994 Genocide against the Tutsi in Rwanda.
In his address, the Burundian president, who closed the border with Rwanda in January 2024, said relations between the two countries would remain strained unless individuals accused of attempting a coup in Burundi in 2015 are handed over.
Rwanda has repeatedly stated that Burundians residing in Kigali who are sought by Bujumbura are recognised refugees protected under international law and therefore fall outside Rwanda’s jurisdiction.
Kigali has also accused Burundi of contributing to deteriorating relations by cooperating with the FDLR and by supporting Congolese military initiatives that, according to Rwandan officials, openly seek to undermine Rwanda’s security.
Despite renewed calls for dialogue, Ndayishimiye’s latest remarks are likely to deepen diplomatic tensions, reinforcing a narrative that regional observers say risks further entrenching divisions rather than advancing stability in the Great Lakes region.
In his end-of-year message, the Head of State noted that Rwanda’s economy performed well in 2025 but stressed that sustaining and raising growth will require innovative solutions, productive use of resources, and the active contribution of citizens.
Rwanda’s economy recorded robust growth in the third quarter of 2025, expanding by 11.8%, driven largely by strong performance in the services and industry sectors, according to recent data from the National Institute of Statistics of Rwanda (NISR).
Rwanda’s Gross Domestic Product (GDP) at current market prices was estimated at Frw 5,53 trillion in Q3 2025, up from Frw 4,66 trillion recorded in the same period last year. The expansion marks a continued acceleration in growth, following increases of 7.8% in the second quarter and 6.5% in the first quarter of 2025.
“We cannot count on anyone else to finance our development and well-being,” he said, urging young Rwandans in particular to take responsibility for the nation’s future, even when it demands personal or collective sacrifices.
“It is your task, as young Rwandans, to sustain what we have built and take it further. I hope you are prepared for that duty, including when it may require sacrifices from us individually and collectively,” he added.
Reflecting on 2025, the President highlighted several milestones that elevated Rwanda’s international profile, including the first International Security Conference on Africa, the matriculation of the inaugural class at the African School of Governance, and the launch of a continental forum on nuclear power innovation. He described these events as proof of Africa’s growing capacity to define its own path.
Rwanda also hosted the UCI World Cycling Championships from September 21 to 28, 2025, marking the first time the event was held in Africa. Kagame said the achievement brought immense national pride.
“The defining moment of 2025 was undoubtedly hosting the UCI World Cycling Championships. Bringing this competition and its elite athletes to Kigali’s streets was a source of immense pride for our nation,” he stated.
Preparations are underway for the FIFA Series in 2026, aimed at nurturing Rwandan talent and strengthening the country’s global sports presence.
On regional security, Kagame cited the Washington Accord signed with the Democratic Republic of Congo on December 4, thanking international partners, including the United States and Qatar. He warned that any threat to Rwanda’s peace and security is unacceptable, noting the continued danger of state-backed violent extremism in the region.
“Rwanda is fully committed to implementing this agreement, but any threat to the peace and security of our people is unacceptable,” he warned.
The Washington Accord calls for the neutralisation of the FDLR militia group linked to the 1994 Genocide against the Tutsi, and which Rwanda maintains poses a security threat to the country.
Kagame concluded by urging citizens to remain vigilant, ambitious, and responsible, emphasising that everyone has a role to play in advancing national goals.
“The future we deserve is within reach. We must stay the course, remain positive and continue aiming higher. As we celebrate the end of the year, I urge everyone to stay vigilant and mindful of your safety and that of others around you,” he noted.
