Author: Wycliffe Nyamasege

Inside Rwanda’s trade numbers: Key commodities driving growth

While the total value of all exports, including non-merchandise items, fell by 14.5 percent to USD 1,182.7 million, down from USD 1,382.7 million in the same period of 2024, the nation’s core merchandise export earnings grew by 6.2 percent, reaching USD 826.0 million from USD 777.7 million.

This growth was driven by gains in traditional crops and manufactured goods, highlighting a healthy shift in Rwanda’s export profile.

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Traditional exports, a cornerstone of the economy, led the momentum, with revenues increasing by 29.7 percent to USD 254.3 million, up from USD 196.2 million in the first half of 2024. These goods now account for 30.8 percent of total merchandise exports, up from 25.2 percent in the same period last year.

Coffee receipts soared by 159.1 percent, while mineral exports rose by 30.8 percent. These strong performances were supported by favourable weather and higher global commodity prices. Tea, however, recorded a 3.2 percent decline due to a 4.7 percent drop in unit prices, despite a modest 1.6 percent increase in volumes.

Non-traditional exports also gained traction, rising 22.7 percent to USD 212.2 million from USD 173.0 million, increasing their share of merchandise exports to 25.7 percent from 22.2 percent.

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Despite export gains, the overall merchandise trade deficit widened by 3.6 percent to USD 1,488.4 million, from USD 1,436.3 million in the first half of 2024, driven by a 4.5 percent increase in merchandise imports, which reached USD 2,314.3 million.

Rising imports reflect strong domestic demand for capital and intermediate goods. Consumer goods imports grew 18.9 percent in value and 12.6 percent in volume. Food imports rose 19.3 percent in value and 13.0 percent in volume, while non-food products increased 18.5 percent in value and 10.2 percent in volume.

Consequently, the export-to-import ratio fell to 45.3 percent, down from 49.1 percent, a 7.8 percent decline.

Re-exports fell by 17.6 percent to USD 277.4 million, reducing their share of total merchandise exports to 33.6 percent from 43.3 percent. Conversely, informal cross-border trade increased slightly to 9.9 percent, up from 9.2 percent.

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Rwanda recorded strong performance within the East African Community (EAC). Formal exports to the EAC surged 30.4 percent to USD 155.1 million from USD 118.9 million, driven by growth to the Democratic Republic of Congo (up 72.9 percent) and Uganda (up 26.4 percent).

At the same time, imports from EAC countries contracted 28.9 percent to USD 545.5 million from USD 767.4 million, mainly due to sharp declines from Kenya (84.5 percent drop) and Tanzania (25.4 percent drop). As a result, Rwanda’s trade deficit with the EAC narrowed by 39.8 percent, falling to USD 390.4 million from USD 648.6 million.

October 12, 2025
Rwandan troops join forces with diaspora and SFH for malaria outreach in Juba

The initiative, aimed at supporting the well-being of IDPs, brought together peacekeepers, community members, and partner organisations in a coordinated campaign to reduce the risks and impact of malaria.

During the outreach, participants engaged in clearing overgrown vegetation, eliminating mosquito breeding sites, educating residents on malaria prevention methods, and distributing mosquito repellents to families living in the camp.

Speaking at the event, Colonel Leodomir Uwizeyimana, Commander of the Rwanbatt-3 Contingent and representative of the Rwandan peacekeepers in UNMISS, emphasised the importance of collaboration between peacekeepers and the local community. He encouraged residents to actively maintain a clean environment by removing bushes and stagnant water, crucial steps in preventing malaria transmission.

Simon Khan Lok, Chairman of the Mangateen IDP Camp, praised the initiative, highlighting how the partnership promotes community health by combining education with practical tools to fight malaria.

Malaria continues to pose a serious health challenge in Mangateen, located on the outskirts of Juba. This outreach activity underscores the shared commitment of Rwandan peacekeepers, diaspora groups, and health organisations to improving the living conditions and health outcomes of displaced residents.

October 12, 2025
Madagascar president warns of coup attempt as soldiers join protests

“The Presidency of the Republic wishes to inform the nation and the international community that an attempt to seize power illegally and by force, contrary to the Constitution and to democratic principles, is currently underway,” Rajoelina said in a statement released on Sunday morning.

The warning followed dramatic scenes on Saturday when soldiers from the elite CAPSAT unit abandoned their barracks on the outskirts of the capital to join demonstrators at the historic Place du 13 Mai. This is the same unit that played a key role in the 2009 uprising that first brought Rajoelina to power.

The troops were widely reported to have been greeted by cheering crowds as they marched into the city centre, calling on security forces to “refuse orders to shoot” and condemning what they described as excessive police force used against protesters.

The protests, led largely by young people identifying with a “Gen Z” movement, began on September 25 in response to chronic power outages and water shortages but have since morphed into a broader call for political reform.

Demonstrators are demanding Rajoelina’s resignation, an apology for violence against protesters, and the dissolution of both the Senate and the electoral commission.

According to the United Nations, at least 22 people have been killed and more than 100 injured since the demonstrations began. The government disputes those figures, with President Rajoelina insisting that only 12 people, whom he described as “looters and vandals”, have died.

Prime Minister Ruphin Zafisambo, appointed just weeks ago, urged calm and dialogue in an address on Saturday evening, saying the government “remains firm but ready to collaborate and listen to all forces — the youth, unions, and the army.” He warned that “Madagascar will not withstand another crisis if this division among citizens continues.”

The presidency also issued assurances that President Rajoelina “remains in the country” and is “managing national affairs.”

Madagascar has a long history of political instability and military interventions since gaining independence from France in 1960. Rajoelina himself rose to prominence during mass protests that ousted then-president Marc Ravalomanana in 2009, with the backing of the same CAPSAT unit now rebelling against him. He went on to win presidential elections in 2018 and 2023, both marred by opposition boycotts.

October 12, 2025
U.S. welcomes DRC’s call for FDLR to disarm and surrender

U.S. Senior Advisor for Arab and African Affairs Massad Boulos said on Saturday that Washington supports the DRC’s “decisive step” to implement the accord, calling it crucial for “facilitating repatriation, restoring state authority, and strengthening stability across the Great Lakes region.”

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In a communiqué issued on October 10, the Armed Forces of the Democratic Republic of Congo (FARDC) directed all FDLR factions operating on Congolese territory to immediately lay down their arms and surrender to Congolese authorities or to the UN mission, MONUSCO, for repatriation to Rwanda.

The statement, signed by Major General Ekenge Bomusa Efomi Sylvain, said the order follows the operational directive adopted on October 1 by the Joint Supervisory Committee overseeing the implementation of the Washington Peace Agreement, which was mediated by the United States.

The FARDC also urged civilians living in areas under FDLR influence to cut all ties with the rebel group and to encourage its members to surrender peacefully. It warned that any refusal to comply would lead to forced disarmament “by coercion or use of force” in accordance with the Washington accord.

The Congolese army further warned its personnel that collaboration of any kind with the FDLR is strictly prohibited, noting that any soldier found aiding or coordinating with the group would face “severe disciplinary sanctions.”

“The Armed Forces of the Democratic Republic of Congo exhort the FDLR to facilitate the ongoing peace process by surrendering without violence or bloodshed,” the statement concluded.

The Democratic Republic of Congo and the Republic of Rwanda signed the Washington Peace Agreement on June 27, 2025, under U.S. mediation.

Under the deal, Kinshasa committed to dismantling the FDLR, a militia formed by elements responsible for the 1994 Genocide against the Tutsi in Rwanda. Kigali has long raised concerns that the group’s continued presence and cooperation with the Congolese army pose a persistent security threat to Rwanda and regional stability.

The implementation of the Washington Pact has faced setbacks in recent months, with Rwanda accusing President Félix Tshisekedi’s administration of lacking good faith in its execution. It remains to be seen whether the FDLR, which is deeply entrenched within some government forces, will finally be dismantled, potentially easing long-standing tensions between Rwanda and the DRC.

October 12, 2025
Trump orders Pentagon to pay Troops despite gov’t shutdown

In a post on his Truth Social platform on Saturday, Trump said the move was necessary to prevent service members from missing their regular pay due on October 15.

“I will not allow the Democrats to hold our Military, and the entire Security of our Nation, HOSTAGE, with their dangerous Government Shutdown,” he wrote.

The instruction, which Trump said draws on his authority as Commander in Chief, comes amid growing concern that troops would miss their first paycheck since the shutdown began on October 1.

The Office of Management and Budget (OMB) has reportedly notified Congress of plans to reallocate research and development funds within the Department of Defence to cover the payments. According to sources cited by NBC News, there are sufficient funds available for at least two years.

The Defence Department has not yet publicly commented on the directive.

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The shutdown, now in its twelfth day, has deepened the standoff between Republicans and Democrats over a federal spending plan. Democrats have refused to back a Republican proposal unless it includes provisions to maintain key health insurance tax credits and reverse Trump’s cuts to Medicaid, the healthcare program serving low-income and elderly Americans.

Republicans, in turn, accuse Democrats of prolonging the crisis and disrupting essential services. Trump reiterated this position on Saturday, writing: “The Radical Left Democrats should OPEN THE GOVERNMENT, and then we can work together to address Healthcare, and many other things that they want to destroy.”

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While military personnel are considered “essential” and must continue working even without pay, around 750,000 other federal employees—roughly 40% of the government workforce—have been furloughed without pay.

In a highly unusual move during a shutdown, the Trump administration has begun permanently laying off thousands of workers across several agencies. White House Budget Director Russell Vought confirmed the move Friday, posting on X: “The RIFs have begun,” referring to “reductions in force.”

According to administration disclosures, more than 4,000 employees have already been terminated across seven federal agencies. The Centres for Disease Control and Prevention (CDC) saw its entire Washington, D.C. office dismissed, including staff working on immunisations, Ebola response, and the agency’s Morbidity and Mortality Weekly Report.

A spokesperson for the Department of Health and Human Services, which oversees the CDC, said the cuts targeted “nonessential” personnel and were part of efforts to eliminate “wasteful and duplicative entities” under Trump’s Make America Healthy Again agenda.

Employees at the Treasury Department and the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency were also among those laid off.

The American Federation of Government Employees (AFGE) and the AFL-CIO have filed a lawsuit in federal court in Northern California seeking to block the layoffs, calling them unlawful.

“It is disgraceful that the Trump administration has used the government shutdown as an excuse to illegally fire thousands of workers who provide critical services to communities across the country,” said AFGE President Everett Kelley.

In court filings opposing the unions’ motion, the Justice Department revealed that additional cuts could affect staff at the Departments of Education, Housing and Urban Development, Commerce, Energy, and the Environmental Protection Agency. The filing argued that halting the layoffs would “irreparably harm the government.

October 12, 2025
Energicotel’s oversubscribed Frw 2 billion bond listed on Rwanda Stock Exchange

The Frw 2 billion bond marks the second tranche of Energicotel’s Long-Term Fixed Rate Bond Program, first introduced in 2021.

The listing highlights the growing role of Rwanda’s capital markets in financing private sector growth and supporting the country’s energy transition.

Energicotel, a leading Independent Power Producer (IPP) and energy solutions provider, plans to use proceeds from the bond to expand power generation capacity and implement energy efficiency projects.

At the listing ceremony, RSE CEO Pierre Celestin Rwabukumba commended Energicotel for its consistent performance and transparency.

“Energicotel is not just a power-producing company. With their work, they are powering progress and empowering people. Four years ago, they joined our fixed-income market after graduating from the Capital Market Investment Clinic, and today they are back to list the second tranche, a testament to sustained growth and investor confidence,” he said.

The RSE boss noted that the company’s journey, which began with its participation in the Capital Market Investment Clinic in 2021, exemplifies how Rwandan firms can leverage capital markets to fund expansion and gain credibility.

“Capital markets don’t just offer capital; they provide visibility and trust for companies to operate and compete in today’s business landscape”.

Capital Markets Authority CEO Thapelo Tsheole said the listing reflects strong collaboration between market participants and growing citizen engagement in Rwanda’s capital markets.

“This achievement shows the strength of our partnerships and the growing participation of citizens in our market. We are committed to building on this momentum to deepen market confidence and drive economic growth,” Tsheole stated.

Ivy Hesse, Acting Managing Director at BK Capital, the transaction advisor and lead arranger, highlighted Energicotel’s disciplined preparation.

“The universe doesn’t give to those who just want, but to those who prepare. From the beginning, Energicotel prepared itself by joining the investment clinic, setting clear intentions, and proving its commitment. Investors responded by giving them the capital to bring their vision to life,” she said

Access to Finance Rwanda CEO Jean Bosco Iyacu described the oversubscription as a sign of Rwanda’s maturing capital market.

“When we first engaged Energicotel in 2021, they were among the first SMEs to take the leap into the bond market. Today’s listing shows how far we’ve come,” he said

Energicotel Executive Director Ferdy Turasenga thanked investors and partners for their faith in the company’s vision.

“When the government focuses on providing essential needs like electricity and water, businesses like ours find an opportunity to contribute. Our investments create jobs for engineers, bankers, and communities, and their impact will last for generations,” he said.

He noted that Energicotel’s mission extends beyond profits to long-term socioeconomic transformation.

“Wherever we invest, we plant seeds for young engineers and innovators who will carry this work forward. Investing in engineering is not just a financial return, it’s a social return,” he said.

Rwanda’s capital market currently lists over 100 instruments, including 86 government bonds, seven corporate bonds, sustainability-linked and green bonds, and 10 equities.

The successful Energicotel listing affirms the country’s commitment to a dynamic and inclusive capital market that channels private investment into national development.

October 10, 2025
AFC/M23 signals intention to capture Uvira in the coming days

Busu Bwa Ngwi Patrick, the South Kivu governor appointed by AFC/M23, disclosed this on Thursday, October 9, 2025, while handing over an electricity transformer to residents of Kamanyola Centre in Walungu territory.

Governor Busu told residents that the rebel coalition remains committed to removing the “bad government” of President Félix Tshisekedi and invited willing citizens to join the movement. He added that the coalition’s military commander, Gen. Maj. Sultani Makenga, tasked him with informing the local population that operations to take Uvira would begin soon.

“In a few days, we will move to capture Uvira,” Busu quoted Gen. Maj. Makenga as saying.

The announcement comes amid a strong presence of FARDC forces in Uvira and surrounding areas, supported by Burundian troops and local militias, including Wazalendo fighters led by William Yakutumba and John Makanaki, who have vowed to resist any incursion by AFC/M23.

Prof. Stanislas Baleke, a senior AFC/M23 leader, urged the commanders to leave Uvira promptly to avoid casualties. “Flee immediately when you hear the first gunshot. I don’t want you to die,” he said.

AFC/M23 has recently clashed with Wazalendo forces across South Kivu, capturing areas including Chulwe, Kintuluku, and Lubimbe near Shabunda and Mwenga centres.

The latest developments come amid efforts to silence the guns in eastern DRC through dialogue in Qatar, which have been hampered by setbacks and counter accusations of ceasefire violations.

October 10, 2025
Rwanda exposes Tshisekedi’s misrepresentations at Brussels forum

In his speech on Thursday, October 9, 2025, President Tshisekedi claimed that since his election in 2019, he had visited all nine of DRC’s neighbouring countries, including Rwanda and Uganda, to foster cooperation and development. He further stated that he had never shown any belligerent attitude toward Rwanda or Uganda, and called for joint efforts to stop escalations in the Great Lakes region.

Rwanda’s Government countered these claims, noting that more than ten peace agreements between Rwanda and the DRC have been signed since 1999 but were never implemented due to a lack of political will on the part of the DRC government.

Rwanda highlighted repeated instances where the DRC, under Tshisekedi, promoted hostile rhetoric and scapegoated Rwanda at international forums, including calls for sanctions at the UN General Assembly, while also engaging in persecution of Rwandan citizens and Congolese Tutsi communities.

The statement outlined a long history of belligerent actions by the DRC, including threats of war during President Tshisekedi’s re-election campaign, boasting about DRC drones and attacks on Kigali, pledges to support actors seeking to overthrow the Rwandan government, and repeated calls for hardline measures against Rwanda.

Locally, DRC officials have fomented hatred against Rwanda, including indoctrination in schools, targeted campaigns to international governments, arbitrary arrests, detention, torture of Rwandan citizens, and at least two confirmed deaths in Kinshasa prisons. The DRC also closed its airspace to civilian flights from Rwanda and filed numerous frivolous cases against Rwanda in international fora.

Security incidents were also highlighted. Since 2019, more than 20 cross-border attacks and violations of Rwandan airspace have occurred, including the shelling of Rubavu in January 2025, which killed 16 Rwandan civilians.

Rwanda emphasised that attempts to resolve the security threats bilaterally, particularly from the DRC-backed FDLR militia, linked to the 1994 Genocide against the Tutsi, were repeatedly rejected by the DRC, which instead pursued a military solution, including recruiting foreign troops and mercenaries.

Rwanda criticised President Tshisekedi’s claims that he and Rwanda alone could stop escalations. According to Kigali, de-escalation is entirely within the DRC president’s hands and requires implementing existing peace mechanisms, dismantling and neutralising armed groups such as the FDLR, disarming militia groups like Wazalendo, and stopping the influx of hostile Burundian army troops into South Kivu. Peace will also require sincere participation in ongoing negotiations with the AFC/M23 Congolese rebel movement through the Doha process.

Regarding regional diplomatic efforts, Rwanda explained its decision to abstain from an “empty photo opportunity” in Luanda, as the DRC refused to act on its pledge to negotiate with internal rebellions that threaten Rwandan security. The spokesperson also clarified that the Regional Economic Integration Framework and the Washington Peace Agreement have been frustrated by the DRC, undermining regional stability.

Rwanda further addressed claims about troop contributions and casualties, noting that SADC forces were drawn unnecessarily into the DRC’s internal conflict and suffered casualties. These forces, along with 300 European mercenaries hired by the DRC, were later granted safe passage through Rwanda after being defeated, highlighting Rwanda’s commitment to humanitarian treatment even amid belligerence.

President Tshisekedi also cited “millions” of victims and called for sanctions, which Rwanda refuted as exaggerated or historically inaccurate. Kigali emphasised that endless appeals for sanctions or mediation-shopping would not achieve peace. True stability requires political will, respect for agreements, and concrete action by the DRC.

In conclusion, Rwanda stated that while President Tshisekedi’s speech contained calls for dialogue, the path to peace is clear: the DRC must implement agreements it has signed, neutralise destabilising armed groups, and genuinely engage in bilateral and regional peace processes.

“Empty words, lies, and distortions will not result in the peace that all the countries of the Great Lakes region need,” the Office of the Government Spokesperson stated.

“President Tshisekedi must keep his word, respect and implement agreements the DRC has signed, and not take for granted regional and international partners that are investing in ongoing peace processes.”

October 10, 2025
IMF commends Rwanda’s economic resilience after successful final review of PCI

A staff-level agreement was reached between IMF officials and the Government of Rwanda on Friday after a mission held in Kigali from September 29 to October 10, 2025.

The program, launched in 2022, was designed to help Rwanda safeguard macroeconomic stability, strengthen policy credibility, and advance structural reforms without involving direct financial assistance.

According to the IMF mission, Rwanda has met all quantitative targets under the PCI despite facing consecutive global and domestic shocks. According to the IMF, the revised economic growth averaged 7.2 percent in both 2024 and the first half of 2025, supported by strong performance in services, construction, and coffee exports.

Additionally, inflation remained within the National Bank of Rwanda’s (NBR) target range of 2 to 8 percent, while international reserves provided coverage for 4.8 months of imports.

Albert Touna Mama, IMF Mission Chief, commended Rwanda’s achievements, affirming continued partnership with Rwanda.

“Rwanda’s economy has proven to be remarkably strong, even in the face of global challenges. The government’s consistent and well-planned policies have been key to this success. This partnership has helped lay a solid foundation for continued stability and growth, and the IMF remains a committed partner to Rwanda.”

The final review highlighted continued progress in fiscal and monetary policy reforms. A newly adopted tax package is expected to place the tax-to-GDP ratio on an upward trajectory, enhancing domestic revenue mobilisation and reinforcing debt sustainability.

While borrowing for the construction of the New Kigali International Airport in Bugesera is projected to raise debt levels in the near term, the project is considered a strategic investment with long-term benefits.

Minister of State for National Treasury Godfrey Kabera emphasised the importance of the program, noting that the partnership has provided a valuable roadmap for Rwanda’s economic policy.

“By focusing on raising our own revenues, spending wisely, and strengthening our institutions, we have built a more resilient economy. As we complete this program, our focus remains on ensuring that our growth is strong and inclusive,” Kabera stated.

The IMF also emphasised the importance of continued fiscal consolidation, prudent expenditure management, and proactive, data-driven monetary policy to maintain stability. Draft amendments to strengthen the NBR’s mandate are expected to be submitted to Cabinet as part of ongoing institutional reforms.

The IMF Executive Board is scheduled to consider the review in December 2025, marking the official completion of Rwanda’s three-year PCI.

October 10, 2025
Rwanda and Ghana’s Ashanti Kingdom sign MoU to boost trade and investment cooperation

His Royal Highness Oheneba Yaw Otchere, a prominent global entrepreneur and the Royal Ambassador to His Majesty Otumfuo Osei Tutu II, Asantehene (King of the Ashanti Kingdom), leads the Ashanti Kingdom Trust, which oversees the kingdom’s investments, business development projects, and diplomatic initiatives on behalf of the King.

During the visit, Prince Otchere, together with Ghana’s High Commissioner to Rwanda, Ernest Yaw Amporful, and the Ashanti delegation, engaged with several key Rwandan institutions, including the Rwanda Development Board (RDB), Rwanda Mining Board (RMB), Bank of Kigali, Kigali International Financial Center (KIFC), and the National Bank of Rwanda (BNR).

Prince Oheneba and his delegation also visited the Campaign Against the Genocide Museum, where they were inspired by the bravery of the Rwanda Patriotic Army and the nation’s remarkable post-genocide transformation, driven by the vision and transformational leadership of President Paul Kagame.

The delegation committed to continuing to advocate for investment and collaboration with Rwanda, noting that the country’s 30-year journey of resilience, reconciliation, and restoration is unmatched in Africa. Prince Oheneba described Rwanda’s success as an inspiring story that makes Ghana proud and sets an example for the continent.

Prince Oheneba also invited Rwandans to visit, invest, and collaborate with the Ashanti Kingdom and Ghana at large, promoting intra-African trade and exchange.

The visit culminated in the signing of a Memorandum of Understanding (MoU) between the Ashanti Kingdom Trust and RDB, outlining areas of common interest to guide collaboration.

The agreement aims to unlock business opportunities and explore private sector partnerships in mining, gold trading, and the construction of Africa’s Gold City in the Ashanti Kingdom, in collaboration with Rwandan-based companies and investors.

The two-day visit focused on exploring business opportunities in mineral trading, mining investments, and socio-economic development initiatives between Rwanda and the Ashanti Kingdom.

Both parties agreed to pursue a strategic long-term partnership to harness untapped resources in both countries and promote intra-African trade through innovative solutions, including AFREXIM Bank’s Pan-African Payment and Settlement System (PAPSS) for exchanged goods and services.

Prince Oheneba also highlighted the existing collaboration with their host, EPC Africa Group, guided by its vision of “Building a Prosperous and Self-Sustained African Community.”

Combined with the Ashanti Kingdom’s enduring legacy of unity, resilience, continuous innovation, and empowerment, this partnership aims to champion a new model of African cooperation and shared prosperity, rooted in self-reliance, mutual respect, and a collective drive toward continental transformation.

Before departing Rwanda, His Royal Highness and his delegation experienced the country’s remarkable progress in eco-tourism, visiting Nyandungu Eco Park and various key sites in Kigali.

The visit marks a significant step toward strengthening economic and cultural ties between Ghana and Rwanda, reflecting a shared vision for African-led partnerships and sustainable development.

October 10, 2025