Category: Business

Speaking during a joint Parliamentary session on Thursday, June 19, Prime Minister Dr. Edouard Ngirente said the measure is intended to prevent unexpected disruptions linked to ongoing global conflicts, particularly the Israel-Iran war.

The conflict, which began on June 13, 2025, has sparked global concern over the potential shortage or surge in prices of petroleum products, which are essential for economies and daily life.

The fears are justified, given that both sides have targeted oil storage and infrastructure in their attacks. As of June 19, 2025, the price of a barrel of crude oil had risen to $78.85, reflecting a 7% increase since the war began.

Analysts warn that if the Strait of Hormuz, a vital oil transit route between Iran and Oman, were to be blocked, crude oil prices could spike to between $120 and $130 per barrel. The strait facilitates the daily movement of 16 to 21 million barrels of oil.

Addressing a joint session of Parliament while presenting the Government’s performance in improving citizens’ welfare, Prime Minister Ngirente was asked what measures Rwanda is taking to mitigate potential impacts from a possible closure of the Strait of Hormuz.

“We currently have a team assessing how this issue could affect us and the potential consequences. Since our petroleum is imported, any international disruption always prompts us to form a response team to determine the necessary steps,” he responded.

“Even as we speak, the task force is monitoring daily updates on the state of fuel imports, national reserves, and weekly inflows — whether through Dar es Salaam or Mombasa — and evaluating how to distribute them based on origin and impact scenarios.”

Ngirente stressed, “We aim to avoid surprises… the government must always stay prepared.”

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Minister of Infrastructure Dr. Jimmy Gasore explained that 20% of the world’s petroleum passes through the Strait of Hormuz, including oil from countries like Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, and Iran.

“All these countries export through that route. A disruption there would impact the global market, and consequently, Rwanda. We would likely experience a price increase or reduced import volumes,” he said.

He noted that while most shipping routes pass through Hormuz, such global-scale disruptions typically prompt swift international responses to prevent long-term crises.

“Even if something were to happen, we expect it would not last long. There might be price volatility, but not a severe global collapse.”

Rwanda currently has seven storage facilities with a combined capacity of 117.2 million litres of petrol, diesel, and jet fuel.

“You know we have strategic reserves, and a monitoring team constantly tracks imports to ensure our tanks are full where we can rely on our reserves in the case of a short-term disruption, while the world resolves the issue,” Dr. Gasore stated.

Plans are underway to expand Rwanda’s fuel storage capacity to 334 million litres.

The agreement establishes a framework for collaboration between the state-owned airport management firm and the global leader in energy management and automation.

Schneider Electric, with a presence in over 100 countries, will provide technical support, consultancy, and maintenance services focused on energy management, electrical infrastructure, and automation systems across RAC-managed airports.

Charles Habonimana, Managing Director of RAC, said the partnership aligns with the company’s vision to modernise Rwanda’s aviation infrastructure.

“Schneider Electric’s global expertise aligns with our vision to modernise and maintain high-quality aviation infrastructure and to deliver world-class solutions crafted to the unique needs of Rwanda’s airports,” he stated.

“This MOU intends to establish a strategic partnership between Rwanda Airports Company (RAC) and Schneider Electric to enhance passenger experience, enhance operational efficiency and resilience, ensure compliance and safety, strengthen cyber security, and promote the sustainability of airport operations in Rwanda.”

The collaboration is expected to accelerate digital transformation within Rwanda’s airports, supporting RAC’s broader ambition to build sustainable and future-ready aviation facilities.

“This partnership aims to accelerate digital transformation, decarbonisation, and resilience-building across RAC-managed airports while ensuring compliance with global aviation standards,” Habonimana added.

The MOU also provides a structure for the development of both short- and long-term projects through mutual agreements.

Schneider Electric will deploy its EcoStruxure for Airports platform to optimise intelligent automation, digitalisation, and energy efficiency.

Ifeanyi Odoh, President of Schneider Electric (Kenya) Limited, affirmed the company’s commitment to supporting Rwanda’s aviation sector through advanced technological solutions.

“We are excited to leverage our EcoStruxure for Airports platform to improve intelligent automation, digitalisation, and energy efficiency at these critical facilities,” Odoh said, further expressing Schneider Electric’s readiness to collaborate with the RAC to establish a Unified Operations Centre (UOC) to centralise oversight and decision-making.

“Aligning with RAC’s Net Zero objectives, we are prepared to develop a comprehensive sustainability roadmap focusing on renewable energy integration, microgrids, and energy efficiency measures to support decarbonisation and sustainability goals,” he explained.

He emphasised the potential for AI-assisted condition-based maintenance practices to enhance asset lifespan and operational durability.

“Through AI-driven predictive maintenance and lifecycle management, we can significantly improve operations.”

To facilitate this, Odoh assured that Schneider Electric would provide consulting, training, and technical support to ensure the effective implementation and transfer of knowledge.

The new agreement marks a key step in RAC’s mission to transform Rwanda into a regional aviation hub, as the country continues to invest in infrastructure that meets international standards for safety, efficiency, and environmental responsibility, such as the Bugesera International Airport currently under construction.

While the packaging has been updated to reflect a more modern, premium, and refreshing feel, one thing remains unchanged: the beer inside. Amstel continues to deliver the same smooth, high-quality taste, brewed with 100% Pure Malt.

“The new look is a celebration of Amstel’s commitment to quality and authenticity,” said Martine Gatabazi, Marketing Director at Bralirwa. “We wanted to give consumers a more refined and modern visual experience, while reassuring them that the taste they trust remains exactly the same.”

The refreshed design features cleaner lines enhanced red and white colors, and an updated label that proudly communicates Amstel’s 100% Pure Malt quality credentials. The transition to the new packaging will roll out nationwide beginning June 18th.

In the spirit of Amstel, the new look invites consumers to share more meaningful moments with friends, whether over a casual catch-up or a lively gathering. Amstel continues to be the beer that brings people together.

As always, Amstel reminds consumers to enjoy responsibly and celebrate friendship with moderation and style.

In a public notice dated Monday, June 16, 2025, the central bank confirmed that it is now implementing Regulation n° 89/2024, which amends existing rules governing foreign exchange operations.

The updated regulation, published in the Official Gazette on 30 May 2025, introduces strict pecuniary sanctions for unauthorised pricing, transacting, or auctioning in foreign currencies.

“Any individual or entity that prices goods or services, or transacts in foreign currency without prior authorisation from the National Bank of Rwanda commits an administrative fault,” the notice read.

Under the new regulations, individuals or businesses found pricing goods or services in foreign currency without prior authorisation will face a fine of Frw 5 million for a first offence, which doubles to Frw 10 million for any subsequent violations.

Those caught transacting in foreign currency illegally will be penalised 50 percent of the total amount involved in the first instance, and 100 percent of the amount for repeat offences.

Additionally, anyone who calls for or takes part in unauthorised foreign currency auctions will be fined 50 percent of the total auctioned amount.

BNR Governor Soraya Munyana Hakuziyaremye emphasised that only certain exceptions apply, including transactions involving non-residents carried out by hotels, casinos, tourism operators, duty-free shops, and international schools, as well as payments related to imports or exports.

The regulator also encouraged the public to report suspicious or unlawful foreign exchange activities through official channels, including the Rwanda Investigation Bureau (RIB), Rwanda National Police (RNP), or local authorities.

The enforcement marks the start of a more aggressive stance by the central bank to stamp out unofficial foreign currency activity in Rwanda’s economy following concerns over growing informal use of foreign currencies, particularly in the real estate, where rent or services are sometimes quoted in US dollars.

The airline started its Addis Ababa–Kigali route in 1975 and has since become a key link for travel, trade, and cultural ties between Ethiopia and Rwanda.

“We are excited to reach such a milestone,” said the Group CEO Mesfin Tasew. “Over 50 years of service to Kigali, we have expanded both our passenger and cargo operations, with increased frequencies for the benefit of our customers. This marks another demonstration of Ethiopian Airlines’ commitment to serving the people of Africa.”

Ethiopian Airlines now operates 21 weekly passenger flights and three cargo flights to Kigali. These connect travelers to over 145 destinations worldwide through its Addis Ababa hub.

The airline plays a big role in linking African countries and connecting them to major cities in Europe, Asia, the Americas, and the Middle East.

The Kigali route supports trade, tourism, and diplomacy, helping Rwanda grow as a regional hub.

The farm’s link to the market in faraway China began in 2018, when Managing Director Dieudonne Twahirwa attended the China International Import Expo in Shanghai.

“We saw strong demand for Rwandan dried chilli,” Twahirwa said. The following year, his participation in the China-Africa Economic and Trade Expo further boosted his confidence.

In 2024, Gashora Farm, which is headquartered in Kigali, partnered with HAIC — Hunan Modern Agriculture International Development Co. Ltd, a subsidiary of Hunan Cereals, Oils & Foodstuffs Import & Export Group (Hunan COF) — to launch the Rwanda-Hunan Chilli Pepper Industry Demonstration Project.

Under a contract farming model, the project covers 100 hectares and spans the entire value chain — from seedling cultivation to export. In the first season after the deal was signed, 200 tons of dried chilli were shipped to China.

“The Chinese market offers more than orders. It brings stability and investment,” said Twahirwa.

The project also benefits local communities. The farm employs 15 permanent staff and up to 1,000 seasonal workers at harvest time.

One worker, Eric Hagirimana, said: “I earn 2,500 Rwandan francs (about 2 U.S. dollars) daily, and have bought two cows.”

Jacqueline Mukantagara, a mother of four, also works at the farm. “This job helps me buy essentials and pay school fees,” she said.

Agronomist Aloys Ngambwa said the farm has centralised seedling nurseries and employs modern pest control. Improved techniques have helped it better cope with climate change and irrigation challenges.

Rwanda’s favourable climate, affordable labour force, and efficient government procedures support the project’s growth, Twahirwa said.

Chinese partner Li Ming, African business manager of Hunan COF, oversees planning, shipping, and coordination. “We faced cultural and management differences initially,” he said, “but have found common ground.”

Yields surpassed expectations, reaching 2.5 tons per hectare. Rwandan chillies have entered Chinese cities, including Qingdao, Chengdu, and Changsha, through wholesale markets, gaining consumer recognition.

HAIC’s “Mo La Ge” chilli sauce, made from Rwandan peppers, sold out immediately at a China-Africa shopping festival. Meanwhile, Chengdu hot-pot seasoning companies have started using Rwandan chillies, a sign of the produce’s deeper integration into China’s food supply chain.

The fourth China-Africa Economic and Trade Expo, taking place from June 12 to 15 in Changsha, the capital city of Hunan Province, showcases similar success stories and seeks to facilitate new partnerships between African and Chinese stakeholders.

“We aim to expand planting and exports, invigorate the Chinese market, and create more jobs and foreign exchange for Rwanda,” said Li of Hunan COF.

“The Chinese market gives us more than buyers. It gives us partners,” Twahirwa said. “This partnership is transforming our business and farmers’ lives.”

The Rwandan chilli project crystallises deepening Africa-China cooperation. The rise of “Mo La Ge” chilli sauce is a clear sign of a growing bond between African farms and Chinese consumers.

Across the Asian and African continents, stories of trust, cooperation, and shared growth continue to be written.

The two feature in the latest episode of The Long Form Podcast, hosted by Sanny Ntayombya, where they shared their impressions of Rwanda, the universal language of financial literacy, and the untapped opportunities for Black investment on the continent.

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Upon landing in Kigali, Bilal and Millings were struck by Rwanda’s stunning landscapes and efficiency.

“It surpassed my expectations,” Bilal said. “I knew it was going to be clean, efficient, but I didn’t know it was going to be so beautiful—mountain ranges, hills, lights at night.”

Millings echoed, noting the seamless airport processes and pristine streets, even at night.

“This is a hidden treasure that the world doesn’t know about,” he said, challenging outdated media portrayals of Rwanda like those shown in movies like Hotel Rwanda.

The country’s transformation over the past 30 years since the 1994 Genocide against the Tutsi impressed the duo.

Millings remarked, “Seeing the infrastructure, real estate, businesses, and a tech hub today—it’s remarkable. What does it look like in the next 10, 15 years?”

Rwanda’s rapid growth, driven by strong leadership and a unified vision, positions it as a model for African progress and a magnet for Black investors worldwide.

Earn Your Leisure is renowned for making financial literacy accessible and culturally relevant for Black communities. In Rwanda, Bilal and Millings explored how this mission aligns with Africa’s economic rise.

When asked why a young Black investor from the U.S. should consider Rwanda, Bilal highlighted its stability and low corruption.

“You need confidence, especially in a foreign country,” he said. “Rwanda has a lot going for itself—low to almost no corruption.” This, paired with a young, dynamic population, makes Rwanda a prime destination for Black capital.

The duo also discussed their investment in Ghana, where they’re developing Sombra City, a diaspora-friendly welcome city.

Bilal explained, “It’s a model that can be replicated in Rwanda and beyond, creating something that welcomes you and keeps you here.”

The episode also emphasised Pan-Africanism, highlighting the shared history and destiny of African and African-American communities. Millings noted that cultural shifts, through music, social media, and initiatives like Ghana’s Year of Return, have bridged the gap.

“Culture is a door that gets people in, like a Trojan horse,” he said. “Once inside, they see opportunities and feel comfortable investing.”

Bilal addressed historical barriers, noting that negative media portrayals of Africa, including war, poverty, and danger, were intentional to deter Black investment.

“Social media now lets us see things in real time, countering that narrative,” he said.

This shift, Bilal believes, empowers Black Americans to view Africa as a home for economic and cultural reconnection.

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Bilal and Millings reflected on how wealth shapes the Black experience.

“Having money and being independent allows you freedom—allows you to be you,” Bilal said.

“You don’t have to code-switch or change who you are.” Yet, Millings added, “Money doesn’t exempt you from being a Black man in America. You’re never fully safe.”

Bilal hopes his children and grandchildren will see this Rwanda visit as a pivotal moment in Africa’s rise.

“I hope they understand the significance of a new world order—the real rise of Africa,” he said. Millings envisioned a future where Rwanda, Ghana, and Kenya become regular destinations for the diaspora, not as tourists but as stakeholders.

“Africa is home,” he affirmed.

Watch the full episode of the podcast below:

The fifth-generation mobile technology offers significantly higher speeds, lower latency, and greater capacity compared to previous generations, enabling faster and more efficient internet access across multiple sectors.

The launch event took place on June 10, 2025, with MTN officials highlighting the transformative potential of 5G in fields such as healthcare, agriculture, education, and innovation.

MTN Rwanda CEO Monzer Ali emphasised the broad impact 5G is expected to have on national development:

“A doctor based in Rwanda could perform surgery on a patient located anywhere in the world, thanks to the low latency and speed of the 5G network.”

He thanked the Ministry of ICT and Innovation and the Rwanda Utilities Regulatory Authority (RURA) for their collaboration in enabling MTN to roll out this advanced technology in Rwanda.

MTN first announced the availability of its 5G network on May 15, 2025, initially launching at Kigali Heights/Kigali Convention Centre (KCC). The rollout is now expanding to more than 51 sites across Kigali and Kamonyi District in Rwanda’s Southern Province.

The 5G network will prioritise high-traffic areas such as stadiums, conference venues, educational institutions, and technology hubs, to ensure high-impact deployment.

Monzer reiterated that 5G is expected to play a vital role in supporting Rwanda’s ambition to become a regional technology hub, stating:

“5G has immense potential to drive economic growth by accelerating innovation, enhancing service delivery, and enabling smart infrastructure.”

Rwanda currently ranks third in Africa for internet speed and is among the top 16 countries globally in this regard.

Market data shows that the adoption of 5 G-compatible devices, such as smartphones, is growing at a rate of 10% to 15% annually.

Ndoli Didas, General Manager of Enterprise Business at MTN Rwanda, clarified that there will be no changes to the existing internet prices that apply to 4G.

“We are not introducing separate pricing for 5G. The same data bundles used for 4G will apply. What changes is the speed and the quality of experience, depending on the device and service use.”

However, he noted that accessing the 5G network requires compatible devices.

He also pointed out that the technology will support innovations such as drone-based irrigation in agriculture, showcasing how 5G can contribute to smart farming and increased productivity.

Rwanda’s headline inflation rose to 6.9% in May 2025 compared to the same month last year, according to the latest Consumer Price Index (CPI) report released on Tuesday by the National Institute of Statistics of Rwanda (NISR).

The urban CPI, which serves as the key index for monetary policy decisions, also showed a 0.6% month-on-month increase from April 2025. On a twelve-month average basis, the inflation rate stood at 5.5%.

The report attributes the annual surge primarily to rising costs in essential categories, notably food and non-alcoholic beverages, which increased by 9.2% year-on-year. Meat prices registered a sharp 32.5% annual increase, while restaurant and hotel services jumped 16.6%. Education costs climbed by 8.3%, and prices for alcoholic beverages and tobacco rose by 7.5%.

Housing, water, electricity, gas and other fuels saw a modest 3.3% increase, while transport costs rose 3.7% annually.

Monthly price pressures were more subdued, with food and non-alcoholic beverages rising by 0.5%, bread and cereals by 2.3%, and non-alcoholic beverages by 1.2%. However, some items experienced price relief—vegetable prices fell by 2.7%, and health-related expenses dropped by 0.8%.

Underlying inflation, which excludes volatile items such as fresh food and energy, rose by 6.0% year-on-year and 1.1% compared to the previous month, suggesting persistent core price pressures.

Rural areas experienced even higher inflation than urban centres, with the rural CPI increasing by 8.2% over the year. However, rural prices fell by 0.4% on a monthly basis, mainly due to declines in food prices, including a 3.3% drop in vegetable costs.

The national CPI, which combines both urban and rural data, showed a 7.7% annual increase and remained flat on a monthly basis.

Imported goods contributed notably to inflation, with a 6.9% annual rise and a 2.0% increase from April to May. Meanwhile, prices of fresh products surged 12.3% year-on-year, despite falling by 1.4% in the past month. Energy prices bucked the broader trend, falling 0.8% year-on-year but increasing 1.9% month-on-month.

The latest inflation figures come amid ongoing concerns over global commodity prices and supply chain disruptions, with the National Bank of Rwanda closely monitoring inflation trends ahead of its next monetary policy meeting.

The CPI report is based on a basket of 1,622 goods and services priced monthly across urban and rural areas, covering more than 40,000 price observations nationwide. The index uses the Modified Laspeyres formula and draws its weights from the 2013/14 Integrated Household Living Conditions Survey.