Category: Business

The deal, announced on Tuesday, May 20, 2025, will see Paradigm Tower Ventures acquire 100% of IHS Rwanda Limited, which operates approximately 1,465 tower sites across the country.

The transaction remains subject to government and regulatory approvals and is expected to be completed in the second half of 2025.

The transaction reflects an enterprise value of $274.5 million, representing a multiple of 8.3 times IHS Rwanda’s adjusted EBITDA after leases. The valuation is considered a significant premium compared to the broader IHS Towers group’s current market multiple.

“The agreement to sell our Rwanda operations to Paradigm Tower Ventures was carefully
considered as part of our strategic initiatives targeted at shareholder value creation options and highlights the value of our Rwanda operations within our wider portfolio,” said IHS Towers Chairman and CEO Sam Darwish.

In a statement reflecting on the company’s successful journey in Rwanda, the IHS boss expressed appreciation for the partnerships and conducive environment that have supported the firm’s growth over the years.

“We have enjoyed more than 10 years of commercial success in Rwanda. We are deeply appreciative to our colleagues and customers, in addition to the Government of Rwanda for its exemplary and investor-supportive framework, who have all helped make IHS Rwanda the success it is today,” he added.

Paradigm Tower Ventures, which is making its first investment under a new platform dedicated to wireless infrastructure growth in Sub-Saharan Africa, hailed Rwanda as a promising market.

“Rwanda represents an exciting market with high demand for shared wireless infrastructure,” said Stephen Harris, Co-founder of Paradigm Tower Ventures.

“The Paradigm team is very much looking forward to building a strong customer-focused business providing high-quality and secure infrastructure to mobile network operators.”

Founded in 2019 by seasoned industry executives Stephen Harris, Hal Hess, and Steven Marshall, Paradigm Infrastructure has been involved in various tower acquisitions and operations across Africa.

IHS Towers, listed on the New York Stock Exchange, operates more than 39,000 towers across eight markets, including Brazil, Cameroon, Colombia, Côte d’Ivoire, Nigeria, South Africa and Zambia.

The delegation, led by Dr. Imad Al-Khoury, CEO of AQI, met with Rwanda Development Board (RDB) Deputy CEO Juliana Muganza on Monday. The group expressed interest in the pharmaceuticals, manufacturing, real estate, and agriculture sectors.

The delegation also met separately with the Minister of State in the Ministry of Health, Dr Yvan Butera, in a discussion focused on investment opportunities in Rwanda’s pharmaceutical production, local manufacturing, and regional health security.

Also in attendance were Waseem Hamad, CEO of Philex Pharmaceuticals, and Lee Farrelly, General Manager of Manal Food Factory.

AQI was established in 2002 and operates across a wide range of industries, including construction, oil and gas, manufacturing, and medical services. The company is known for providing strategic and operational solutions across its portfolio, and has a growing interest in expanding into new markets.

The visit by AQI and its partners marks a continued strengthening of economic ties between Rwanda and Qatar, with both governments actively facilitating cross-border investments to drive innovation, create jobs, and boost sustainable development.

The visit also reflects Rwanda’s growing appeal to international investors, driven by its strong global rankings in business climate.

According to the World Bank’s 2024 Business Ready (B-READY) report, Rwanda is among the top-performing countries in terms of ease of doing business.

The country ranked 3rd globally for Operational Efficiency, scoring 81.31%, and 8th in Public Services with a score of 67.37%. It also placed 17th worldwide in Regulatory Framework, earning a score of 70.35%.

The campaign was officially launched at the East African University Rwanda (EAUR) Nyagatare campus on May 16, 2025. It is being implemented through the Capital Market Youth Forum, a platform that introduces young people to capital market opportunities.

The initiative, conducted by CMA in collaboration with various partners, will extend to other universities across the country.

During the campaign, students received in-depth insights into how the capital market functions, including strategies for saving through investment, and participated in interactive discussions to deepen their understanding.

Freddy Rukundo, an Accounting student, shared that he learned how to save and invest starting with small amounts of money, and he now plans to join the stock market.

“I used to think that anything under 100,000 Rwandan francs wasn’t enough to invest, but now I know it’s possible. I’ve registered to start investing in the Rwandan capital market, and I hope to graduate with savings that will make it easier to enter the job market,” Rukundo remarked.

Esperance Muhoza, who also registered as an investor, said she learned how to invest while saving at the same time.

“For instance, when parents give us money, I can set aside a small portion and start saving it by investing in capital market products. After school, I’ll use those funds to join others in investing in a business or opportunity,” she explained.

David Mugabo, a Business Administration student and student representative, said EAUR students were impressed by how CMA taught them to become investors using the limited resources they currently have. He noted that they saw great potential and opportunities for future development.

“We have gained knowledge in mid-growth markets as well as investment. The saving culture will provide a better future for the youth of today,” he revealed.

Dr. James Ndahiro, Technical Advisor at the CMA, emphasised that university students were specifically targeted because they are at a pivotal stage, transitioning from academic life into the workforce, making it the right moment to influence their financial mindset.

“Youth, particularly those at the university level, have the capacity, the drive, and the ability to understand important concepts. This is especially true as they are in a critical phase, transitioning from school to the workplace. We are preparing them to not only navigate that transition but also to recognise opportunities beyond traditional employment,” Ndahiro said.

On the importance of financial discipline, he added: “Before they begin investing, we emphasise the importance of learning how to save, shifting from a culture of consumption without saving to one of saving before spending.”

Emmanuel Masantura Ruziga, Head of Marketing and Sales at the Rwanda National Investment Trust (RNIT) Iterambere Fund—one of CMA’s partners in the campaign—noted that a segment of Rwandans still lacks sufficient awareness and education about saving.

He affirmed that RNIT, a government-established company created to promote a culture of saving among Rwandans, is committed to addressing this gap.

“We believe that there is a generation that has missed out on many opportunities to learn about saving. However, we are confident that with collective efforts and collaboration across all industry players, we can mobilise as many people as possible to understand, adopt, and strengthen this important culture of saving,” Ruziga noted.

“If we want to build a society rooted in a strong saving culture, we must start by engaging young people, especially students in schools, colleges, and universities. Together, we must sit down with the Ministry of Education to ensure that financial literacy and the culture of saving are integrated into Rwanda’s national education curriculum,” he added.

Following the awareness campaign taking place in May, members of the Capital Market Youth Forum will gather in Kigali on June 20, 2025, for a joint training session.

The annual FT ranking, compiled in partnership with research firm Statista, tracks companies across the continent based on their compound annual growth rate (CAGR) in revenues between 2020 and 2023.

This year’s list features 130 companies, with South Africa and Nigeria dominating the rankings, together accounting for more than half of all entries. Kenya ranks third, with 11 companies making the list.

Inkomoko’s inclusion is seen as a major milestone for Rwanda’s private sector. Founded 12 years ago, Inkomoko has grown into a regional enterprise, operating in Rwanda, Kenya, Ethiopia, South Sudan, and most recently, Chad.

The company has invested over $35 million, supported more than 100,000 entrepreneurs, and reached over 1.2 million people, many of whom live in refugee camps or underserved communities.

“This isn’t just our growth story — it’s our clients’ and the communities we serve,” said Emmanuel Mugabo, Inkomoko’s Rwanda Managing Director.

“Every business we support is a reminder that talent is everywhere, but what is often missing is access. That’s something we can fix together with partners, investors, and policymakers,” he added.

Inkomoko’s model is built on the belief that displacement-affected communities are not just in need of aid, but ripe with economic potential. By providing entrepreneurs with training, finance, and market access, the organisation demonstrates that empowering the underserved is not charity, but a proven method for driving local economic growth and long-term stability.

As the world faces mounting challenges from conflict, climate change, and inequality, Inkomoko is positioning itself for greater impact. The organisation has announced an ambitious goal to invest $150 million in 550,000 small and micro businesses by 2030, and is actively seeking like-minded partners to scale its mission.

“This recognition from the Financial Times is an honour,” Mugabo added. “But the real measure of our success will be how many others join us in this work.”

Rwanda Central Bank Governor Soraya Hakuziyaremye made the revelation during a press conference on Thursday, May 15, following a recent Monetary Policy Committee (MPC) meeting.

Addressing growing interest in gold among central banks in the East African Community (EAC) region, Governor Hakuziyaremye said Rwanda’s central bank conducted a detailed study on incorporating gold as an additional reserve asset.

The move follows a trend observed by the EAC Central Bank Monetary Affairs Committee, which noted several regional central banks considering gold to diversify and strengthen their reserves.

“Given gold’s ability to counter shocks in the financial market and serve as a hedge against external uncertainties, we have decided to explore it as a new asset class,” Governor Hakuziyaremye explained.

The central bank boss emphasised that capital preservation, liquidity, and reasonable returns remain the primary objectives for the central bank’s foreign reserves investments.

“The good news is that gold meets these criteria at this time, which makes our consideration positive,” she said.

The central bank has already secured board approval to include gold investments in its portfolio.

However, Governor Hakuziyaremye highlighted that gold is a new asset for the bank, and further updates on acquisition volumes and expected returns will be communicated by the end of the current financial year.

“This is a learning process, and as we continue benchmarking with our peers, we plan to start adding gold to our reserves from July 2025,” she said.

Meanwhile, the bank maintained the lending rate at 6.5 percent, a level Governor Soraya noted is aimed at keeping inflation within the targeted 2 to 8 percent range.

Commenting on the economic outlook, she said headline inflation rose to 6.7 percent in the first quarter of 2025, up from 5.2 percent in the previous quarter, largely driven by increases in core and fresh food prices. Core inflation climbed to 6.1 percent, while fresh food inflation surged to 11.2 percent, mainly due to a base effect from unusually low prices in early 2024 and rising meat prices.

Despite the uptick, inflation remains within the medium-term target range and is expected to average 6.5 percent in 2025 before easing to 3.9 percent in 2026.

“Inflationary risks remain, particularly from global geopolitical tensions and shifting trade policies,” the central bank governor warned, but emphasized that the current rate should continue to anchor inflation expectations.

The recent MPC meeting also noted Rwanda’s ongoing economic resilience, with the Composite Index of Economic Activity (CIEA) registering a 9.3 percent year-on-year increase in Q1 2025, supported by robust industrial and services performance. The economy grew by an impressive 8.9 percent in 2024, buoyed by a rebound in agriculture and strong domestic demand.

However, Rwanda’s trade deficit widened by 10.8 percent in Q1 2025, as merchandise exports fell by 3.0 percent—mainly due to declining re-exports—while imports rose 5.8 percent, driven by increased demand for machinery and raw materials. This put pressure on the Rwandan franc, which depreciated by 2.46 percent against the U.S. dollar by the end of April.

NBR Governor Soraya Hakuziyaremye announced the decision on Thursday, May 15, a day after a meeting of the Monetary Policy Committee (MPC), which sets the rate quarterly to guide the cost of borrowing and maintain macroeconomic stability.

This marks the fourth consecutive time the MPC has held the rate at 6.5 percent, following its initial reduction from 7.0 percent in August 2024.

Addressing members of the press, Governor Soraya said the current rate remains appropriate to keep inflation within the targeted 2–8 percent band.

Headline inflation rose to 6.7 percent in the first quarter of 2025, up from 5.2 percent in the previous quarter, largely driven by increases in core and fresh food prices. Core inflation climbed to 6.1 percent, while fresh food inflation surged to 11.2 percent, largely due to a base effect from unusually low prices in early 2024 and rising meat prices.

Despite the uptick, inflation remains within the medium-term target range and is expected to average 6.5 percent in 2025 before easing to 3.9 percent in 2026.

“Inflationary risks remain, particularly from global geopolitical tensions and shifting trade policies,” the central bank boss warned, but emphasised that the current rate should continue to anchor inflation expectations.

The MPC also noted Rwanda’s ongoing economic resilience, with the Composite Index of Economic Activity (CIEA) registering a 9.3 percent year-on-year increase in Q1 2025, supported by robust industrial and services performance. The economy grew by an impressive 8.9 percent in 2024, buoyed by a rebound in agriculture and strong domestic demand.

However, Rwanda’s trade deficit widened by 10.8 percent in Q1 2025, as merchandise exports fell by 3.0 percent—mainly due to declining re-exports—while imports rose 5.8 percent, driven by increased demand for machinery and raw materials. This put pressure on the Rwandan franc, which depreciated by 2.46 percent against the U.S. dollar by the end of April.

Money market trends have followed suit. The interbank rate declined to an average of 6.78 percent in Q1 2025, down from 8.29 percent a year earlier, reflecting the impact of earlier rate cuts. Deposit and lending rates also fell, with the average lending rate dropping to 15.89 percent from 16.35 percent.

Going forward, the central bank reaffirmed its commitment to closely monitoring both global and domestic economic trends and to adjusting policy as needed to maintain price stability and support growth.

“The MPC stands ready to take appropriate measures if inflationary pressures intensify,” Soraya stated.

The award recognises Africa Re’s significant strides in expanding its footprint across the continent and positioning itself as a global player in the reinsurance sector.

Organised by the Africa CEO Forum, the Pan-African Champion Award is presented to an African company that has most increased its presence across the continent while implementing a consistent and coherent regional growth strategy.

Eligible companies must operate in more than five African countries and record annual revenues of at least €50 million.

In 2024, the award was bestowed upon the Africa Finance Corporation (AFC) for its instrumental role in developing infrastructure and industrial value chains throughout Africa.

In a statement following Africa Re’s victory, Dr. Corneille Karekezi, Group Managing Director of the corporation, welcomed the recognition as a reflection of its achievements over the past year.

“I thank God for this continental recognition, which comes on top of an exceptional 2024 year in all performance metrics. We are the largest and most financially rated reinsurance company in Africa and the Middle East. With 31% of our 2024 turnover ($1.2 billion) coming from outside Africa, we export African excellence in overseas markets such as China, the Middle East, Brazil, Israel, and India,” Dr. Karekezi said.

Africa Re’s cross-border operations and growing share of business from international markets were key factors in its selection. The company’s performance in 2024 and continued expansion have strengthened its position as a driver of African excellence in global financial services.

The Africa CEO Forum Awards, organised in partnership with the International Finance Corporation (IFC) and Forvis Mazars, celebrate leadership, innovation, and excellence within Africa’s private sector.

In addition to Africa Re’s recognition, this year’s awards honoured several other standout performers. Danone received the Local Impact Champion award for its contributions to community development and sustainability, while Rawbank was named Family Business of the Year, reflecting its strong governance and generational leadership.

The Gender Leader award went to Schneider Electric, recognising its commitment to gender equity in the workplace. Nala, a fintech company driving digital disruption, earned a place in the Disrupters Club.

Finally, Idrissa Nassa, CEO of Coris Bank, was honoured as CEO of the Year for his transformative leadership in the banking sector.

The awards ceremony is a key feature of the Africa CEO Forum, which gathers more than 2,000 business leaders, investors, and policymakers to discuss strategies for driving economic transformation across the continent.

The next edition of the annual Africa CEO Forum will be held in Kigali.

The deal, valued at $96 billion according to the White House, includes Boeing’s 777X and 787 Dreamliner models powered by GE Aerospace engines.

The agreement was formalised at a signing ceremony in Doha attended by Trump, Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani, Boeing CEO Kelly Ortberg, and Qatar Airways CEO Badr Mohammed Al-Meer.

Trump, who is on a regional tour of Gulf states, hailed the deal as “the largest jet order in Boeing’s history.”

While the exact breakdown of the aircraft types and the number of firm versus optional orders remains unclear, the deal represents a significant commitment from Qatar Airways, which already operates one of the world’s largest fleets of Boeing widebody jets.

Qatar Airways has continued to expand its global footprint in recent years. In October 2021, the airline signed a codeshare agreement with RwandAir, deepening its presence in Africa and strengthening connectivity between Kigali and global destinations.

The move is also a blow to rival Airbus, whose A350 model has struggled in the Gulf’s hot climate, with ongoing maintenance issues related to Rolls-Royce engines.

Qatar opted for GE Aerospace’s GEnx engines for the 787s and the GE9X for the 777X, the only engine currently certified for that aircraft. GE Aerospace described the deal as its largest-ever widebody engine agreement.

The timing of the announcement highlights the strategic importance of the deal for both Trump and Boeing. For Trump, it adds to a series of economic announcements linked to his Gulf tour, which also included trade agreements with Saudi Arabia.

For Boeing, the order comes at a time when the company is working to recover from significant setbacks, including manufacturing delays, safety concerns, and a lengthy strike by workers that affected output.

The Qatar Airways deal is also expected to support an estimated 154,000 U.S. jobs annually throughout the production cycle, according to the White House.

In a recent episode of the Long Form Podcast, Haba unpacked the forces driving Kigali’s property surge and the challenges of delivering homes for the city’s middle- and low-income earners.

Kigali’s property prices have soared, undeterred even by the COVID-19 pandemic, fueled by a staggering demand for housing.

Haba cited city statistics showing a need for 183,000 housing units, up from 34,000 just five years ago, driven by rural-to-urban migration, rising incomes, and the city’s expansion into areas like Kabuga. Yet, supply lags far behind, with fewer than 1,000 units built annually against a yearly need of 34,000.

“Because the supply is trying to catch up with an ever-growing demand, we are not about to see that bubble anytime soon,” Haba said, dismissing fears of a market crash.

The boom is most visible in high-end neighbourhoods like Nyarutarama and Gacuriro, where developers are erecting luxury apartments and commercial spaces. However, Haba emphasised that this masks a critical shortfall: the greatest demand lies in affordable and middle-income housing, segments developers often avoid.

Haba explained that building affordable homes is “not worth the headache” for private developers. High land costs, expensive financing—often at 15% interest or more—and slim profit margins deter investment in low-cost housing.

“If it’s going to cost you RWF 45 million to build a house and the market is telling you to sell it at RWF 46 million, you’ll just not do it,” he said.

Instead, developers target wealthier buyers, where margins are higher and demand remains strong, leaving low-income earners struggling to find decent rentals.

The disparity has created a stark divide. While bare hills in areas like Bumbogo and Masaka signal untapped potential, private investment remains concentrated in affluent zones. Haba noted that this trend mirrors regional patterns, where developers shift to affordable housing only when higher-end markets saturate—a stage Kigali has yet to reach.

Compounding the affordability crisis is the increasing practice of landlords pricing rentals in U.S. dollars, a trend Haba links to inflation concerns.

“Almost all business people… will cushion themselves against inflation or rising prices… either to mark up significantly or to dollarize whatever good or service that they are selling,” he noted.

This practice, despite being illegal under Rwanda’s central bank regulations, burdens tenants, as landlords demand payments in dollars for homes previously priced in Rwandan francs.

Haba criticised the informality of Kigali’s rental market, where many tenants lack tenancy agreements, leaving them vulnerable to arbitrary hikes. He urged renters to formalise contracts with clauses limiting rent increases, citing examples where agreements cap rises at 5% annually.

Government steps in

Recognising the private sector’s reluctance, the Rwandan government is taking action. Haba highlighted a forthcoming special purpose vehicle (SPV) under the Rwanda Housing Authority to build affordable rental housing, targeting low-income earners.

Additionally, rehousing projects in Mpazi, Nyamirambo, and several other areas are densifying informal settlements, allowing residents to stay in urban areas with upgraded homes.

“They don’t move them away. They build for them more densified housing,” Haba said, praising initiatives that place 10 homes on plots once holding two.

Haba remains optimistic about Kigali’s market, buoyed by infrastructure like widespread tarmac roads and urban ambitions, including potential F1 hosting. However, he urged young Rwandans to invest in land, noting its 20-25% annual appreciation outpaces loan interest rates.

Watch the full podcast below:

President Kagame met with Amir Ben Yahmed, CEO of Jeune Afrique Media Group and co-organiser of the Africa CEO Forum 2025. Their discussions focused on the group’s growing partnership with Rwanda and preparations for the next edition of the forum, set to be held in Kigali.

In a separate meeting, President Kagame held talks with Makhtar Diop, Managing Director of the International Finance Corporation (IFC). The two explored avenues to deepen cooperation, particularly in widening access to finance as a driver of inclusive economic growth and private sector development in Rwanda.

President Kagame also met with Alain Ebobissé, CEO of Africa50, to discuss ongoing collaboration with Rwanda. The conversation touched on the mobilisation of private capital for infrastructure and development projects, a priority area in Rwanda’s economic strategy.

On the sidelines of the forum, President Kagame also held bilateral discussions with President Mohamed Ould Ghazouani of Mauritania. The leaders discussed strengthening the growing ties between Rwanda and Mauritania, with a focus on mutually beneficial cooperation.

He also met with President Alassane Ouattara of Côte d’Ivoire, host of this year’s Africa CEO Forum. The two Heads of State reaffirmed their commitment to deepening bilateral relations across multiple sectors.

Founded in 2012, the Africa CEO Forum has become a premier platform for public-private dialogue and cross-border investment in Africa.

Speaking during a panel discussion at the forum alongside fellow Heads of State, President Kagame emphasised that recent policy decisions by U.S. President Donald Trump, including the cutting of aid, should serve as a wake-up call for African leaders to intensify efforts towards self-reliance.

“We should have been building momentum in terms of what we need to do to make Africa self-dependent and resilient, and how Africa works with other continents and countries,” said President Kagame, who was on a panel with South African President Cyril Ramaphosa and Mohamed Ould Ghazouani of Mauritania.

“It is as well that President Trump decided to do what he did; if that was only to add to many other reminders that should wake us up as Africans to be able to do what we ought to do.”

The annual forum, themed “Africa in a Transactional World: Can a New Deal between State and Private Sector Deliver the Continent a Winning Hand?”, has brought together over 2,000 business leaders, investors, and policymakers from across Africa and around the globe.