According to the latest Consumer Price Index (CPI) report from the National Institute of Statistics of Rwanda (NISR), the urban index, a key benchmark for monetary policy, saw a 4.7% increase in just one month.
The sharp rise can be attributed to a 23.7% annual jump in transport costs. In April alone, transport prices climbed by 15.1%, reflecting the immediate impact of global fuel price volatility.
The broader energy sector felt the heaviest blow as the specific Energy Index, which tracks fuel and electricity directly, skyrocketed by 47.9% on an annual basis and rose 18.0% within the month of April. These increases have been compounded by a 21.3% rise in costs for housing, water, electricity, and gas.
Beyond energy, several other sectors recorded substantial price hikes. Healthcare saw a staggering 70.0% annual increase. Prices for restaurants and hotels rose by 18.5%, while alcoholic beverages and tobacco recorded a 17.1% increase.
In the food and non-alcoholic beverages category, prices increased by 5.8% annually, with specific staples such as meat rising by 12.2% and bread and cereals increasing by 10.0%. Notably, the price of locally produced goods rose by 13.6% annually, outpacing the 11.4% increase for imported goods.
Core inflation, which excludes volatile fresh products and energy, stood at 12.5%, suggesting that inflationary pressures are becoming embedded in the wider economy. The annual average inflation rate for the last twelve months was recorded at 8.2%.
In rural areas, the annual inflation rate reached 10.6%, with a significant monthly increase of 6.8%. Nationally, the Overall Rwanda Index rose to 11.5% compared to April 2025.
The NISR calculates the CPI by monitoring the prices of 1,622 products across Rwanda. To ensure accuracy, the institute collects over 29,482 price entries in urban centres and 10,744 in rural areas every month from markets, shops, hospitals, and schools.
The Urban CPI remains the primary reference for the National Bank of Rwanda (BNR) in assessing economic stability and guiding monetary policy decisions.
The sharp rise can be attributed to a 23.7% annual jump in transport costs. In April alone, transport prices climbed by 15.1%, reflecting the immediate impact of global fuel price volatility.
According to the fund, the savings were collected between May 1 and May 8, 2026. The increase pushed the total assets under management to Rwf97.4 billion.
RNIT-Iterambere also indicated that investors withdrew Rwf380 million from the fund during the same period. The value of one unit share stood at Rwf271.72 during the week.
Individuals who save through RNIT-Iterambere Fund begin earning returns the following day after making their investment. The returns continue to accumulate throughout the year, with investors currently receiving an annual return of 11.78%.
The RNIT-Iterambere Fund was established by the Government of Rwanda in 2014 and became fully operational in 2016.
The initiative was introduced to promote a savings culture among Rwandans while helping them understand investment management and earn returns on their savings over time. Savings in the fund can start from as little as Rwf2,000.
RNIT-Iterambere also indicated that investors withdrew Rwf380 million from the fund during the same period.
The court ruled that Section 122 of the Trade Act of 1974 allows tariffs only when there are “large and serious balance-of-payment deficits.”
“But no such thing exists,” Oregon Attorney General Dan Rayfield’s office said in a release. “A trade deficit is not a balance-of-payment deficit. As the court ruled, the President’s tariffs proclamation ‘is invalid, and the tariffs imposed on Plaintiffs are unauthorized by law.’”
The Trump administration initially invoked the International Emergency Economic Powers Act to impose universal tariffs worldwide in April 2025. The Supreme Court ruled those tariffs were unlawful in February this year. Trump then immediately resorted to Section 122 of the Trade Act of 1974 and announced a 10 percent ad valorem duty on “all articles imported into the United States,” supposedly in response to trade deficits.
The duty went into effect at 12:01 a.m. Eastern Standard Time on February 24, 2026, and is set to remain in effect until 12:01 a.m. Eastern Daylight Time on July 24, 2026, unless “suspended, modified, or terminated on an earlier date” or “extended by an Act of the Congress.”
In the face of the new global tariff, a coalition of 24 U.S. states filed their respective complaints in March 2026.
The U.S. Court of International Trade on Thursday ruled that U.S. President Donald Trump’s new global tariff is illegal, thus invalidating his 10 percent tariffs on most U.S. imports.
The report, which applies international auditing standards, is intended to help the country accurately assess the value of its public assets and financial resources and better understand its overall fiscal position.
Such comprehensive asset valuation exercises remain a challenge in many African countries, where governments may hold significant wealth but lack precise and consolidated records of its total value.
The Office of the Auditor General launched this initiative to support Rwanda’s development agenda by providing a clearer picture of the state’s financial standing and asset base.
The assessment covered all government-owned assets, regardless of location, as well as financial holdings.
Breakdown of government assets
The report shows that government-owned land is valued at Rwf 3,052.9 billion, while buildings are valued at Rwf 3,568.3 billion. Road infrastructure accounts for Rwf 3,776.6 billion.
Other state assets include vehicles worth Rwf 92 billion, machinery and construction equipment valued at Rwf 242.9 billion, and ICT equipment worth over Rwf 113 billion. Intangible assets, including government IT systems, are valued at Rwf 161.3 billion, while heritage assets are valued at approximately Rwf 0.9 billion.
Overall, total government assets amount to Rwf 18,370 billion, with cash and cash equivalents standing at Rwf 3,644 billion.
Year-on-year increase
The report indicates a significant increase in public assets and finances, rising from Rwf 18,342 billion in the previous year to Rwf 22,187 billion in 2024/2025.
It also highlights that government investments are distributed across 30 public institutions, five private entities, and 15 international organisations.
Improvements in financial management
Presenting the report to both chambers of Parliament on May 6, 2026, Auditor General Kamuhire Alexis noted continued progress in the management of public resources.
The audit found that financial statements were properly prepared at a rate of 97%, compliance with laws and regulations stood at 83%, while efficiency in the use of public resources reached 79%.
Despite these improvements, Kamuhire emphasised the need for further strengthening in project planning and implementation, service delivery, management of government assets and equipment, and follow-up on audit recommendations.
Concerns over idle assets
The report also identified 436 unused government assets, valued at Rwf 8.2 billion, up from Rwf 7.9 billion in 2024.
These idle assets include medical equipment, land and buildings, market facilities, ICT equipment, livestock weighing scales, and primary healthcare infrastructure.
The Auditor General recommended that such assets be put to productive use or disposed of where utilisation is not feasible.
“Those responsible for managing public assets should coordinate with relevant institutions to ensure these resources are effectively utilised, or sold where necessary,” he said.
Rwanda’s public assets and financial position have reached over Rwf 22 trillion, according to the 2024/2025 report by the Auditor General of State Finances.
In its first-quarter earnings report published on Wednesday, Germany’s flag carrier Lufthansa said it had hedged around 80 percent of its jet fuel requirements. Despite these measures, it expects fuel-related costs in 2026 to increase by 1.7 billion euros (2 billion U.S. dollars), nearly 24 percent higher than previously forecast, mainly driven by surging energy prices and disrupted global aviation markets.
The group said it plans to offset the additional burden through higher ticket revenues, network optimization and further cost-cutting measures in the coming quarters.
“The ongoing crisis in the Middle East, combined with rising fuel costs and operational constraints, poses enormous challenges for the global economy, the aviation industry and our company,” Lufthansa CEO Carsten Spohr said.
According to the International Air Transport Association (IATA), jet fuel prices surged 106.6 percent year-on-year in March amid escalating geopolitical tensions. In Europe, prices have climbed to their highest since 2022.
IATA Director General Willie Walsh said that while the industry remains in better shape than during the 2020 pandemic lockdowns, the current fuel crisis has emerged as the most acute shock to global aviation since COVID-19.
According to a study released by Allianz Trade last week, Europe produces only half of the kerosene required by its domestic market, leaving the region’s aviation sector dependent on imports for the remainder of its jet fuel needs.
Several European airlines have already introduced measures to cope with rising fuel costs and concerns over potential supply disruptions.
Air France-KLM said it plans to impose a surcharge of up to 50 euros (58.73 dollars) on long-haul flights, while EasyJet and Ryanair warned that fares could rise further if fuel markets remain tight. Lufthansa said it has already implemented ticket price increases.
Analysts at Allianz Trade painted an equally bleak picture, estimating that international airfares have already risen by between 5 percent and 15 percent.
Lufthansa is also evaluating stopover options for its long-haul routes to Asia and Africa as a contingency measure against potential refueling failures at destination airports. Highlighting the gravity of the supply crisis, Spohr remarked, “We can only fly if we have fuel.”
A Lufthansa aircraft (Rear) and an EasyJet aircraft are seen after arriving at the newly-opened Berlin Brandenburg Airport in Schoenefeld, Germany, on Oct. 31, 2020. (Thomas Trutschel/photothek/Handout via Xinhua)
Heza Estate comprises 548 residential units across two categories, apartments and townhouses designed to meet the needs of working professionals, families, and members of the Rwandan diaspora seeking a secure, fully integrated community to call home.
Heza Estate comprises 548 residential units across two categories , townhouse and apartments designed to accommodate a range of household needs and budgets.
Apartments are available in two and three bedroom configurations, arranged across four-storey blocks with two units per floor. Townhouses are offered in two types: two and three bedroom duplex units with a 3 bedroom corner townhouse
Pricing
Unit prices are structured based on the type and size of the property. Townhouses start at Rwf 80 million for a two-bedroom unit and go up to Rwf 117 million for a three-bedroom unit.
Apartments, on the other hand, are priced between Rwf 101 million and RWF 111 million, depending on the specific configuration and features.
Buyers may purchase units through flexible installment payment plans. RSSB has also partnered with multiple banks to provide mortgage financing at competitive interest rates, making homeownership more accessible than ever.
RSSB has launched Heza Estate, a residential community in Batsinda featuring 548 housing units.
A community built for modern living
Heza Estate is designed as a fully integrated community rather than a typical housing development.
It includes a nursery school, basketball and volleyball courts, landscaped gardens and family relaxation areas, as well as commercial spaces.
The estate also features paved internal roads with street lighting and dedicated parking for each unit.
Commenting on the development, Claudette Rubangura, RSSB’s Commercial Operation Manager, said: “Heza Estate was built with a clear purpose — to give middle-income Rwandans, young professionals, families, and diaspora members a place they can truly call their own. We wanted residents to have everything they need within reach: schools for their children, nearby shopping and everyday conveniences, spaces to relax, and a secure environment. This is not just a housing project; it is a community designed around how people actually live.”
Heza Estate is part of RSSB’s broader housing portfolio, which spans multiple market segments. The institution is also developing Vision City II , a project three times the scale of Vision City I, growing from 500 to approximately 1,500 units.
These developments directly support Rwanda’s housing goals. Current projections indicate that the country will require at least 5.5 million housing units by 2050, when the population is expected to reach 22.1 million.
Heza Estate is a 548-home housing project in Batsinda designed to provide modern, well-serviced living for middle-income Rwandans and diaspora buyers.
How to apply
Interested buyers are invited to take the first step towards owning their home by visiting hezaestate.rssb.rw to register online, calling sales team on +250 787 750 033
About RSSB
The Rwanda Social Security Board is a government institution responsible for social security administration in Rwanda.
Through its investment arm, RSSB develops housing and infrastructure projects that contribute to national development while generating sustainable returns for its members.
RSSB’s housing portfolio includes projects across multiple market segments, from Vision City to Heza Estate, serving a wide range of Rwandans seeking quality homes.
Heza Estate, developed by RSSB in Kinyinya Sector, Gasabo District, offers 548 apartments and townhouses as part of efforts to expand quality housing in Kigali.The Rwanda Social Security Board (RSSB) has unveiled Heza Estate in Batsinda, a 548-unit residential development aimed at middle-income buyers in Kigali, with construction now 90% complete.Heza Estate is a 548-unit residential project by RSSB featuring modern interior designs, green open spaces, and a secure environment tailored for middle-income homeowners.Heza Estate in Batsinda presents residents with a fully integrated living environment, featuring scenic views, green landscaped gardensHeza Estate forms part of RSSB’s broader housing portfolio aimed at expanding urban housing supply.The project combines housing with landscaped gardens and designated family relaxation spaces.Heza Estate features modern apartments and townhouses designed for middle-income homebuyers in Kigali.The 548-unit Heza Estate project by RSSB features apartments and townhouses with stylish interior designs and a focus on functionality, targeting middle-income buyers in Kigali’s growing housing market.
Recent high-level discussions between President Paul Kagame and a delegation from Chery Holding, led by Xu Hui, Chairman of Rich Resource International Investments (RRII) and Vice President and Board Secretary of Chery Holding, have drawn attention to the possibility of establishing a local EV assembly plant in Rwanda.
A day after meeting with the President last month, the Rwanda Development Board (RDB) Deputy CEO Juliana Muganza and Xu Hui signed a strategic partnership framework, laying the groundwork for sustainable investment and the growth of e-mobility solutions.
The talks were aligned with Rwanda’s broader industrialisation and e-mobility strategy, which prioritises sustainable transport and value-added manufacturing.
Chery Holding is among China’s leading car manufacturers and an increasingly influential player in the global mobility industry.
Established in 1997 in Wuhu, Anhui Province, the company has expanded into a Fortune Global 500 firm, now producing over 2.6 million vehicles each year and exporting to markets across Asia, Africa, Europe, and Latin America.
The group manages a diverse portfolio that covers traditional internal combustion vehicles, hybrids, and electric mobility solutions. Its brands include Chery New Energy, Exeed, Jetour, and Omoda, alongside other emerging EV-focused lines.
Over time, it has also built joint ventures and technological partnerships, particularly in areas such as advanced driver assistance systems and electrification, underscoring its shift toward smarter and lower-carbon transport solutions.
Chery was among the early Chinese automakers to invest in electric vehicle development, launching its EV programmes in the late 2000s and steadily expanding its capabilities in battery-electric platforms.
In recent years, the company has further accelerated its global EV push through strategic partnerships and investments aimed at boosting production capacity and strengthening its technological edge.
Discussions between President Kagame and Chery delegation recently focused on potential investment opportunities.
A project still at the exploratory stage
Speaking to IGIHE, Gao Zhiqiang, the Economic and Commercial Counselor at the Chinese Embassy in Rwanda, has clarified that while the idea of an EV assembly plant in Rwanda is being actively discussed, it remains at an early stage.
According to him, Chery has expressed interest in deepening cooperation with Rwandan counterparts in the electric mobility sector, including the possibility of setting up an assembly facility. However, he emphasized that this is still an intention rather than a confirmed investment.
“There are many technical issues that still need to be discussed, and follow-up steps are required,” he noted, adding that both sides are still engaging to explore feasibility and market potential.
Jetour is a modern SUV brand from Chery, and it is gradually winning the Rwandan market.
Rwanda positioned as a potential regional hub
Despite the early stage of discussions, Gao has expressed optimism about Rwanda’s attractiveness as an investment destination. Gao highlighted Rwanda’s stable governance, improving business environment, and strategic positioning as key advantages for foreign investors.
He further encouraged Chery to think beyond Rwanda’s domestic market and consider the broader regional opportunity, suggesting that the country could serve as a production and distribution hub for East Africa and beyond.
“Rwanda could become a business hub, especially with upcoming infrastructure such as the new Bugesera International Airport,” he said, pointing to long-term economic potential driven by improved connectivity and logistics.
Timeline
While interest is growing, officials cautioned that the project is unlikely to materialize in the immediate future.
According to Gao, setting up such a facility would require significant preparation, coordination, and investment planning.
“It will take time — at least two years or more. It will not happen next year,” he explained, underscoring the complexity of establishing automotive manufacturing operations.
Broader wave of Chinese industrial interest
Beyond the proposed EV assembly plant, Gao said, other Chinese investors are also engaging with Rwanda, exploring opportunities in manufacturing and industrial parks.
Among them is Asia Machinery, a firm proposing the development of an automobile industrial park, with submissions already made to Rwanda Development Board (RDB) and the Ministry of Trade and Industry (MINICOM).
Another firm in the medical equipment sector is also considering establishing an industrial park in Rwanda’s Eastern Province, reflecting a broader trend of diversified Chinese investment interest.
Although exact figures were not disclosed, preliminary estimates suggest that combined investments from these emerging projects could reach tens of millions of dollars.
Chery is seeking to establish an electric vehicle assembly plant in Rwanda.
Alignment with Rwanda’s e-mobility agenda
The discussions come at a time when Rwanda is accelerating its transition toward sustainable transport. The government has introduced policies requiring public institutions to allocate at least 30% of newly procured vehicles to electric models, a move aimed at reducing emissions and supporting green mobility adoption, amid global oil disruptions.
In this context, a potential EV assembly plant would align closely with national priorities, including industrialisation, job creation, and technology transfer. It would also support Rwanda’s long-term ambition to develop a domestic automotive value chain anchored in clean energy solutions.
While the Chery EV assembly project is still in its early stages, both Rwandan and Chinese stakeholders appear aligned on its long-term potential. If realized, the investment could position Rwanda as an emerging player in Africa’s electric mobility ecosystem, while strengthening industrial cooperation between the two countries.
Rwanda and China have maintained strong cooperation over the years, with total trade between Rwanda and China reaching $849 million in 2025, an increase of 26.9 percent year-on-year, while Rwanda’s exports to China rose by 42 percent.
Tiggo 7 is one of the modern vehicles gaining traction in the European market.Luxeed is one of the high-quality electric vehicle brands produced by Chery.
“We are going to see inflation climbing up, and then inevitably, inflation expectations would start de-anchoring,” she said at a conference hosted by the Milken Institute in Washington, D.C.
She noted that current conditions, including a prolonged conflict, oil prices hovering at or above 100 U.S. dollars per barrel, and mounting inflationary pressures, have already activated the IMF’s “adverse scenario.”
In April, the IMF issued three scenarios for global GDP growth in 2026 and 2027, namely the main “reference forecast,” a middle “adverse scenario,” and a much worse “severe scenario.”
Under the adverse scenario, global growth would slow to 2.5 percent in 2026, while inflation would rise to 5.4 percent.
The reference scenario, which assumes a short-lived conflict, projects growth of 3.1 percent and inflation of 4.4 percent.
“This scenario, with every day that passes, is further and further behind in the rear-view mirror,” Georgieva said.
For the severe scenario forecast, global growth would be just 2 percent, with inflation hitting 5.8 percent.
FILE – Kristalina Georgieva, Managing Director of the International Monetary Fund, attends the Annual Meeting of the World Economic Forum in Davos, Switzerland, Jan. 23, 2026. (AP Photo/Markus Schreiber, File)
The country imported 195,610 tonnes of sugar valued at $145 million (approximately Rwf 212 billion) in 2025, down from 308,000 tonnes worth $238 million (about Rwf 348 billion) in 2024.
The imports comprised raw sugar for industrial refining, inputs for beverage and food manufacturing, and refined sugar for household consumption.
Minister of Trade and Industry Prudence Sebahizi attributed the decline to a combination of reduced demand for refined sugar, increased domestic production, and a drop in re-exports to neighbouring countries.
“The decrease in imports can be attributed to a drop in refined sugar consumption locally, coupled with increased domestic production,” Sebahizi told The New Times.
He added that re-exports, particularly of raw sugar destined for further processing, also declined in 2025 compared to the previous year, contributing to the overall drop in import volumes.
According to the minister, the trend reflects broader market adjustments rather than the impact of new policy measures, pointing to evolving consumer preferences and supply dynamics.
The decline follows a surge in 2024, when sugar imports rose to 308,000 tonnes valued at $238 million, up 24 per cent from $192 million recorded in 2023.
Rwanda continues to apply the East African Community Common External Tariff alongside safeguard measures aimed at balancing consumer affordability with the protection of local producers. To stabilise prices, the government also permits strategic imports under managed quotas.
Additionally, authorities have temporarily eased the application of the regional external tariff on sugar and other essential food commodities to cushion consumers from rising costs, according to the Ministry of Finance and Economic Planning.
Looking ahead, the government plans to allocate 8,000 hectares of land for sugarcane cultivation and mobilise at least $50 million in private investment. The initiative is intended to expand processing capacity, strengthen the domestic sugar industry, and further reduce reliance on imports.
Rwanda imported 195,610 tonnes of sugar valued at $145 million (approximately Rwf 212 billion) in 2025, down from 308,000 tonnes worth $238 million (about Rwf 348 billion) in 2024.
The high-level meeting, which opened at the Kigali Marriott Hotel on Monday, May 4, 2026, brings together government officials, regulators, industry executives, and development partners to discuss how insurance can better support African economies facing increasing climate shocks, fiscal pressures, and development challenges.
Insurance gap at the centre of debate
Opening the meeting, ZEP-RE Managing Director and Group CEO Hope Murera said Africa continues to face a recurring cycle where governments are forced to fund disaster recovery after events occur, often through costly borrowing, while vulnerable populations remain largely unprotected.
“When disasters happen, governments step in to rebuild… resources are eventually found, but sometimes too late,” Murera said. “In many cases, this comes as expensive debt that remains long after the disasters.”
ZEP-RE Managing Director and Group CEO Hope Murera said Africa continues to face a recurring cycle where governments are forced to fund disaster recovery after events occur, often through costly borrowing.
She noted that insurance penetration remains low across the continent, leaving smallholder farmers, women, youth, and small businesses particularly exposed to shocks such as droughts, floods, and other climate-related events.
Murera emphasised that insurance should play a stronger role in absorbing risks and de-risking African economies, but said fragmented risk financing systems and limited affordability continue to hinder progress.
“This is the gap that we, as an industry, seek to address and help close,” she said.
Call for collective action
ZEP-RE Vice-Chair Simon Chikumbu, speaking on behalf of the Board Chairperson, said Africa remains significantly underinsured, adding that the consequences are widely felt across economies and communities.
He stressed that addressing the challenge requires coordinated action across governments, regulators, insurers, and development partners.
“The challenges before us are significant. Africa remains underinsured to a great extent,” he said. “Addressing this requires more than individual effort. It requires collective engagement and purposeful dialogue.”
The high-level meeting brought together government officials, regulators, industry executives, and development partners to discuss how insurance can better support African economies facing increasing climate shocks, fiscal pressures, and development challenges.
Chikumbu also underscored ZEP-RE’s founding mandate to build African reinsurance capacity, noting that while the institution has made progress, the continent’s insurance gap remains a major concern.
Delivering a keynote address, Rwanda’s Minister of Finance and Economic Planning, Yusuf Murangwa, highlighted the scale of the challenge, noting that Africa’s insurance penetration stands at about 2.7%, compared to a global average of 7%.
He warned that the gap leaves hundreds of millions of people exposed to financial hardship when disasters strike.
“The informal sector, the market stall owner, the smallholder farmer, the motorcyclist, taxi drivers, is not uninsurable; it is simply uninsured,” Murangwa said, adding that this distinction represents a major opportunity for industry growth and innovation.
Rwanda’s Minister of Finance and Economic Planning, Yusuf Murangwa, highlighted the scale of the challenge, noting that Africa’s insurance penetration stands at about 2.7%, compared to a global average of 7%.
He also pointed to climate-related losses that continue to strain public finances, noting that most catastrophe-related costs in Africa are borne by governments, households, and businesses rather than insurers.
Murangwa called for faster and more ambitious action beyond pilot projects, urging stakeholders to scale up solutions that address climate risks and disaster preparedness.
Insurance as a resilience tool
Governor of the National Bank of Rwanda, Soraya Hakuziyaremye, who opened the high-level panel discussions, said insurance must no longer be viewed as a niche financial product but as a strategic tool for economic resilience and growth.
She highlighted that Africa is increasingly exposed to climate shocks, citing floods, droughts, and storms that are becoming more frequent and severe.
“These shocks are no longer rare events, they are part of our new normal,” she said.
She added that more than 80% of catastrophe-related losses in Africa remain uninsured, shifting the financial burden to households and governments at times when they are least able to absorb it.
Hakuziyaremye also noted that Africa carries 19% of the global population and is expected to account for one in four people globally by 2050, increasing the urgency for scalable insurance solutions.
Governor of the National Bank of Rwanda, Soraya Hakuziyaremye, said insurance must no longer be viewed as a niche financial product but as a strategic tool for economic resilience and growth.
Innovation and regional solutions
Discussions at the meeting highlighted ongoing efforts to address Africa’s risk financing gap through insurance-based solutions, particularly index insurance models being developed in the agricultural sector.
Dr. Grace Muradzikwa, Commissioner of Insurance, Pensions and Provident Funds in Zimbabwe, noted that index insurance products have been developed with support from partners, including the World Bank, to help farmers manage climate-related risks. She cited agricultural insurance initiatives such as the
“Farmers Basket” scheme, which was first launched in one province and progressively expanded to eight provinces with support from multiple stakeholders.
According to Dr. Muradzikwa, such initiatives demonstrate how insurance can shift from post-disaster response to more proactive risk management, as governments, regulators, insurers, and development partners work together to structure more sustainable agricultural protection mechanisms.
Speakers also referenced regional insurance and risk-sharing frameworks, including the Common Market for Eastern and Southern Africa (COMESA) Yellow Card system, the Regional Compensation Transit Guarantee (RCTG), and African Risk Capacity (ARC) initiatives, aimed at strengthening resilience and facilitating risk pooling across African economies.
Moving from pilots to systemic impact
Participants agreed that while progress has been made in developing innovative insurance products, Africa must move beyond small-scale, pilot-driven approaches toward system-wide solutions that can deliver broader impact.
They emphasised the need for stronger collaboration between governments, regulators, insurers, and development partners to scale up insurance solutions that serve both agricultural producers and wider vulnerable populations.
However, challenges such as affordability, data limitations, low insurance awareness, and fragmented implementation across markets remain key barriers.
“In the world we are experiencing more than 10 types of disasters, such as floods, landslides, strong winds, lightning, and many others… In 2023, we experienced one of the strongest hazards in this country. In a single night, we lost more than 135 lives,” said Adalbert Rukebanuka, Director General of Policy, Planning and Risk Reduction at Ministry in charge of Emergency Management (MINEMA).
He noted that disasters are becoming more frequent and complex, placing increasing pressure on governments that already bear a significant share of recovery costs, underscoring the urgency of strengthening disaster risk financing systems that can deliver faster and more predictable responses while reducing pressure on public finances.
The AGM continues on Tuesday, May 5, with a closed session and concludes with the adoption of key resolutions.
ZEP-RE is a pan-African reinsurer established in 1990 under COMESA, operating in more than 45 African countries. It plays a central role in supporting insurance market development and building risk capacity across the continent.
Participants agreed that while progress has been made in developing innovative insurance products, Africa must move beyond small-scale, pilot-driven approaches toward system-wide solutions that can deliver broader impact.
