The report released on August 31, 2024, shows that the decline was primarily driven by a 6.9% decrease in manufacturing activity prices, which contributed to the overall reduction.
The PPI is a crucial economic indicator that tracks the average change in prices received by domestic producers for their goods and services. Unlike consumer price indices, the PPI reflects price movements from the seller’s perspective, providing early insights into inflationary trends before they reach consumers.
Despite the downturn in manufacturing, the report highlighted contrasting trends in other sectors. The mining sector saw a 1.5% increase in prices.
Generally, this means that businesses in Rwanda paid less for goods and services used in their production processes.
On a monthly basis, the general PPI increased by 0.8% from June to July 2024, mainly due to a 1% rise in manufacturing activity prices.
Further analysis revealed that the local PPI, which measures prices for goods produced and sold within Rwanda, fell by 7.1% year-on-year in July 2024. This was largely due to a 9.1% drop in manufacturing prices. However, on a monthly basis, the local PPI saw a 0.9% increase, driven by a 1.2% rise in manufacturing prices.
The export PPI, which tracks prices for goods produced in Rwanda and sold abroad, decreased by 1.3% year-on-year in July 2024. This decline was mainly due to a 5.2% drop in coffee product prices, despite a 4.1% increase in tea prices and a 1.5% rise in mining prices.
On a month-to-month basis, the export PPI rose by 0.5%, with tea prices up by 1% and coffee prices up by 0.5%.
The report, released on Friday by the German Federal Bureau of Aircraft Accident Investigation (BFU), said there was “fog and deteriorating weather” near Mzuzu Airport, where the plane was destined to land.
The German investigators managed to retrieve GPS data tracing the aircraft’s flight on the material day from take-off at Kamuzu International Airport in Lilongwe, the capital of Malawi, to the crash site in Chikangawa Forest near Mzuzu.
However, according to the report, some data regarding the communications between the crew and navigation services were not recorded as the military aircraft, Dornier 228-202(K), Malawi Air Force, had no Cockpit Voice Recorder or Flight Data Recorder.
“The radio communications between the flight crew and the air navigation service units at Lilongwe, and radio communications between the flight crew and the Flight Information Service were not recorded,” said the interim report, signed by Jens Friedemann, investigator in charge at the BFU.
The German investigators said in the report that they are compiling the final report on the accident and that it is expected to be released by the summer of 2025.
The BFU has since made safety recommendations for the concerned Malawian authorities.
“The minister of defense of the Republic of Malawi should ensure that aircraft of the Malawi Air Force transporting persons are equipped with a functional Emergency Locator Transmitter,” said the report. “The minister of transport and public works of the Republic of Malawi should ensure that up-to-date information concerning radio navigation aids in Malawi is available to aircraft crews at all times.”
The military plane crashed mid-flight during a domestic trip from Lilongwe to Mzuzu with Chilima, former First Lady Patricia Shanil Dzimbiri, and seven others on board.
The former vice president and his team were scheduled to proceed by land from Mzuzu Airport to the lakeshore district of Nkhata Bay to attend the funeral of Ralph Kasambara, the country’s former attorney general and justice minister.
Aloys Manzi, who spent many years in the United Kingdom, recognized this issue and launched a project aimed at providing different types of homes tailored to clients’ preferences. This initiative allows members of the diaspora to own homes in Rwanda without the usual difficulties.
In an exclusive interview with IGIHE, Manzi and Ignatius Mugabo explained that anyone wishing to build a home in Rwanda needs to pay 20% of the construction cost upfront. If they lack the full amount, the remaining balance can be financed by a bank, which they will repay gradually.
They confirmed that those interested in building a home do not need to oversee the construction process themselves, as Blackrock handles everything, including finding tenants if the owner is not yet ready to live in the house.
{{Excerpts:}}
{{IGIHE: Could you please describe the ‘Blackrock’ project?}}
{{Mugabo: }} The ‘Blackrock’ project is a reliable and well-structured initiative designed with the diaspora in mind. Many members of the diaspora don’t have the time to manage a construction project.
They often visit Rwanda for a few weeks and leave without completing what they started due to time constraints. Our project simplifies this process by taking care of everything for them. From purchasing land to building the house, we handle it all.
The process is even more accessible, as clients can begin with a 20% upfront payment, and a major Rwandan bank supporting this project will finance the rest. This ensures that their investment is protected, as the bank oversees the progress of the construction.
{{IGIHE: What sets these homes apart from others?}}
{{Manzi:}} Our homes stand out because we focus on building high-quality houses customized to the client’s specifications. Clients can request specific modifications, and once the construction is complete, we even assist in finding tenants if they are not ready to move in.
While similar services may exist, they are not as widely available, especially for the diaspora. We understand their unique challenges and are here to help them navigate the process easily.
{{IGIHE: }} {{How do you assist those who may not have enough money?}}
{{Manzi: }} We collaborate with a leading bank in Rwanda that is keen to support the diaspora. If a client has 20% of the required funds, the bank will provide an 80% loan to cover the remaining costs. The bank’s involvement means they will monitor the project’s progress, ensuring everything goes according to plan. This approach differs from simply handing over money to a relative, where there’s a risk of being shown photos of someone else’s house.
That’s why Blackrock is here, and we have other plans for the future, including helping someone with land by building houses on it and assisting them to run other income generating ventures.
{{IGIHE: Is it possible for someone to request a custom-built home?}}
{{Manzi: }} Absolutely. For example, one of our clients from the United States wanted to use only part of his house and rent out the rest.
He requested that the first and second floors be designed as rental units while he lived on the top floor.
We cater to such needs, whether a client wants to live in the entire house, rent out parts of it, or customize the space for other purposes. Each room is self-contained, making it easy to adapt to different needs. Our dedicated team is always available to assist with customization, ensuring that each home meets the client’s desires.
While confirming the accident, police in Uganda said the crash, involving a Jaguar Bus Company vehicle, registration number UBP 964T, occurred at 2 a.m. near Kabale-Bugonzi, close to Peak Eclat Primary School.
The bus was travelling from Kampala to Kigali, Rwanda, when it veered out of its lane and collided head-on with a Fuso truck, registration number UAV 988N.
Police said all the deceased were passengers on the bus. The victims have been identified as Moses Awinyi, Musa Munyanda, Steven Kayinamura, Edwin Tushabomwe, Liz Akaliza, Teopista Amalia, Evelyn Natukunda, and Acham.
An eyewitness told Uganda’s Daily Monitor that the driver of the bus lost control, causing it to collide with the truck travelling from Masaka to Kampala.
“The bus overturned several times before swerving off the road and falling into a valley,” the witness, identified as Sam Musoke, revealed.
According to the eyewitness, at least 40 injured persons were rushed to Masaka Regional Referral Hospital for treatment by locals and a response team from the Uganda Red Cross Society and police.
Southern Regional Police Spokesperson Twaha Kasirye attributed the accident to speeding and warned motorists against the dangerous act.
“We continue to warn motorists against speeding. The accident occurred in the dark, and it is possible the bus driver had poor visibility, which impaired his decision-making and endangered the lives of those onboard,” Kasirye stated.
A statement released by the RDF on Sunday, September 1, 2024, indicated that President Kagame had promoted 654 officers to higher ranks within the army. Among those promoted are two Colonels who have been elevated to the rank of Brigadier General: Col Justus Majyambere and Col Louis Kanobayire.
Additionally, fourteen senior military officers holding the rank of Lieutenant Colonel have been promoted to Colonel. These officers are Lt Col Francis Nyagatare, Lt Col Jessica Mukamurenzi, Lt Col Mulinzi Mucyo, Lt Col Alexis Kayisire, Lt Col Emmanuel Rutebuka, Lt Col Jacques Nzitonda, Lt Col Ephraim Ngoga, Lt Col Emmanuel Rukundo, Lt Col Silver Munyaneza Akarimugicu, Lt Col Tanzi Mutabaruka, Lt Col Prosper Rutabayiru, Lt Col Hubert Nyakana, Lt Col Joseph Kabanda, and Lt Col Danny Gatsinzi.
Thirty officers have been promoted from the rank of Major Lieutenant to Lieutenant Colonel, while 280 officers have been elevated from Captain Major to Major.
President Kagame has also promoted 40 officers from the rank of Lieutenant to Captain, and 270 Second Lieutenants to the rank of Lieutenant.
Furthermore, nine medical officers in the non-commissioned officer category have been promoted to the rank of Lieutenant, and nine other medical professionals have been elevated to the rank of Second Lieutenant.
Meanwhile, Minister of Defence Juvenal Marizamunda has promoted 4,059 non-commissioned officers to various ranks within the RDF.
In the latest round of promotions, one officer has been ascended from Warrant Officer II to Warrant Officer I, while five others have moved from Sergeant Major to Warrant Officer II. Additionally, 75 officers have been promoted from Staff Sergeant to Sergeant Major, 139 from Sergeant to Staff Sergeant, 119 from Corporal to Sergeant, and a substantial 4,059 from Private to Corporal.
These promotions follow a recent meeting on August 29, 2024, where President Kagame discussed the country’s peace and security priorities with senior army officers.
The meeting also resulted in the dismissal of Maj Gen Martin Nzaramba, Col Dr. Etienne Uwimana, and 19 other senior and junior officers. The contracts of 195 other military personnel of various ranks were also terminated.
RDF Spokesperson Brigadier General Ronald Rwivanga stated that Major General Nzaramba was dismissed for corruption and the misappropriation of funds designated for soldiers’ welfare during his tenure as Commandant of the Basic Military Training Centre in Nasho. Similarly, Colonel Dr. Etienne Uwimana was removed for gross misconduct and violations of the RDF’s core ethics and values.
The Rwandan Head of State arrived in Bali on Sunday morning to a warm reception, which included a ceremonial guard of honour.
Kagame is among at least six Heads of State and dozens of government officials scheduled to attend the three-day summit, which kicks off in Bali today, September 1, 2024.
The forum, organized by the Indonesian government, aims to foster cooperation and partnerships between African states and Indonesia.
Themed “Bandung Spirit for Africa’s Agenda 2063,” the forum will focus on issues related to energy, health, food resilience, and mining.
Rwanda is keen to sign several new agreements with Indonesia on the sidelines of the summit, Rwandan Ambassador to Indonesia Sheikh Abdul Karim Harelimana said last week.
“We expect, on the sidelines of the IAF, that some other MOUs will be signed, especially between the Private Sector Federation and Kadin (Indonesian Chamber of Commerce and Industry),” Harelimana told local media.
In addition, Rwanda is seeking to sign a memorandum of understanding in the security sector.
“There were discussions about security—specifically between the Indonesia National Police and the Rwanda National Police. There is a draft MoU about collaboration and cooperation between both countries,” the ambassador revealed.
Other African leaders expected at the high-level summit include Presidents Joseph Nyuma Boakai of Liberia, Nana Akufo-Addo of Ghana, and Dr. Hussein Ali Mwinyi, President of Zanzibar and Chairman of the Revolutionary Council.
Prime Ministers Russell Mmiso Dlamini of Eswatini and Xanana Gusmão of the Democratic Republic of Timor-Leste, along with representatives from Uganda, DRC, Kenya, Egypt, Cameroon, Sudan, Angola, and Namibia, among others, are expected to attend.
This new factory is perceived as a crucial step in the country’s ongoing efforts to industrialize the economy and diversify its manufacturing capabilities thereby positioning herself as a regional hub in the textile and garment sector.
AC Better Limited, a company comprised of Rwandan and Chinese business owners with deep roots in China’s robust textile industry and strong ties to Rwanda, is uniquely positioned to drive this transformation.
Edward Yin, the company CEO and key figure in the Kigali operations regards the establishment of the factory as a strategic move that aligns with both Rwanda’s national goals and the broader economic vision for the region.
“Rwanda is emerging as a central hub for the modern clothing industry in East Africa,” Yin explains. “Establishing this factory is not just about producing textiles; it’s about creating an ecosystem that supports local businesses, fosters innovation, and connects Rwanda to global markets.”
The company already operates a successful warehouse and supply chain business, providing local consumers with a wide range of textile fabrics, sewing machines, and essential accessories such as buttons and zippers.
They go beyond merely supplying products, providing spare parts and repair services to ensure that clients, from tailoring companies to retailers, receive comprehensive support and high-quality products.
This will serve as a major supply center for textiles in Rwanda, significantly enhancing the availability of high-quality fabrics and related products. This will be particularly beneficial for local designers, tailors, and fashion entrepreneurs who often face challenges in sourcing materials and accessing modern equipment.
The decision to establish the factory comes at a time when Rwanda is experiencing rapid growth in its industrial landscape. With a strong emphasis on promoting local manufacturing, the government has been actively encouraging investments in sectors that have the potential to create jobs, reduce dependency on imports, and boost exports. The textile industry, identified as one of the key areas for development, is now set to receive a major boost with this new venture.
The factory is expected to not only meet local demand but also cater for the broader East African market, thereby positioning Rwanda as a key player in the regional textile industry. Shyaka Gakuba, a Rwandan shareholder in AC Better Limited has been instrumental in conceptualizing the project.
Reflecting on the journey that led to this point, Gakuba said, “The idea to establish a modern textile factory in Rwanda was conceptualized when a ban against importation of second hand clothes was adopted. We looked at this as a way of creating a more self-reliant environment in clothing production.”
He is optimistic that this will enable a thriving, competitive industry that could provide jobs, support local businesses, and reduce reliance on imported textiles.
This development has since garnered significant interest from various stakeholders in Rwanda’s textile sector such as Maximilien Kolbe Uwayo Hategekimana, co-CEO of Kuza Africa Ltd, a hub dedicated to advancing the textile and garment industry in Rwanda.
He believes that this will positively contribute to transforming Rwanda’s fashion and textile sector. “Sourcing supplies and machines can be incredibly costly particularly for designers and small businesses from low-income economies,” he notes.
“By clustering designers into one entity, we can achieve economies of scale that reduce costs and streamline the production process. Our collaboration with AC Better Limited will ensure that our members have access to the materials and equipment they need at competitive prices,” he affirms.
Hategekimana, who connects tailors, fashion designers, and other value chain stakeholders by offering education, business development services, and access to world-class equipment, believes this is a positive step in the right direction.
In reducing Rwanda’s reliance on imported textiles, the idea of any contribution towards improving the country’s trade balance, industrial landscape and economic resilience is palpable.
In partnering with WIFR, institutional members like Mayfair Insurance demonstrate the importance they place on accelerating progress for diversity, equity and inclusion.
The insurer formalized its membership during an official Gender Charter signing ceremony held on Thursday, August 30, 2024, at its offices in Kimihurura. The event was graced by Mayfair Rwanda Managing Director Ms. Jessica Igoma, Zep-Re MD for Rwanda & Burundi Ms. Alice Uwase, and the WIFR founding chair Ms. Lina Higiro and Mayfair Management.
Speaking at the event, Igoma emphasized that joining the foundation reaffirms Mayfair’s commitment to making equality a strategic objective, just like any other business goal.
A study from McKinsey & Company, which analyzed more than 1,000 companies worldwide, proved that organizations with greater diversity among their executive teams tend to have higher profits and longer-term value as well.
“We are committed to being part of this journey to elevate women and to walk alongside Women in Finance Rwanda every step of the way,” Igoma noted.
Higiro lauded Mayfair for its decision to join the foundation, highlighting that it adds to the growing list of insurance companies committed to advancing the equality agenda in the sector. Other members include Sanlam and Zep-Re.
“Now we have a strong team to advocate and drive change for a more profitable and sustainable insurance sector,” Higiro stated.
The former CEO of NCBA Bank Rwanda was recently appointed Director of Regional Business at NCBA Group. She emphasized that Gender parity can have a large impact on whether an economy or society will thrive as such it is a critical lens for doing business. She also stressed the importance of nurturing an inclusive culture to sustain these efforts.
Companies joining WIFR commit to various initiatives aimed at promoting gender equality and inclusivity within the financial sector. These commitments include supporting the progression of women to senior roles by setting internal gender balance objectives that focus on reducing imbalances, particularly at the executive level and within the middle management pipeline.
To ensure transparency and accountability, members commit to creating and sharing a clear diversity policy with specific targets set for all organizational levels. These targets should be made public, and progress towards them reported annually. Companies are also encouraged to develop tools to track and report on female representation, promotions, and any challenges in achieving gender equality.
Additionally, members commit to identifying and sharing obstacles and best practices in the industry to support the advancement of women and increase their presence in senior roles. Companies are also encouraged to establish a Gender Committee, if one does not already exist, to bolster these efforts. The aim is to create a more inclusive and balanced financial sector in Rwanda.
{{Empowerment Initiatives
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Launched in 2023, WIFR has partnered with various institutions to help its members succeed in their careers and navigate the ever-changing landscape of the finance industry.
Higiro noted that, for instance, in the commercial banking sector, the foundation has partnered with the Chartered Institute of Securities and Investments to offer scholarships and special discounts for all staff both men and women.
“We also have a partnership with the Uganda Financial Institute for Training Home – UIBFS, which offers diplomas in credit analysis, a postgraduate diploma in agricultural value chain credit analysis, and microfinance banking. Members (All staff) receive special discounts on these courses,” Higiro revealed.
Additionally, the foundation provides capacity-building sessions designed to enhance skills and foster professional growth, where members have the opportunity to network with industry experts and gain valuable insights. It is also going to launch a mentorship program that connects members with industry and subject-matter experts to build meaningful relationships and support their professional goals.
Other financial institutions that have recently partnered with WIFR include Bank of Kigali, BRD, NCBA Rwanda, EcoBank, I&M Bank, Umwalimu Sacco, Coopedu and several others.
The mother of two told the New York Times that she purchased a stake in Cesta Collective, a company that has been selling these handbags since 2018.
These handbags are woven by women in Rwanda and then sent to Italy to enhance their quality. Meghan Markle revealed that 2023 was the first time she carried a Cesta Collective handbag, during an outing with her husband Prince Harry, Gwyneth Paltrow, and Cameron Diaz.
She shared that she discovered these handbags online, as she spends a significant amount of time on the internet looking for new trends and innovations from around the world.
According to Meghan Markle, what motivated her to invest in Cesta Collective was its alignment with her goal of empowering or supporting female artisans to improve their livelihoods and ensure they receive fair wages.
She stated, “With Cesta Collective, I have begun to understand the number of women whose lives have been transformed through their work, and that is something very valuable to me.”
Erin Ryder, the CEO of Cesta Collective, mentioned that since they started collaborating with Meghan Markle, their products have gained much more attention compared to other successful periods in their business.
Investment is synonymous with Meghan Markle, as she has invested in nearly 10 other companies. Nowadays, wherever Meghan Markle goes, she carries Cesta Collective handbags. During her recent visit to Colombia, she carried various handbags, including the Braided Canvas Tote (priced at $750) and the Crossbody (priced at $750).
IMIZI Rum, founded by the visionary Rohan Shah, is setting a new standard for luxury in Rwanda. With a price of 64,900 francs per bottle, this isn’t your average nightcap. But the buzz around it suggests it’s worth every coin. From the bustling bars of Kigali to the serene luxury lodges near Rwanda’s national parks, IMIZI is rapidly becoming the go-to choice for those who want to sip in style.
So, who is Rohan Shah, the mastermind behind this premium spirit? “My name is Rohan Shah. I’m a Singaporean Harvard University graduate, and in 2022, I moved to Rwanda to start IMIZI Rum,” says Shah. “IMIZI Rum is Rwanda’s first internationally awarded craft spirits brand. We make a premium alcoholic beverage called rum by buying and processing sugarcane sourced directly from small farmers in Rwanda.”
Shah’s journey to founding IMIZI Rum was inspired by his extensive experience in agricultural development across South Asia and Sub-Saharan Africa. “The inspiration to start IMIZI comes from my past experiences. I used to work in agricultural development in many countries, including Zambia, Ethiopia, India, and Rwanda. When I first came to Rwanda, I realized that there are so many opportunities to turn agricultural products here into high-value products that can be exported. And that’s what inspired me,” Shah explains.
IMIZI Rum isn’t just any rum; it’s part of the elite 2% of the world’s rum made from fresh sugarcane juice, rather than the more common molasses. But that’s not all. “Our rum is very unusual for a few reasons,” Shah notes. “The first, as I’ve already mentioned, is that only 2% of the world’s rum is made from fresh sugarcane juice, including our rum. But the other thing that makes us very, very unusual is the fact that we are infused with Central African herbs that are sourced from Rwanda. Some of these herbs are really being used as ingredients for the first time in the world.”
Despite being in the pilot stage, IMIZI Rum is already making waves. Currently, the brand produces between 80 to 100 bottles per month, a modest start with big ambitions. “In terms of production capacity, we produce a total of 80 to 100 bottles every month. But this is a pilot stage for us. We are anticipating and planning for expansion because our larger ambition and our larger market is to eventually build a world-class product that is exported to consumers around the world, while remaining a very proudly made-in-Rwanda brand,” Shah shares.
IMIZI Rum has quickly found its way into the hands of Rwanda’s elite. “Our biggest customers are pretty much every luxury hotel group that operates in the country. Our product is a premium product, priced at 64,900 francs per bottle. And in terms of the reaction from customers, we’ve really been amazed by how positive it’s been. People really enjoy the product for its flavor and taste and also really appreciate the fact that we work directly with farmers and are trying to add value here in Rwanda,” Shah adds.
What’s even more impressive is the brand’s commitment to supporting local farmers. IMIZI processes 1.2 to 1.5 tons of sugarcane every month, sourced directly from smallholder farmers in Gakenke. “We’re proud to say that we process 1.2 to 1.5 tons of sugarcane every month. We purchase directly from the smallholder farmers in Gakenke, and we pay them three to five times the commodity price of sugarcane. As we grow, we’re hoping to buy from more farmers and increase that output. By 2030, we want to be doing not 1.2 tons every month but 1,000 tons every month,” Shah emphasizes.
Curious about IMIZI Rum? The brand hosts an intimate cocktail bar in Kigali, known as the IMIZI Residency, open from Thursdays to Saturdays. “If you haven’t heard about us or are curious about us, come check out our product. We host an intimate cocktail bar in Kigali from Thursdays to Saturdays called the IMIZI Residency. Come check us out, try our rum, and learn more about the story behind us. We’re super friendly, and we promise to show you a good time,” Shah invites.
IMIZI Rum isn’t just a drink; it’s an experience—a blend of tradition, innovation, and luxury that’s putting Rwanda on the global spirits map. Whether you’re a rum enthusiast or simply someone who enjoys the finer things in life, IMIZI is the spirit that promises to elevate your drinking experience to new heights.
