Agriculture emerges as the leading sector in terms of employment. The Labour Force Survey indicates that 1.7 million individuals, comprising 46.3% of the employed population, are engaged in agricultural activities. This figure is relatively high, as the country aims to reduce the proportion of agriculture-related employment to 30%.
The second most prominent economic activity is wholesale and retail trade, along with the repair of motor vehicles and motorcycles. This sector employs 492,726 individuals, representing 13% of the employed population.
The real estate sector also contributes significantly to employment opportunities. In February 2023, the sector employed 307,229 people, accounting for 8.1% of the employed population.
According to figures from the National Bank of Rwanda (BNR), real estate accounted for 67.8% of development projects, playing a critical role in the country’s economic recovery following the Covid-19 pandemic.
Transportation employs 203,586 individuals, equivalent to 5.4% of the employed population, while industry provides employment to 195,191 individuals, accounting for 5.1% of the total.
Other notable sectors include activities of households, employing 147,074 individuals (3.9%); education, employing 144,661 individuals (3.8%); accommodation and food service activities, employing 110,540 individuals (2.9%); as well as governance and the mining sector, which account for 2.7% and 1.1% of employment, respectively.
As per the Labour Force Survey, in February 2023, the working-age population (16 years and above) was approximately 8 million, with 3,803,942 individuals employed, 792,115 unemployed, and 3,380,192 individuals out of the labor force.
The sum of the employed and unemployed populations gives a total labor force of 4,596,057 individuals.
Rwanda’s Presidency has revealed that the students shared lessons learned from the Peace and Values Education course at the Kigali Genocide Memorial and asked the President about leadership, reconciliation and Rwanda’s transformational journey after the 1994 Genocide against the Tutsi.
Kagame is among leaders that often deliver talks to students from USA where he shares Rwanda’s resilience journey after Genocide against the Tutsi, serving as a source of inspiration and motivation for others who seek to overcome challenges and create positive change.
On Monday 15th May 2023, the Head of State also hosted students from Harvard Business School at Urugwiro Village where he emphasized the importance of resilience and finding a way up, even in the face of adversity.
Reflecting on Rwanda’s remarkable transformation after the 1994 Genocide against the Tutsi, he attributed the country’s success to its refusal to remain mired in darkness.
As he interacted with the students on Monday, Kagame also highlighted that working with people has been the key enabler for Rwanda to achieve current transformations after Genocide against the Tutsi.
The pilgrimage aimed to pay homage to Saint Andrew Kaggwa, the patron saint of catechists, teachers, and families, who was martyred on May 26th, 1886, at Munyonyo in Kampala, Uganda.
Catechists from all the dioceses of Rwanda participated in the pilgrimage to the martyrs’ sites.
Sr. Uwamariya Genevieve, the Director of Rwanda’s National Catechetical Office, highlighted the significance of the pilgrimage for the catechists. She emphasized that it provided an opportunity for them to deepen their understanding of Saint Andrew Kaggwa, who served as a dedicated catechist, and to learn about the unwavering faith of the martyrs, even to the point of sacrificing their lives.
{{Following in the Footsteps of the Martyrs}}
On the first day of the pilgrimage, the catechists visited the sites associated with the martyrs who were killed at the King’s palace on the orders of Mwanga II, the Kabaka (King) of Buganda. The visit included a stop at the location of Denis Ssebuggwawo’s martyrdom, recognized as the first of the Ugandan Martyrs. The catechists then proceeded to retrace the Way of the Cross, which the martyrs followed, leading to the main shrine in Namugongo.
Prior to visiting the sites where other martyrs, such as Pontian Ngondwe, Jean-Marie Muzei, Mathias Mulumba, and others, were killed, the Rwandan catechists spent time at the Minor Basilica of Munyonyo. This basilica holds historical significance as the place where their patron saint, Andrew Kaggwa, was martyred. It was within the courtyard of this basilica that he taught catechism to converts.
As part of their pilgrimage, Cardinal Kambanda presided over a Eucharistic celebration for the catechists at the Basilica of Munyonyo. In his homily, the Cardinal commended the courage of the Ugandan Martyrs, who selflessly sacrificed their lives for their loved ones, resembling the ultimate sacrifice of Christ. He encouraged the catechists to draw inspiration from the martyrs’ bravery and love for Christ.
{{Passing on the Faith and Witnessing the Gospel}}
During the pilgrimage, Cardinal Kambanda shared in-depth insights into the life of Saint Andrew Kaggwa, displaying his familiarity with the saint’s story. He urged the catechists to uphold the faith they profess and teach it to others.
In their closing remarks, the catechists expressed their gratitude for the pilgrimage experience and extended their appreciation to Cardinal Kambanda for accompanying them.
Rwanda’s historical ties with Uganda date back to the arrival of missionaries, including Bishop John Joseph Hirth, who initially visited Uganda before proceeding to Tanzania and Rwanda. Hirth is often regarded as the founder of the Church in Rwanda.
As of December 31, 2022, the combined pre-tax profit of regional subsidiaries of Kenyan banks reached Sh32.51 billion, marking an 88.65 percent increase from Sh.17.23 billion reported on December 31, 2021.
The CBK highlighted that Rwanda contributed the most to these earnings, with profits amounting to Sh.10.16 billion. This figure represents 31.26 percent of the total profits. Meanwhile, subsidiaries operating in the Democratic Republic of Congo (DRC) and Uganda contributed 30.10 percent and 16.11 percent of the total profits, respectively. Subsidiaries in South Sudan also played a significant role, contributing 14.28 percent of the total profits.
In recent years, numerous Kenyan banks, including KCB Group, Diamond Trust Bank, NCBA, Guaranty Trust Bank Kenya Limited, Equity Group, I&M Holdings Plc, African Banking Corporation Limited, and the Co-operative Bank of Kenya, have expanded their operations within the East African Community (EAC) partner states. They have also ventured into markets such as Mauritius, Malawi, and Mozambique.
Some Kenyan lenders, like I&M and Prime Bank Limited, have even expanded beyond the EAC jurisdiction. For example, I&M holds a 50 percent share in Bank One Limited in Mauritius, while Prime Bank has a 10.6 percent share in First Capital Bank Malawi, a 6.62 percent share in First Capital Bank of Botswana, and a 5.0 percent share in First Capital Bank SA, Mozambique.
The CBK report revealed that Kenyan bank subsidiaries operating in Mauritius, Tanzania, and Burundi were the least profitable, contributing 4.50 percent, 2.82 percent, and 0.93 percent of the total profits, respectively. Furthermore, three subsidiaries experienced a combined loss of Sh2.4 billion, with two operating in Tanzania and one in Uganda, according to the regulator.
As of December 31, 2022, the total assets of Kenyan bank subsidiaries abroad amounted to Sh1.61 trillion, compared to Sh1.21 trillion the previous year. Equity Group Plc’s subsidiary in the DRC, Banque Commerciale Du Congo (BCDC), played a significant role in the asset base, with total assets of Sh442 billion. KCB Group Plc’s subsidiary in the DRC, Trust Merchant Bank, also made a substantial contribution, with total assets of Sh212 billion.
Regarding deposits, Kenyan bank subsidiaries accounted for a combined deposit base of Sh1.28 trillion in December 2022, compared to Sh940 billion in December 2021. The primary contributors to these deposits were Equity’s subsidiary in the DRC, Banque Commerciale Du Congo (BCDC), which accounted for Sh365 billion or 28 percent of the total deposits in host countries, and KCB Group’s subsidiary in the DR Congo, Trust Merchant Bank, which accounted for Sh180 billion or 14 percent of the total deposits in host countries.
As of December 31, 2022, the combined gross loans for subsidiaries in host countries reached Sh725.8 billion, reflecting a 42.2 percent increase from Sh510.3 billion in the previous year. Among the subsidiaries, those operating in the DRC recorded the highest level of gross loans, amounting to Sh.244.5 billion, which accounted for 33.69 percent of the gross loans in all subsidiaries outside Kenya. Subsidiaries in Tanzania accounted for 20.
The appointment was made following the resolution of the Annual General Meeting of Shareholders of BK Group Plc Board held on 19th May 2023.
Jean Philippe Prosper has been consecutively the IFC Vice President of SubSaharan Africa and Latin America and the Caribbean and the IFC Vice President of Global Clients services from 2013 to 2015.
Between 2008 and 2013, Prosper held the positions of IFC Director for Latin America and the Caribbean and IFC Director for Eastern and Southern Africa.
Before joining IFC, Prosper was the Regional Coordinator for Mexico, the Andean Countries, Central America, and Panama for the Inter-American Investment Corporation (IIC) of the Inter-American Development Bank.
Between 1986 and 1990, he worked at SOFIHDES, a private development finance company in Haiti, where he became Managing Director.
In addition, Prosper sits on several Corporate Boards as independent Director.
Prosper holds a degree in Mathematics and Civil Engineering and an MBA in Corporate Finance and Monetary Economics. A Haitian national, he is fluent in Creole, English, French, Portuguese, and Spanish and has a working knowledge of Kiswahili.
{{About BK Group Plc }}
BK Group Plc is a home-grown, award-winning Rwandan institution with deep roots in the African financial space since inception in 1966. Over the years, BK Group Plc has gradually transformed into a premier one-stop-shop, with a full range of financial services offered under a single roof.
Today, it stands as the largest commercial bank in Rwanda by total assets and has strategically positioned itself as the leading commercial financial institution in Rwanda, boasting a diversified portfolio of services that allow it to seamlessly serve a wide breadth of clients, including individuals, SMEs, large corporations as well as other financial institutions in the region.
The Group’s activities range from retail and corporate banking to asset management and investment banking as well as offering a comprehensive range of non-life insurance products as well as innovative enterprise solutions that stimulate growth in the Rwandan digital space.
BK Group Plc is currently listed on both the Rwandan Stock Exchange (RSE), having floated its shares in 2011, and the Nairobi Stock Exchange (NSE) in 2018.
Major General Kiugu who was welcomed on on Thursday May 18, 2023, brings a wealth of experience in military leadership, command, and management in peace support operations.
He previously served as a Disarmament, Demobilization, Reintegration, and Repatriation Officer with the UN Mission in Eastern DRC from 2003 to 2004.
Additionally, he has served as a Defense Liaison Officer in Kenya’s Permanent Mission to the United Nations in New York.
Upon his arrival at the Force Headquarters, Maj Gen Kiugu was received by the Deputy Force Commander (DFC) in charge of Intelligence and Operations, Brigadier General Emmanuel Kaputa, the DFC Administration and Logistics, Brigadier General Ndorarigonya Gregoire, Chief of Staff, Brigadier General Michael Kibuye, Contingent Commanders, and other Force Headquarters Staff Officers.
In his address to the EACRF officers present, the Force Commander acknowledged the significant milestones achieved by the Regional Force since its deployment in November 2022. These milestones include the withdrawal of the M23 from previously occupied areas and the successful execution of tasks such as the protection of civilians and humanitarian support in the operational areas.
Maj Gen Kiugu instructed the contingents to operate in accordance with the Status of Force Agreement and Rules of Engagement.
He also advised them to regularly review their tactics to remain effective in the ever-changing dynamics of the mission. Furthermore, he encouraged the contingent commanders to share their experiences for the success of the Regional Force.
“I am coming to pick up where Major General Jeff Nyagah left off, and according to my assessment, you have done well. However, there are lessons we can learn from past experiences that will enable us to improve and achieve the desired end state. I believe in cooperation and teamwork, and I want to remind each one of us that we are one people of the EAC with the common objective of enabling the citizens of Eastern DRC affected by insecurity to realize peace,” Maj Gen Kiugu stated.
The Force Commander expressed gratitude to the EAC Heads of State for establishing a force to support the ongoing peace efforts and to the Government of DRC for their facilitation.
He urged everyone to remain focused on the mission’s aim and to continue their efforts to ensure the complete withdrawal of the M23 from previously occupied areas, as outlined in the Luanda Roadmap. Maj Gen Kiugu emphasized the importance of cooperation and collaboration with all stakeholders operating in the region, including various civil society entities.
On May 1, 2023, the Ugandan Contingent troops under the East Africa Community Regional Force (EACRF) deployed in Mabenga, marking the completion of the contingent’s deployment in the Joint Operation Area.
The full deployment of troops in the Eastern DRC has led to the observance of a ceasefire. The EACRF remains resilient, committed, and determined to the peace and stability process in Eastern DRC while upholding and respecting the DRC constitution, sovereignty, and territorial integrity.
DRC President Tshisekedi recently threatened to expel the East African Regional Force (EACRF) if their mission does not meet expectations by June.
He expressed dissatisfaction with the regional force’s operational problems and their failure to engage with the M23 rebels.
While the East African Community is satisfied with the work done by their forces, the DRC has criticized them for not executing their mandate, which they consider offensively based.
Tanzanian President Samia Suhulu Hassan recently reminded the public of the non-offensive nature of the troops, while Ugandan President Yoweri Museveni reiterated that the mission of his country’s contingent was to enforce agreed-upon regional agreements, not to do the DRC’s job.
Kenya’s Foreign Minister, during a visit to Kinshasa, reminded everyone of the mandate’s nature as a “buffer force,” led by Maj Gen Alphaxard Kiugu.
Nelly Mukazayire, deputy chief executive officer of the Rwanda Development Board (RDB), made the announcement during a CIIE promotion conference held in Kigali, the capital of Rwanda, Wednesday.
Mukazayire emphasized that the CIIE presents an excellent platform for raising brand recognition for Rwandan products and attracting Chinese investors. “This year marks Rwanda’s sixth participation in the CIIE, and the continuous involvement has significantly increased awareness of Rwandan products in the Chinese market,” she said.
Mukazayire highlighted Rwanda’s active trade partnership with China, citing exports primarily composed of minerals, coffee, and chili.
According to her, the expo enables Rwandan companies to explore additional products that might arouse the interest of the Chinese market, beyond the traditional exports of tea and coffee.
Mukazayire pointed out that China ranked first in terms of investments registered with the RDB in 2022, with 49 projects involving investments amounting to 182.4 million U.S. dollars.
Song Shangzhe, visiting deputy director general of the China International Import Expo Bureau, expressed China’s sincere desire to share its market with Rwanda and the world through the CIIE. He underscored the positive impact of the CIIE on China-Rwanda economic and trade cooperation, facilitating Rwandan enterprises’ access to the vast Chinese market.
“To support Rwandan and African participants, particularly least developed countries (LDCs), CIIE offers various policies and incentives such as a certain number of free standard booths, construction subsidies, and preferential tax policies for the retention and purchase of exhibits,” said Song.
Chinese Ambassador to Rwanda Wang Xuekun emphasized that the CIIE is not merely a week-long exhibition but also an economic forum where dignitaries, international officials, and scholars gather to discuss economic cooperation.
“Bilateral trade between China and Rwanda has seen consistent and rapid growth in recent years, reaching a record high of over 477 million U.S. dollars in 2022, an increase of 31.2 percent,” he said.
Wang said that the CIIE serves as a platform to attract investments from China and other countries, offering opportunities for knowledge exchange and improving output and supply chain management for Rwandan counterparts, while welcoming Rwandan enterprises to participate in the CIIE and assuring the Chinese Embassy’s commitment to facilitating their involvement.
The preparations for the event are progressing as scheduled, and the 6th CIIE is set to take place from Nov. 5 to 10. The contracted Business Exhibition area has exceeded 260,000 square meters, covering sectors including food and agricultural products, automobiles, intelligent industries and information technology, consumer goods, medical equipment and healthcare products, and trade-in services, according to organizers.
The Head of State made the advice as he interacted with students from Harvard Business School at Urugwitro Village on Monday 15th May 2023.
Reflecting on Rwanda’s remarkable transformation after the 1994 Genocide against the Tutsi, he attributed the country’s success to its refusal to remain mired in darkness.
“The country we inherited here was completely crushed. First impression, anybody would come and say, will these people ever find a way up? Even those of us, some of them would be wondering, shall we ever rise from this?”
The President said that this also happens in daily life but stressed the need to keep soldiering on to forge the way forward.
“The first lesson, no matter how down you are brought by any factors or forces, just don’t accept staying down, find a way up. Don’t despair,” he advised.
Kagame said that developing resilience is paramount for the pursuit of dignity.
“Second, how do you realize that? There are certain goods that must be available to you to realize that. That freedom to be able to go to school, to have health provision, to have food on the table, to do business, to think and become productive by yourself between you and somebody else and in the country,” he stated.
Kagame also highlighted that working with people has been the key enabler for Rwanda to achieve current transformations after the 1994 Genocide against the Tutsi.
He is among leaders that often deliver talks to students from Harvard Business School where he shares Rwanda’s resilience journey after Genocide against the Tutsi, serving as a source of inspiration and motivation for others who seek to overcome challenges and create positive change.
The resolution was reached following a tripartite meeting held in Geneva, Switzerland on 15th May 32023 at the United Nations (UN) headquarters to discuss the perspectives for voluntary repatriation of Congolese refugees in Rwanda and Rwandan refugees in the DRC.
The meeting was convened by Filippo Grandi, the UN High Commissioner for Refugees, and attended by delegations from both countries.
The purpose of the meeting was to discuss the modalities for voluntary repatriation of refugees in both countries and facilitate reintegration for those who choose to stay. The resolutions of the meeting, released through a joint communiqué on May 15, 2023, acknowledged the provisions of the tripartite agreement signed in 2010 involving the DRC, Rwanda, and UNHCR.
Both countries agreed to engage in constructive dialogue to create conditions conducive to the sustainable return of refugees and to uphold the principles of safe and dignified voluntary returns. They also resolved to address challenges related to security for returnees, exchange comprehensive information on areas of return, and ensure support for sustainable reintegration.
Additionally, they agreed to ensure continued access to asylum for those in need of international protection according to relevant international conventions. The parties decided to hold a technical tripartite meeting in Nairobi within one month to define practical modalities for reactivating commitments and structures contained in the 2010 Tripartite Agreements and develop a Comprehensive Roadmap for voluntary repatriation.
Since 1999, Rwanda has received thousands of Congolese refugees. However, there has been no coordinated voluntary repatriation for these refugees by the DRC or UNHCR.
The recent Luanda Roadmap, signed on January 11, 2023, demanded the DRC to facilitate the voluntary repatriation of Congolese refugees, but the DRC officials including Minister of Education, Muhindo Nzangi Butondo and Patrick Muyaya, Minister of Communication and government spokesperson, Patrick rejected their refugee status.
This rejection indicates that the DRC government does not consider the request to provide a dignified life and opportunities for its citizens across different camps in the region. Rwanda, on the other hand, remains open for Congolese refugees but has repeatedly called on the international community to take responsibility for finding a sustainable solution for these “forgotten” refugees.
Rwanda has proven to be a safe place that offers protection to people in need of emergency assistance. The country has received over 130,000 refugees from various countries, including more than 80,000 from the Democratic Republic of Congo. The Congolese refugees in Rwanda are residing in different towns and camps, with specific figures indicating the distribution among various locations.
The majority of Congolese refugees in Rwanda are aged 17 and below, accounting for 50% of the refugee population. Those aged between 18 and 59 represent 45% of the population, while the remaining refugees are above the age of 59. Most of these refugees fled from the Northern Kivu Province (86.6%), with smaller percentages coming from the Southern Kivu Province, Haut Katanga (1.6%) , and other areas (1.4%).
After many years of rejecting them, the DRC government announced in March 2023 that the parliament would approve a resolution in the near future to determine the modality for repatriation of refugees accommodated in Rwanda.
China’s transformation proves that with belief and the right mindset, countries can overcome any challenge and achieve greatness.
These are 7 lessons that Rwanda can learn from China in order to ensure economic transformation.
{{Lesson 1: A nation must create its own economic and political system guided by its national interests.}}
After the founding of the People’s Republic of China in 1949, the country’s leadership chose a political system allows multiparty cooperation under the stewardship of Chinese Communist Party (CCP).
China’s economy has been defined as a “’socialist market economy”, and does not fit into any one system. Rather, it takes various parts of other systems and combines them to create a system that best serves its national interests.
Similarly, Rwanda adopted a political system of consensus whereas no political party dominates all branches of government.
Home-growth initatives and systems that are rooted in the Rwandan culture and work for the Rwandan people ensure that national interests are met.
{{Lesson 2: A nation must always have clear programmes that are bold and have vision.}}
Throughout China’s history, there have been bold national programmes. One such programme is the Five-Year Plan. The goal of the latest 5 year plan, launched in 2021, is to reduce the reliance on foreign technology and dependence on imported resources, and to double down on existing plans for industrial modernization and technological innovation.
Another bold programme is the Belt and Road Initiative. Today, The Belt and Road Initiative contributes towards transforming Africa through infrastructure development, unemployment reduction and improved trade, among others
In similar vein, Rwanda’s leadership created Vision 2020 and followed it up with Vision 2050.
Launched in 2000, Vision 2020’s main objective was transforming the country into a knowledge-based middle-income country, by impoving goverance, human capital, infrastructure and the private sector.
Vision 2050, which was launched in December 2020 by President Paul Kagame, aims to transform Rwanda into an Upper-Middle Income Country by 2035, and into a High-Income Country by 2050.
{{Lesson 3: A nation must train its youth in skills that serve the national interests.}}
In China, each year, university admissions for various disciplines are allocated in proportion to what skills the country requires most at that point in time. If China needs more engineers, then there will be more university admissions for engineering than other disciplines.
Students who do not make it into university usually end up in a vocational skills training college that educates them in line with the needs of the country, to ensure employment on completion.
Similarly, Rwanda has invested billions of francs in educating young people through IPRCs, Coding Academies as well as other institutions that teach hands-on skills. This is in addition to the traditional universities as well.
{{Lesson 4: A nation must be proud of its cultural heritage so it can have a strong national identity.}}
China has turned traditional holidays that were celebrated by its ancestors centuries ago, such as the Spring Festival and the Dragon Boat Festival, into public holidays.
On its side, Rwanda has endeavored to do the same with its Umuganura National Holiday that occurs every first Friday of August and Umuganda, the monthly community cleaning exercise.
{{Lesson 5: A nation’s State-Owned Enterprises can be key drivers of the economy.}}
The key drivers of China’s economy are state-owned enterprises (SOEs). Enterprises are identified as SOEs if the state owns, directly or indirectly, over 50.01% of shares in them. The 2022 Global Fortune 500 list, which lists the largest companies in the world, is dominated by Chinese companies, the majority of whom are SOEs.
The Rwandan government also rethought the notion that says governments should not be directly involved in economic activity.
By investing in strategic sectors such as aviation, the MICE industry, and real estate, the Rwandan Government has proved that its active role in the local private sector benefits citizens.
{{Lesson 6: A nation must be proud of and promote its own brands.}}
The Chinese have pride in their good local brands and always make a conscious decision to support them whenever possible. An example of this is the Chinese momentum in the Electric Vehicle industry. Since 2020 the number of electric vehicles sold annually in the country has grown from 1.3 million to 6.8 million.
Chinese models are now becoming popular outside China as well and have started competing with brands such as Tesla.
Similarly, the Government of Rwanda has instituted the ‘Made in Rwanda’ policy’.
The Made in Rwanda was initiated as a strategy to promote the consumption of locally made products. The rationale is to increase exports and reduce import surplus.
{{Lesson 7: A nation that exploits its competitive advantage can become globally competitive.}}
China has capitalised on its strengths to be globally competitive. An example of this strength is in the semiconductor industry.
China aims to take the lead in global semiconductor growth and is steadily building capability to supply domestic demand for semiconductor chips.
Likewise, Rwanda can market its competitive advantage in order to ensure prosperity.
Rwanda is one of the fast-growing developing countries in the world with a projected 7.9% GDP growth in 2023 according to the IMF, as well as a stable inflation and exchange rate.
Rwanda enjoys a remarkable sense of personal security and political stability and businesses located in the country have access to a combined East African Community and Comesa market made up of over 500 million people.
