Who would have thought that in only 30 years a country that was completely shuttered after the 1994 Genocide against the Tutsi would rebuild and write one of the most inspiring stories? Rwanda has been one of the most successful and fastest growing economies in the African region. The growth the country has experienced has pulled millions of Rwandans out of poverty. Poverty levels, which were high before 1994 and the years leading to the genocide, have declined. The poverty rate dropped from 75.2 per cent in 2000 to 53.5 per cent in 2013, according to the World Bank. That rate declined further to 38 per cent in 2017 when the National Institute of Statistics of Rwanda (NISR)last conducted the household survey. Rwanda's GDP per capita in 1994 was $146. It is projected to almost exceed $1,000 by the end of 2024, according to the International Monetary Fund (IMF). Higher GDP per capita is associated with a higher standard of living, therefore, this suggests that how much money people get has increased, allowing them to spend on the things they need and want. Just this year, the African Development Bank said that Rwanda will be among the top 20 fastest growing economies in the world in 2024 and 2025. The country is forecast to grow at 7.2 per cent alongside other 10 countries in Africa including Tanzania, Uganda, Ethiopia, Niger, Senegal, Côte d’Ivoire, Benin, Djibouti, and Togo. That story speaks to how Rwanda has diversified its economy away from agriculture to real estate, trade, tourism, and government services. It also reflects the country’s growing export competitiveness, higher productivity gains, accelerated adoption of technology, and progress in improving human welfare. This level of economic resilience can be attributed to deliberate government policies, and the willingness to promote the ease of doing business. Believe it or not, no investor wants to associate with a country that’s politically unstable and insecure. That’s why Rwanda understood the need to invest in the safety of its people and sovereignty. This has, over time, built confidence both for domestic and foreign investors. As Rwanda looks to the next 30 years, the journey ahead is not far from over. The pandemic and geopolitical issues have caused growth to stagnate. There is a need to not lose focus, rather it is time to get down to work.
