Prime Minister Dr. Edouard Ngirente has emphasized the opportunities that Rwanda’s industrial growth presents, with ongoing developments set to significantly boost domestic production.
In a press briefing on December 6, 2024, focusing on the country’s overall welfare, Dr. Ngirente stated, “Rwanda’s economy shows promise, and we are confident that domestic production will continue to grow, narrowing the gap between what Rwanda imports and what it exports.”
He explained that in recent years, Rwanda has successfully attracted investors who have established new industries in the country. In the near future, Rwanda is expected to start reaping the benefits of these developing industries, which will also reduce the country’s reliance on imports.
The Prime Minister also emphasized the importance of agriculture in boosting domestic production. The government is continuing to implement strategies to enhance agricultural output, which in turn reduces the need for imports.
He added, “Reducing the trade imbalance between what Rwanda imports and exports is one of the key strategies aimed at strengthening the value of the Rwandan franc in the foreign exchange market and controlling inflation rates.”
According to the National Bank of Rwanda, the value of the Rwandan franc dropped by 8% in November 2024.
Inflation also rose by 4.6%, though the National Bank clarified that these figures are not alarming, as acceptable inflation rates typically fall within the range of 2-8%.
