Rwanda’s economy is projected to grow at a 6.3% rate in year 2016.
This was said by the Governor of the national bank of Rwanda, John Rwangobwa while presenting the monetary policy and financial statement at Kigali Serena.
Rwanda’s economy will continue to be one of the global economies growing at a 3.1% in 2015. The economy has previously grown at more than 7% in 2015 a rate higher than the initial projections.
The governor further highlighted some of the strategic measures that the country has taken, this include import substitution a strategy which were indicators set to propel the economy forward. The products that were previously imported are now produced in the country; he referred to materials such as cement that contributed heavily to the import bill of the country.
The minister of trade and industry also pointed out that, “there is no need for a company like CIMERWA to have its stores full of cement while the market is flooded with imported cement.” He said this in references to the import substitution strategy the country was applying.
Experts are considering the 6.3% growth rate an under ration considering the countries blooming Tourism sector and the numerous conferences set to be held in the country this year. This observation was made by an official of the Bank of Kigali Lawson Naibo.
Other sectors like the insurance and pension continue to show, “sound and stable growth” said the governor. The micro finance sector was also noted for being well capitalized and liquid as it saw an over forty percent growth.
The mobile money services sector also experienced an increase; this sector is expected to be the driver of the digital economy. Witnessing more than five hundred percent growth as mobile money accounts in the country increased from 1,440,541 in 2002 to 7,663,199 in 2015.