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Albeit landlocked, Rwanda’s economy has been growing exponentially but was impeded in 2020, by the Covid-19 pandemic and further exacerbated by the Russian-Ukraine war, which has been ongoing since February 2022.

Currently, the country’s debt-to-GDP ratio is at 74.8 per cent.

Rwanda is among the countries in the Great Lakes region of East–Central Africa, sandwiched between Uganda, the Democratic Republic of the Congo (DRC), Burundi, and Tanzania. The rate of economic progress registered hitherto, has led the international community to call Rwanda an ‘emerging Asian tiger.’

This economic rehabilitation and prosperity, has been especially spearheaded by the country’s long-standing president Paul Kagame, who in 2018 was named ‘African of the Year’ by Forbes Magazine. He has on several occasions since his ascension to power in 2000, expressed his desire to transform Rwanda into the ‘Singapore of Africa,’ a stable gateway of trade for the entire continent.

Gabon has been exploring innovative ways to exchange debt and raise loans through carbon credits. During the 2022 Commonwealth Heads of Government Meeting (CHOGM) in Rwanda, Gabon’s Minister of Water, Forests, Sea, and Environment Lee White, noted that the country intended to exploit its forests in a sustainable manner to generate income.

The economy of Gabon has in the recent past been heavily dented, by both the Covid-19 pandemic and the Russian-Ukraine crisis. The latter resulted in the widening of the budget deficit from 2.1 per cent in 2020 to 3.4 per cent, whilst the former has caused inflationary pressures leading to a fiscal deficit marked by sharp drops in domestic revenue mobilization, exports and Foreign Direct Investment (FDI).

Despite ranking as the seventh-largest oil producer in the continent and a member of the Organization of the Petroleum Exporting Countries and allies (OPEC+), the West Coast country ranks as one of the African countries with the largest debt-to-GDP ratio, currently standing at 72.1 per cent.

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