Browsing: Rwanda’s economy

Universal-Health-Coverage

Rwanda’s Universal Health Coverage changing its economy

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  • According to the UNDP, only 20% of Africans can access quality health care easily.
  • World Health Organization recognizes Rwanda as one of the few American countries to perform well on the goal of Universal health coverage.
  • The Health Emergency Preparedness and Response Program (HEPR) has awarded 34 grants worth $177 million as of June 2022.

Rwanda is among the upcoming African countries trying to catch up to its sister countries. Today Rwanda is among the few African countries that strive to attain Universal Health Coverage, and this comes because 90% of Rwanda’s population has health insurance.

Understanding what exactly is Universal Health Coverage

Universal Health Coverage, or UHC, is used when a government can provide medical access to all its citizens regardless of where and when the patient requires it. It is a known fact that medical debt is among the top three causes of personal financial difficulties, alongside education

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Innovation key to Rwanda’s financial sector growth 

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The East African country is in a booming phase. Innovations in the financial sector have played a significant role in catapulting Rwanda’s economy. Economic growth has ballooned at an average of 7.2% per year. 

 

Mobile banking, communication networks development and growth-oriented policies have seen the country’s financial sector fostering growth in the economy. Rwanda is one of the fastest-growing nations in Africa. Significant progress has been made, considering the political landscape the country was coming from, post the horrific 1994 genocide. …

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Rwanda’s economic outlook 2021

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Rwanda’s current account deficit in 2021 is expected to decrease to 10.42 per cent of the Gross Domestic Product (GDP) and improve in 2022 to 9.1 per cent due to covid-19 vaccine rollout which is expected to trigger a rebound in foreign direct investments and tourism.

The report is dubbed “African Economic outlook 2021: From Debt Resolution to Growth: The Road Ahead for Africa” by the African Development Bank (AFDB).

The report noted that in 2020 the country’s current account deficit recorded 16.5 per cent of GDP compared to 9.3 per cent in 2019. This was due to reduced foreign direct investments and low exports in 2020.

According to the report, in 2021 Rwanda’s fiscal deficit is expected to narrow to 7.8 per cent of GDP and due to a planned fiscal consolidation in the 2021/22 fiscal year, its GDP is expected to further improve in 2022 to 7.2 per …