The National Bank of Rwanda’s (BNR) Governor, Soraya Hakuziyaremye, has reiterated that the economy will maintain its growth momentum in 2025 and beyond. She was presenting the Monetary Policy Committee (MPC) and Financial Stability Statement (FSS), highlighting economic trends and future forecasts, on Wednesday, March 19. According to Hakuziyaremye, Rwanda’s economy continued its strong performance in 2024, surpassing initial growth projections despite global and regional challenges. The economy grew at 9.2 per cent in the first three quarters of 2024, higher than the initial projection of 8.3 per cent annual growth rate. ALSO READ: Rwanda’s inflation decreased three-fold in 2024 - Central Bank Governor She attributed Rwanda’s strong economic trajectory to multiple factors, including a rapid post-COVID recovery, resilience in key sectors, and effective economic policies. Reflecting on the past five years, Hakuziyaremye noted that Rwanda has consistently outperformed growth expectations, despite external shocks. ALSO READ: Rwanda’s economy grew by 8.1% in third quarter 2024 “Starting in 2020, the COVID time, it was only one year that we had a negative growth rate, with minus 3 per cent. But from there onwards, we've always exceeded projections,” she explained. The Governor expressed strong confidence that Rwanda’s economic growth momentum will be sustained in 2025 and beyond. She highlighted the limited impact of global trade tensions, stating that ongoing discussions about trade wars and tariffs have had little direct effect on Rwanda’s economy. Another key factor supporting this outlook is the strong performance of the agricultural sector – a major contributor to GDP and the country’s largest employer. She pointed out that agriculture’s stability has played a crucial role in keeping inflation in check. She also underscored the growth in exports and industrial expansion, noting that the steady rise in exports, along with robust performance in the industrial and services sectors, reinforces expectations of continued economic momentum. Despite this optimistic forecast, Hakuziyaremye acknowledged the persistent risks in the region, particularly the ongoing conflict in eastern DR Congo. However, she reassured that trade remains stable. “In these past two months, we haven't seen any significant drop in cross-border trade or exports. But of course, we continue to monitor the trends and might have more data on the first quarter’s performance as we go into our next monetary policy committee rounds in May,” she said. ALSO READ: Soraya Hakuziyaremye discusses plan to strengthen Rwanda's financial stability She added that they ended 2024 with large forex exchange reserves exceeding the target of four months of import coverage. “The fact that we have 5.4 months’ worth of imports is an indication that we can absorb any external shocks.” On inflation, the Central Bank projects a manageable rate of 6.5 per cent in 2025, easing concerns about economic overheating.
