The Rwanda Social Security Board (RSSB) has outlined key changes in its investment strategy for the next five years, which runs to 2030, aimed at boosting long-term growth and sustainability. RSSB officials said that the strategy is driven by a desire to balance strong financial returns with impactful, nation-building investments. While maintaining a solid base in government securities and local equities, the fund will cautiously diversify into global markets, reduce real estate exposure, and further explore sectors like agriculture. ALSO READ: RSSB assets rise to Rwf3tn: What it means for Rwandans The new direction was outlined during a press conference highlighting the fund’s 2024/2025 performance and a review of its five-year strategy from 2021–2025. Over the past five years, RSSB’s assets under management doubled, reaching Rwf3.1 trillion by 2025, with investment returns hitting record highs. The fund posted a 14.2 per cent return on investment in 2024/2025, a significant jump from just 1.4 per cent in 2021, according to data it shared on the same day. Its portfolio grew at an annual rate of 16.7 per cent to Rwf2.8 trillion in 2024/25. This generated a net return of Rwf361.7 billion, reinforcing its financial stability. According to RSSB CEO Regis Rugemanshuro, the institution will continue to operate as a member-first, data-driven, high-performing institution. Its upcoming five-year strategy will remain aligned with this vision, with added focus on long-term sustainability and diversified investments. Domestic focus with a global diversification twist RSSB Deputy CEO Louise Kanyonga said that, currently, about 90 per cent of RSSB’s investments are within Rwanda, in alignment with its dual mandate: ensuring solid financial returns while contributing to national socio-economic development. ALSO READ: RSSB to launch Rwf30bn equity investment facility for SMEs However, the fund is now planning to increase its international exposure, guided by its new investment policy developed in collaboration with Amundi, Europe’s largest asset management firm. “We are allowed to go up to 15 per cent of the fund outside of the East African Community, and we've already identified international equities that we want to invest in,” she said. “These exchange-traded funds that have solid performance on international markets allow us to diversify the portfolio towards good-performing international equities. So, that's something that we really see playing a critical contribution in boosting the fund.” International equities are shares of companies that are traded on stock exchanges located outside an investor’s home country. Scaling down real estate, prioritising fixed income and equities As part of the strategic shift, RSSB plans to reduce its exposure to real estate, which currently stands at about 11 per cent of its portfolio, according to Kanyonga. She said that more stable asset classes, namely government securities — including treasury bonds — currently account for around 40 per cent of RSSB’s portfolio, while equities take over 30 per cent. “We intend to reduce our exposure in real estate, maintain a significant exposure in fixed income, and then look at how we are making very strategic decisions around our equity investments, both international and predominantly local,” she said. Fixed income is an investment that provides regular, predetermined payments—usually interest or dividends—on a fixed schedule, offering predictable returns. They include government and corporate bonds. Under the new investment policy and asset allocations, Rugemanshuro said that the level of risk appetite is defined for each investment type, adding as the fund will continue to grow over time, the fund management does want to maintain the same percentage exposure indefinitely for that specific asset class. Boosting investments in agriculture and inflation resilience One of the new frontiers for RSSB is agriculture — an area the fund has historically had minimal exposure to, according to Rugemanshuro, underscoring the importance of inflation management and the impact of food prices. “Another area we want to prioritise is agriculture. We want to play a bigger role than we have been in the past,” he said. “When we are able to play a good role of allowing more food on the plate and more money in the pockets of the farmers, I think it would be a good thing,” he said. Overall, Kanyonga said that the fund's investments will be aligned with Vision 2050 and NST2 (National Strategy for Transformation – Phase II), to contribute to the country's development agenda.
