Rwanda has been ranked among the best-performing emerging economies in sovereign investor relations and debt transparency, with a global assessment placing the country among the world's top performers and the highest in Africa. Investors and economic analysts said such transparency gives investors and businesses confidence to assess risks, plan investments and understand the country's economic direction before committing capital. ALSO READ: Rwanda ranks among Africa's top performers in debt transparency The 2026 Institute of International Finance (IIF) Investor Relations and Debt Transparency Report released this month gave Rwanda an overall Investor Relations score of 43.4 out of 50. It ranked the country jointly with South Africa as Africa's best performer. Globally, the country came behind the Philippines, Türkiye, Brazil, Hungary, Uruguay, Indonesia, Mexico, Ukraine, Colombia, Saudi Arabia, Malaysia, Romania, the Dominican Republic and Sri Lanka. IIF, a Washington-based global association representing the financial services industry, assessed 57 emerging and developing economies. Rwanda featured in the report for the first time after establishing a formal Investor Relations Programme in 2025. ALSO READ: Rwanda registers $2.62 billion in investments in 2025 What the report assessed The IIF assessment evaluates 23 indicators covering the quality of a country's investor relations programme. These include the existence of a formal investor relations office, dedicated investor relations staff, investor websites, debt and macroeconomic data, forward-looking policy information, investor communication channels, bilateral meetings, conference calls, feedback mechanisms and regular self-assessments. The report also assesses debt transparency by examining whether governments publish timely information on debt composition, debt servicing obligations, borrowing plans, debt sustainability and transaction-level disclosures. It further evaluates the availability of environmental, social and governance (ESG) information, recognising that sustainability is becoming an increasingly important consideration for investors. ALSO READ: Rwanda’s evolving mining sector through investors’ experience As part of Rwanda's assessment, the IIF recognised the Ministry of Finance and Economic Planning for making key investment, macroeconomic and public debt information available online through its Investor Relations Programme. The information includes annual borrowing plans, debt issuance reports, debt procedure manuals, debt stock data, the Medium-Term Debt Strategy, the 2026 Debt Sustainability Analysis, macroeconomic reports, sovereign credit ratings, investor presentations and news updates. It also provides access to information from other key institutions, including the National Bank of Rwanda, the National Institute of Statistics of Rwanda, the Rwanda Development Board, the Rwanda Revenue Authority, the Capital Market Authority, the Rwanda Stock Exchange, the Kigali International Financial Centre and the International Monetary Fund. According to the report, making such information readily available and easy to access strengthens transparency, improves communication with investors and supports informed investment decisions. ALSO READ: Rwanda seeks $1bn in private investment in energy generation Easy access to information shapes investment decisions John Sakala, Chief Executive Officer of ChatCash AI, said having reliable investment, economic and debt information readily available is essential for investors planning to enter a new market. His fintech company expanded from Zimbabwe into Rwanda this year and established Kigali as its regional office after assessing the country's business environment, economic outlook and investment climate through publicly available information. Before making the investment, Sakala said the company wanted to understand whether Rwanda offered a stable environment for long-term growth. “The questions we were asking ourselves were whether our product would be relevant to the market and whether the economy was stable enough for long-term investment,” he said. Besides evaluating opportunities in the fintech sector, the company also examined inflation, exchange rate stability, Rwanda's digital infrastructure, technology adoption and the country's growing position as a regional financial hub. Sakala said much of the information they needed was available through official online platforms, noting that having such information available online enables investors to plan without first having to travel to a country. “If you have the information available where you are, then you are as good as you have already gone to Rwanda. It saves a lot of research and helps investors make good planning decisions,” he said. ALSO READ: Rwanda takes top spot in Africa’s 2025 business rankings He added that debt transparency is equally important because it helps investors understand how responsibly a country manages its economy. “Just like a business, when you look at a country that manages its debt well, you understand that it is performing well,” he said. “Debt management is an indication of how well the country is performing.” He noted that investors often need to share information with partners before making investment decisions, making credibility and accessibility even more important. “Having accurate information online is important for credibility and planning. Investors can verify it and share it with their partners before making decisions. It creates sustainable investment,” he said. ALSO READ: Rwanda leads Africa in rule of law, report says Transparency strengthens investor confidence Straton Habyarimana, an economic analyst, said investment remains one of the main drivers of economic growth, making transparency an important factor in attracting both domestic and foreign investors. “Economic growth is driven by investment. Investment generates the capital needed to create jobs, develop infrastructure and establish industries,” he said. According to Habyarimana, foreign investors first seek reliable information about how a country manages its economy, particularly its external debt. “Debt transparency is essential for attracting investment because it informs the decision-making process regarding whether or not to invest in a particular country,” he said. He said investors also examine inflation, interest rates, exchange rate stability and other macroeconomic indicators before committing capital. Habyarimana added that making information available alone is not enough. Countries also need effective investor relations programmes that continue supporting investors after they decide to invest. “A programme designed to facilitate the connection between investors, the country and the sectors receiving investment greatly eases the investment process,” he said. He noted that stronger investor confidence leads to higher investment, greater capital inflows and job creation. He also said environmental, social and governance information is becoming increasingly important as investors assess potential risks. ALSO READ: Rwanda ranked top performer in World Bank human capital index Angello Musinguzi, another economic analyst, said transparency also signals good governance and strengthens confidence among lenders and private investors alike. “Transparency goes with ethics and fighting corruption. Investors want countries where there is rule of law and where disputes can be resolved fairly. That increases their confidence to invest,” he said. He said debt transparency also helps investors understand government priorities and identify sectors where opportunities are likely to emerge. “When investors know where government spending is going, they can identify sectors where opportunities are likely to emerge,” he said. The IIF says countries with stronger investor relations and debt transparency practices generally enjoy more stable sovereign credit ratings, broader investor bases and stronger access to international capital markets. According to the report, timely, credible and predictable disclosure of fiscal, debt and policy information enables investors to distinguish known risks from uncertainty, reducing the risk premium attached to sovereign borrowing. It describes this as the “transparency dividend.” ALSO READ: Inside rising real estate investment appeal The report also cites Rwanda among countries whose participation in the annual investor relations survey demonstrates how direct engagement helps sovereign borrowers adopt international best practices and respond to evolving investor expectations. It notes that transparency alone cannot resolve weak economic fundamentals and that clear communication enables policymakers to address fiscal challenges more effectively while maintaining investor confidence. Sustained disclosure and regular engagement also signal institutional strength, governance quality and policy credibility. ALSO READ: Real estate, mining investments surge in 2025 Experts recommend further improvements While welcoming Rwanda's strong performance, Habyarimana said efforts to attract investors should not stop at achieving a strong international ranking. He said Rwanda should continue reviewing laws, maintaining the ease of doing business and ensuring investment incentives remain effective. He also recommended creating a central platform that captures information from engagements between government and investors. “When prospective investors can access insights from the experiences of those who came before them, it becomes easier for them to understand where to start, the government's priorities and what to expect,” he said. For Musinguzi, he stressed the importance of effective dispute resolution mechanisms and greater awareness of investment laws. “The laws are there and they are clear, but people need to know them. Education and capacity building remain important,” he said. ALSO READ: Bugesera: Unpacking investment opportunities around new airport Report recommendations Looking ahead, the IIF report recommends that countries continue strengthening investor relations by maintaining active investor engagement, conducting regular self-assessments, publishing investor presentations and conference materials, improving the frequency of debt and policy disclosures, and enhancing coordination among government institutions responsible for fiscal, debt and ESG reporting. It also calls for reliable public access to official government websites and encourages governments to treat transparency and investor engagement as continuous institutional responsibilities rather than occasional exercises.
