Rwanda’s reform momentum reaches capital markets

Rwanda is building a reputation for something many economies struggle to deliver: reforms that translate into everyday business efficiency. In the World Bank’s Business Ready (B-READY) 2025 assessment, Rwanda ranks as Africa’s top-performing economy overall, reflecting both the strength of its rule-setting and the practicality of implementation.

The report places Rwanda first in Africa for its regulatory framework, citing the clarity and consistency of laws that shape business entry, competition, trade, taxation, and dispute resolution. It also ranks Rwanda third in Africa for public services, covering areas such as digital platforms, licensing systems, and tax administration; an important marker in a global context where many countries face a “public services gap.” Most notably, Rwanda ranks 12th globally in Operational Efficiency, making it the only Sub-Saharan African economy to reach that level in the B-READY 2025 assessment. Operational efficiency measures how easily companies can comply with regulations and access public services in practice, with streamlined procedures and increased digitalisation helping to reduce administrative bottlenecks.

That broader reform momentum is also reflected in Rwanda’s capital markets. In 2025, Rwanda’s Capital Market Authority (CMA) refined regulations aimed at facilitating product innovation, strengthening market infrastructure, and enhancing investor protection. The year also saw progress on key laws and frameworks, including the law governing the Central Securities Depository, which went through parliament and was gazetted, while the law governing Collective Investment Schemes (CIS) was reported to be in the final process of gazetting. Meanwhile, the Rwanda Stock Exchange (RSE) approved rules for Exchange-Traded Funds (ETFs) and Real Estate Investment Trusts (REITs) to widen investment options.

Market indicators moved in a positive direction. In the year ended June 2025, the RSE Rwanda Share Index rose 14%, market capitalisation increased 3%, and corporate bond issuances grew 61%, according to the CMA annual report for the 2024/2025 fiscal year. RSE CEO Pierre-Célestin Rwabukumba summed up the next phase: “Now that the regulatory environment is set, we are talking to potential issuers of REITs and ETFs.”

With reforms in place and market infrastructure evolving, 2026 is positioned as a year where Rwanda’s progress could become more visible through new listings and wider participation.

Sources: The New Times and KT Press.