AGP Executive Report

Rwanda Investment & Policy Push: Rwanda approved a new development cooperation policy guiding engagement with partners through 2050, with emphasis on green, digital, industrial, environmental and logistics priorities, alongside draft laws on areas like digital acceleration, climate financing and EV assembly. Tax & Industry: Rwanda Revenue Authority moved to extend digital tax stamps to beers, juices, sodas and similar drinks, aiming to curb smuggling and protect excise duty collection, with Bralirwa and Skol Brewery preparing factory-level implementation. Electric Mobility for Kigali Riders: Ampersand showcased its battery-swapping network for commercial motorcycle riders at Equity’s roadshow, targeting faster turnaround (about three minutes) and reported ~50% daily trip cost savings for riders. Trade & Regional Integration: East African Community trade rose 37% to $52.3bn in Q2 2026, driven by mineral exports, while logistics costs and border delays remain a major drag on East Africa’s competitiveness. Rwanda-Linked Deals: A Rwanda-Pakistan Investment Forum will bring a business delegation to Kigali (Sept 23–25) to explore trade, investment and joint ventures, including a bilateral trade agreement signing.

Rwanda Development Policy to 2050: Cabinet chaired by President Paul Kagame approved a new development cooperation policy guiding engagement with partners through 2050, with priority on green, digital, industrial, climate and logistics initiatives, alongside draft laws including a Rwanda Green Fund and measures tied to digital acceleration and EV assembly. Tax & Industry: Rwanda Revenue Authority (RRA) met Bralirwa and Skol Brewery to prepare rollout of digital tax stamps for beers, juices and sodas, aiming to curb smuggling and protect excise revenue. Agribusiness Exports: Rwanda’s avocado airlift links 1,000 smallholder farmers to the UAE market under a VIBE-backed market linkage model, boosting export-chain jobs for young women. Regional Trade Pressure: East Africa’s trade rose, but logistics costs remain a threat as fuel expenses and border delays raise the cost and unpredictability of moving goods. EAC Trade Snapshot: EAC trade jumped 37% to $52.3bn in Q2 2026, driven by mineral exports, with a shift to a surplus as exports outpaced imports. Capital Markets Link: Rwanda’s Capital Markets Authority began arrangements to let Rwandan investors participate in Dangote Petroleum Refinery’s IPO, signalling growing regional appetite for strategic listings. Digital Connectivity: GSMA says Rwanda’s policy reforms could connect over 1 million more people to mobile internet by 2031. Energy Reliability Angle: A wider Africa energy debate highlights the shift from “access” to reliable, affordable power—an issue for businesses planning growth.

Rwanda Capital Markets: Rwanda’s Capital Markets Authority has started arrangements to let Rwandan investors participate in Dangote Petroleum Refinery’s IPO on the Nigerian Exchange, with registration of interest handled via United Capital Financial Services Rwanda (not a share subscription). Energy & Industry: Almonty Industries signed a long-term tungsten concentrate supply deal with Sandvik subsidiary WBH to retreat tungsten tailings at Los Santos, aiming to restart production with a faster route to market. Regional Trade: CEOs and officials at the East Africa CEO & Investment Forum warned that non-tariff barriers, fragmented rules, high energy costs and weak industrial links are still blocking deeper intra-regional investment and higher-value trade. Digital & AI: TICON Africa’s 4th conference in Zambia (Sept 23–25) will focus on AI rollout, digital governance, cybersecurity and skills pipelines for Africa’s tech competitiveness. Public Finance: Rwanda’s Dangote IPO facilitation comes as governments across the region look to diversify financing—while one report notes a housing loan push in Southern Africa. Health & Safety: A new analysis flags the DRC Ebola outbreak as a stress test for global health security. Sustainability: Rwanda is set to host MOP38 on the Montreal Protocol in Kigali (Nov 2–6), pushing the next phase toward affordable cooling solutions.

Rwanda Carbon Market: Rwanda says 29 carbon projects are now registered and have generated about $1.5m from credit sales, with prices reportedly ranging from $14 to $45 per ton of CO2e, as REMA pushes the market beyond project setup toward higher-value transactions. Aviation & Trade: RwandAir is adding five Airbus A330s and is positioning for wider Europe and Far East routes, as Rwanda’s Bugesera airport ramps up capacity. Tourism Revenue Risk: Kenya’s tourism levy collections missed targets by Sh1bn after regulations to capture Airbnb, homestays and villas were not gazetted on time—highlighting the challenge of taxing fast-growing short-term rentals. AI for Local Ecosystems: China launched a CSR report in Kigali and urged Rwanda to build “trustworthy and sovereign” AI using local data and engineers, not just imported applications. Sustainable Cooling Push: Ten years after the Kigali Amendment, Rwanda is preparing to host MOP38 in Kigali (Nov 2–6) to focus on practical, affordable cooling access for developing countries. Energy Sector Spotlight: Middle East Energy 2026 in Dubai closed with 39,000+ attendees, underscoring regional momentum in power, storage and efficiency partnerships. Digital Agriculture: A new AI-powered beekeeping platform in Tanzania (“My Apiary”) aims to let farmers monitor hives remotely and link directly to buyers.

Rwanda Carbon Markets: Rwanda has registered 29 carbon projects and earned about $1.5m (nearly Rwf2.2bn) from carbon credit sales, with credit prices reportedly ranging from $14 to $45 per ton of CO2 equivalent depending on the project and buyer. Climate Diplomacy: Environment Minister Dr Bernadette Arakwiye says Rwanda is pushing for wider African consensus on a climate and environmental declaration ahead of major talks, including Kigali’s MOP38 (Nov 2–6) and COP31. Household-Led Growth: Rwanda’s Q2 2026 GDP growth of 9.4% is being supported more by households: household consumption rose 13% year-on-year while government consumption fell 6%, with household spending reaching 74% of GDP in the quarter. Benin-Rwanda Business & Security Links: Benin President Romuald Wadagni begins a two-day visit to Kigali to deepen cooperation in security, trade, investment, technology, transport and tourism. Tungsten Trading Trial: Aterian’s Rwandan subsidiary Eastinco has started a trial trading programme for tungsten ore and concentrators, aiming to scale once controlled lot-by-lot transactions prove the trading cycle.

Rwanda Economy Watch: Rwanda’s Q2 2026 growth hit 9.4%, with a key driver being households: household consumption rose 13% year-on-year while government consumption fell 6%, lifting household spending to 74% of GDP in the quarter. Rwanda-Benin Diplomacy & Business: Benin President Romuald Wadagni begins a two-day official visit to Kigali, aiming to deepen cooperation with Rwanda in security, trade, investment, technology, transport and tourism, with the agenda also reflecting shared memory and trust-building. Critical Minerals & Trade: Aterian’s Rwandan unit Eastinco has started a trial trading programme for tungsten ore and concentrators, using controlled volumes and supplier/buyer traceability systems to scale mineral trading. Medical Oxygen Skills Transfer: RIX Industries and Build Health International launch factory-equivalent training for high-pressure oxygen compressors at Kigali College of Rwanda Polytechnic, partnering with the Rwanda Biomedical Centre to strengthen oxygen equipment maintenance across sub-Saharan Africa. Regional Finance (Beyond Rwanda): East African Development Bank and Tanzania’s TADB sign a 50bn/- financing deal to expand affordable loans for smallholder farmers, targeting over 1,000 beneficiaries. Ozone & Cooling Policy: World Ozone Day spotlights the Montreal Protocol and Rwanda-linked Kigali Amendment momentum, with Kigali positioned as a global reference point for climate-friendly cooling.

Rwanda Growth Watch: Rwanda’s economy grew 9.4% in Q2 2026, up from 7.8% in Q2 2025, driven by industry (+18%) and services (+7%), with agriculture up 4%, according to NISR; services lead GDP (51%), followed by industry (23%) and agriculture (21%). Trade & Logistics: Kenya’s KRA opened its Regional Electronic Cargo Monitoring System (RECTS) to private vendors, a move welcomed by shippers to cut delays on the Northern Corridor by improving electronic seal supply and monitoring. Health Tech & Skills: RIX Industries partnered with Build Health International to train biomedical technicians on high-pressure medical oxygen compressors at Kigali College of Rwanda Polytechnic, in collaboration with the Rwanda Biomedical Centre. Investment Diplomacy: Cambodia and Rwanda agreed to set up a joint legal framework (via an MoU between investment boards) to streamline foreign direct investment and connect private sectors. Food Systems Finance: At Kigali’s Africa Food Systems Forum, farmers urged cheaper, less bureaucratic grants and loans, as agriculture remains underfunded and last-mile access to finance is still a major hurdle. AI & Inclusion: The Gates Foundation pledged $1bn over two years to expand AI access in health, education, agriculture and local languages, warning AI could widen inequality without action.

Rwanda Growth Watch: Rwanda’s economy expanded 9.4% in Q2 2026, with industry up 18% (led by construction, mining and manufacturing) and services growing 7%, according to NISR, as GDP rose to about Frw7.174 trillion. Tourism & FX: Rwanda’s foreign travel earnings topped $161.8m in Q2 2026, driven mainly by holidays and family visits, with gorilla tourism accounting for 79.4% of holiday spending—highlighting both strength and concentration risk. AI for Development: The Gates Foundation pledged $1bn over two years to expand AI access in health care, education, agriculture and local languages, including a Rwanda-linked health workers pilot, warning AI could widen inequality without deliberate action. Electric Mobility Deal: Yadea and Spiro signed a partnership to scale electric motorcycles and scooters across Africa using Spiro’s battery-swapping network, with Yadea supplying vehicles and both firms co-developing models for local conditions. Critical Minerals Investment: Almonty Industries agreed with Rwanda to create a tungsten-focused platform where Rwanda gets a 25% stake, sourcing ore from small-scale licence holders and aiming for export and future local processing. Regional Tensions: Reports from Nairobi and Bujumbura describe heightened strain involving Burundians and the Banyamulenge community amid wider Rwanda–Burundi and DRC-related security concerns.

Rwanda–DRC Peace Talks: Rwanda and the DRC will reconvene in Geneva on Sept 16-17 to test implementation of the 2025 Washington Accords, with mediators from the US, Qatar, Togo and the AU—key issues include FDLR neutralisation and Rwanda’s force disengagement. Critical Minerals Deal: Almonty Industries signed a tungsten venture with Rwanda, giving the country a 25% stake in Almonty Rwanda in return for the Shyorongi exploration concession and a processing licence—part of a wider push to build supply chains beyond China. Banking Leadership: Stanbic Bank Kenya confirmed Michael Mutiga as CEO after Central Bank of Kenya approval, as the lender reported KES 6.6bn profit after tax for H1 2026 and 27% asset growth. EV Partnerships: Yadea and Spiro agreed to scale electric two-wheelers across Africa using Spiro’s battery-swapping network, targeting fleet operators, logistics and daily commuters. Digital Infrastructure Push: Hyperscalers Convergence Africa 2026 wrapped with an action agenda for data centres, fibre, cloud and power—aimed at accelerating Africa’s digital buildout. AI and Inclusion Funding: The Gates Foundation pledged at least US$1bn over two years to expand access to AI, focusing on local languages, education, health and support for small farmers. Rwanda in Space: Rwanda is highlighted as active in space, with its ground station and Rwanda Space Agency efforts tied to Africa’s push for more local capability and decision-making.

Dangote IPO Boom: Aliko Dangote’s $20bn refinery IPO kicked off in Lagos, with 4.1bn shares priced at N525 and a retail minimum of 10 shares; Forbes says his net worth jumped from $28.5bn to $51.3bn, while Bloomberg still values him at $35.3bn. East Africa Energy Push: Dangote also says he’ll start a $17bn Lamu refinery by end-September 2026, aiming to complete within three years and expand refining across East Africa. Rwanda in Critical Minerals: Almonty Industries signed a Rwanda deal to develop and process tungsten, giving Rwanda a 25% stake via the Shyorongi concession and a processing licence, backed by a US-Rwanda economic framework. Rwanda Retail Access to Big Finance: Rwandan investors can buy into the Dangote refinery IPO, with the offer opening for Kigali-based retail participation and closing in October. Banking Spotlight: Equity Group was ranked East and Central Africa’s top lender in Forbes’ World’s Top Performing Banks 2026 index, reflecting strong asset and profit growth. Digital Infrastructure Agenda: Hyperscalers Convergence Africa 2026 wrapped with an action agenda for Africa’s digital buildout, spotlighting data centres, fibre, cloud and power. Tungsten Supply Chain Strategy: Almonty’s Rwanda partnership is framed as a Western-aligned tungsten supply move to reduce dependence on China. SportsBiz Africa in Kigali: A forum in Kigali urged Africa to grow its tiny 0.5% share of the global sports industry by improving data, people development and commercialisation. Ebola Cross-Border Alert: A new Ebola case in DRC’s Sud-Ubangi followed travel via Rwanda and Uganda, triggering contact tracing across borders. Migration Tensions: Reporting highlights rising migrant tensions across Southern and East Africa, with South Africa, Kenya and Tanzania tightening rules amid economic pressure.

Africa’s Narrative Push: UN Deputy Secretary-General Amina Mohammed, Afreximbank’s Benedict Oramah, Nigeria’s finance minister Taiwo Oyedele and Rwanda Development Board CEO Jean Guy Afrika urged young African leaders to stop acting as recipients and instead build institutions and globally competitive enterprises at scale, at the Aliko Dangote Foundation diaspora leadership convening in Lagos. Rwanda-Linked Biologics Deal: Bio Usawa and Axmed (Switzerland) signed a strategic collaboration to expand access to affordable biologic medicines across Africa, starting with ophthalmology and retinal diseases and linking manufacturing with procurement and demand aggregation. Climate Finance for Farmers: IFAD and Equity Group launched ARCAFIM, a $200m rural climate adaptation finance mechanism for East Africa (including Rwanda), aiming to support 260,000 smallholder producers and 500 rural MSMEs over 12 years. Mobile Network Upgrade: Econet Rwanda says it will phase out 3G by end-December 2027, pushing remaining users to 4G/5G while keeping 2G longer for rural coverage. Private Credit Momentum: Tanzania reported faster private-sector credit growth to nearly 31.2% year-on-year, signalling stronger financing demand across the economy. Trade and Investment Platforms: Pakistan and African partners launched the Pakistan-Africa Economic Council, targeting $15bn trade by 2030 and bringing chambers and private firms into regular deal-making. Dangote IPO Watch: Dangote Refinery opened its order book for a $1.6bn IPO aimed at retail investors across Africa, with proceeds set to fund expansion.

Climate Finance for Farmers: IFAD and Equity Group launched ARCAFIM in Kigali, a $200m private-sector-led mechanism to close the adaptation finance gap for smallholders and rural MSMEs across Kenya, Uganda, Tanzania and Rwanda, targeting 260,000 producers (at least 50% women, 30% youth) and 1.2m people for stronger food security. Banking Regulation: Kenya’s Central Bank proposes tighter controls on “too big to fail” lenders, potentially limiting expansion and new products for domestic systemically important banks to curb systemic risk. Urban Housing & Growth: Kigali’s Kinyinya Sector is set for a decade of transformation, with major estate and “Green City” projects aiming for a denser, mixed-use, climate-conscious community by 2036. Cleaner Air Push: Rwanda marked International Day of Clean Air for Blue Skies with renewed focus on monitoring, emissions testing, cleaner transport and cleaner cooking, saying air may need to be 3–4 times cleaner to meet targets. Consumer Protection in Aviation: Nigeria’s NCAA fined RwandAir N15m for failing to resolve a passenger baggage complaint on time, ordering bag replacement and $170 compensation. Trade & Investment Links: Pakistan and African partners launched the Pakistan-Africa Economic Council, targeting $15bn trade by 2030 and bringing chambers and private firms into a structured partnership platform. Rwanda-Linked Agriculture Markets: Mombasa tea auction traded 6.5m kg, with Rwanda tea fetching Sh406.35/kg, reflecting shifting quality and production conditions across East Africa.

Rwanda Industrial Push: Rwanda opened A1 Iron & Steel Rwanda Limited in Musanze, aiming to cut the country’s heavy steel import bill (over $150m in 2025) by producing reinforcement bars, nails, pipes and other construction inputs locally. Clean Air Agenda: Rwanda marked the International Day of Clean Air for Blue Skies in Kigali, with officials calling for cleaner air through better monitoring, emissions controls, cleaner transport and cooking, and setting practical targets for gradual improvement. Regional Trade Diplomacy: Pakistan and African countries launched the Pakistan-Africa Economic Council (PAEC), targeting $15bn bilateral trade by 2030 and focusing on private-sector links, including sectors like IT, agriculture, textiles, pharmaceuticals and minerals. Cross-Border Business Friction: Kenya’s crackdown on foreign small-scale traders continues to spark debate across the region, raising concerns about enforcement, rights and East African integration. Consumer Protection: Nigeria’s aviation regulator fined RwandAir N15m for failing to resolve a passenger baggage complaint on time, ordering bag replacement and compensation. Telecom Jobs: Airtel Africa advertised professional vacancies across Kenya, Uganda and Nigeria, spanning enterprise leadership, revenue assurance and digital privacy roles.

Industrial Push: Rwanda opened A1 Iron & Steel Rwanda Limited in Musanze to cut the country’s heavy steel import bill, targeting about 250,000 tonnes of annual capacity and more local value from iron ore. Cleaner Air Drive: Rwanda marked National Clean Air Day in Kigali, with officials saying air quality may need to become 3–4 times cleaner, backed by stronger monitoring, emissions controls and cleaner transport. Consumer & Aviation Oversight: Nigeria’s NCAA fined RwandAir N15 million for failing to resolve a passenger baggage complaint on time, ordering bag replacement and $170 compensation. Capital Markets & Ownership: Dangote said its refinery IPO minimum subscription will be pegged at 10 shares to broaden ordinary participation, as global leaders back the plan to democratise industrial wealth. Tech Governance: Anthropic released a report detailing how bad actors used Claude for surveillance, weapons and propaganda, highlighting misuse risks across multiple countries. Regional Mobility: Philippines published visa-free Balikbayan eligibility lists covering 46 African countries, while Ghanaian passport holders can access 41 countries under visa waiver arrangements.

Aviation Consumer Protection: Nigeria’s aviation regulator (NCAA) has fined RwandAir N15 million for failing to resolve a passenger’s baggage complaint within the required timeframe, ordering the airline to replace the damaged bag and pay $170 compensation. Telecom Jobs: Airtel Africa has advertised professional vacancies across Kenya, Uganda and Nigeria, including roles in data infrastructure, revenue assurance, billing and digital privacy auditing. Clean Air Push: Rwanda marked National Clean Air Day with a call for collective action to cut pollution, protect health and improve emission management, bringing together government, academia, the private sector and health stakeholders. AI Misuse Watch: A new Anthropic report details how bad actors used Claude for state-linked surveillance, propaganda and cyber-related activities, including a Mali SIM-card monitoring system and autonomous drone-related software. Industrialisation Drive: Rwanda opened A1 Iron & Steel in Musanze to reduce the country’s $150m steel import bill and move up the value chain with locally produced construction materials. Climate Finance for Farmers: IFAD and Equity Group-backed ARCAFIM is set to deliver about $25m in climate adaptation financing for Tanzanian farmers and rural agribusinesses, with similar support planned across East Africa including Rwanda.

AI Misuse Watch: Anthropic’s latest report details how Claude was used for state surveillance, propaganda and weapons work—from Mali’s SIM-card monitoring to Russia’s “kamikaze” drone software and Yemen missile design—highlighting how bad actors bypass safeguards. Telecom Upgrade: Econet Wireless Zimbabwe says it will switch off 3G by end-December 2027, keeping 2G longer for rural feature-phone users while pushing customers to 4G/5G. Rwanda Business & Energy: Rwanda’s private sector is urged to turn energy potential into bankable projects, as the country tests digital tools to guide energy investment and close access gaps. Climate Finance for Farmers: IFAD and Equity Group-backed ARCAFIM will deliver about $25m in Tanzania climate adaptation financing for farmers and rural agribusinesses over 12 years. Anglican Leadership: Bishop Dr Manasseh Gahima elected new Archbishop of the Anglican Church in Rwanda, succeeding Dr Laurent Mbanda. Food Systems Push: Kigali hosts the Africa Food Systems Forum, with delegates focused on investing in agri-food systems to grow jobs and resilience. Digital IDs in Africa: Gabon accelerates eGabon projects, including national digital ID and interoperability infrastructure, moving from planning to field rollout. Markets & Investment: Dangote Refinery’s IPO continues to draw global backing for wider African ownership, while Impossible Objects raises $40m to scale industrial 3D printing. Public Safety: Deadly fires and stampedes in eastern DRC and Kenya’s schools underline urgent gaps in disaster preparedness and emergency response.