Capital Market Development in Rwanda

Capital Market Development in Rwanda

Since inception, Rwanda’s capital market has been able to mobilise capital worth RwF 196 billion (USD 235 Million) both in equities and bonds. Today, the Rwanda Stock Exhange market capitalization stands at RwF 3.1 trillion (USD 4.2 billion).

The Government of Rwanda through the Ministry of Finance and Economic Planning established the Capital Market Advisory Council (CMAC) in 2007 as a transitional body to assist in the creation of a capital market. In 2011, Capital Market Authority (CMA) was born following the publication of the Law.

CMA licensees and regulates the capital market industry players who include Rwanda Stock Exhange (RSE), all members of exchanges and all other capital market intermediaries 

The Executive Director of the Capital Market Authority, Robert Mathu stressed that “Rwanda’s capital market has an active equity market and gradually emerging bond market for both corporate and Treasury Bonds. The market is gearing for additional capital market products in order to offer alternative and modern methods of mobilizing long term capital.”

Opportunities for investment in Rwanda’s capital market will continue to present  as the privatization program is implemented, the private sector embracing the capital market as an evitable source of long term capital for both equities and bonds. It is also expected that the capital market will continue to ride on the back of high economic growth in Rwanda and in the region.

Some of the capital market incentives include: exemption of capital gains and a value-added tax (VAT) on secondary market transactions and lowest withholding tax on dividends for listed companies and interest on listed bonds.

Domestic and international portfolio investors have had opportunities to own assets in the beverage industry, banking, telecom and in the domestic bond market. Rwanda has a clear vision for growth through public and private investment and politically stable with well-functioning institutions, rule of law and high level of governance.

CMA Rwanda is an active member of The East African Securities Regulatory Authorities (EASRA)  and an associate member of the International Organization of Securities Commissions (IOSCO).

The Capital Market Authority is responsible for: implementing Government policy on capital markets; regulating and supervising all capital market activities with a view to maintaining a proper code of conduct and acceptable practices on the capital market. CMA has a board of directors and reports to the Ministry of Finance and Economic Planning.


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