This week market activity was low as market turnover generated was RWF 64m. Bank of Kigali and Bralirwa contributed 83% and 17% of the total turnover respectively. Both stocks gained in price with Bank of Kigali closing up 0.8% to RWF 131 and Bralirwa closing up 3.7% to RWF 390.
Voluntary efforts by Rwandans to contribute money to their national budget through the Agaciro Development Fund (AgDF) have now hit the USD 16m mark. The contributions were further boosted by news that confirmed the United Kingdom had unfrozen budgetary aid promising to release around USD 12m of the USD 25m it had blocked over allegations that Rwanda is backing M23 rebels in Eastern Congo.
For the second year running, Rwanda has emerged among the top countries in Sub-Saharan Africa on the competitiveness index released by the World Economic Forum (WEF).The Global Competitiveness Index (GCI) is based on 12 indicators that include the strength of the economy, education and social welfare. Rwanda emerged third in Africa behind Mauritius and South Africa. Globally, Rwanda ranked 70th, ten spots better than its previous ranking on the GCI 2010/11. Rwanda Development Board (RDB) reports that Rwanda’s improvement in this year’s index is a sign of the country’s commitment to achieving its economic goals.
Mining exploration has heightened expectations in the Rwandan economy after samples of gold in the Northern Province were assessed to be of good quality. Rwanda, which already has large deposits of cassiterite, coltan and wolfram, is looking to diversify its mineral base. The Ministry of Natural Resources expressed satisfaction with the current exploration of the precious metal, citing the possibility of an economic take-off due to the expected exportation of high quality gold after noticeable presence of a good grade were found. Clear figures will be communicated once research is concluded. To attract investment in the mining sector, the government signed a contract with BEAK Consultants, a German-based company, to carry out geological studies in four mineral potential areas in order to improve data on her mineral endowment. Other than exploitation of potential gold deposits, the government is also seeking to increase production of other minerals including tantalite, tin, tungsten, niobium and lithium.