Category: Opinion

  • Educated Africans Talk Almost All Time, But Don’t Act

    Our beloved continent, is currently dominated by a generation of noise makers: a people who can talk almost all the time, but don’t act.

    It is very annoying to hear some “experts” giving speeches over the radio, while reserving the real action.

    Africa has many scholars with PhDs and Master’s degrees in agricultural science, yet many of them will never set foot on the farm.

    Many of our scientists are probably very good at teaching, but never good at inventions and innovations.

    I have always wondered where our mechanical engineers have been hiding, as we continue to import motorbikes and even bicycles.

    The taxpayer is often told: “Plans are far-advanced for the implementation of this project”, the other project is “in the pipeline,” the implementation phase comes “in 4 years,” and so on.

    Our scientific researchers, religious leaders, acade­micians, scholars and politicians can perfectly demon­strate exactly what ought to be done in any given cir­cumstance, yet once in power, such ideas always remain either on paper or at best be held “in the pipeline.”

    Instead of taking action and making things happen in a swift and decisive manner for the benefit of our people, it is rather very sad that even those tasked with such responsibilities are good at making speeches, while pushing the actual action onto the future genera­tions.

    So far, it appears a few of those in the built environ­ment are physically making impact, while the majority of the other professions especially those in the manu­facturing fields remain to be seen.

    The media, which ought to bring such topics for discussion, has always been focusing on politicians and their frustrations while ignoring the lack of action.

    Years back, there were only a few “scholars” in Africa. At that time, the majority of the people had not received “formal education” as we often call it. Many had neither been to engineering schools, polytechnics nor the university. There were only a few tens of people who had the benefit of receiving “formal education”.

    In spite of this, Africans were producing soap, shoes, body cream, different kinds of cooking oil and their very effective and powerful local African medicines.

    They cured almost every major disease by relying on their local medication and eating organic food, which was very rich in vitamins and nutrients.

    As a result, many of them lived long, averagely beyond the age of 90 years. It was common to see many of our parents living beyond the age of 120 years with good eyesight. Most importantly, many of our grandparents never wore glasses.

    Ironically, today we call ourselves “intellectu­als”. We live in “hygienic environments,” eat “balanced diet” and use “modern medication”. Yet, many of us are dying below the age of 40 years!

    Today, millions of chil­dren at age 10 are wearing glasses! As if that is not enough, several hundreds of incurable diseases are cur­rently threatening our very survival.

    How many of our forefathers died of malaria? How many of our grandmothers were infertile? In fact, there are many reproductive health-related diseases in modern Africa than there were in the pre-colonial era despite the so-called advancement in medical research.

    Isn’t it time we took a critical look at the quality of our food today? But of course, many will consider this to be some “conspiracy theory”. After all, once you success­fully discredit legitimate concerns such as the above, it becomes easy to ignore the need to take action.

    Even though Africa boasts of millions of scholars and other professionals, one wonders the whereabouts of these experts as almost everything we use in Africa is imported from elsewhere, despite having all the raw materials here at home.

    Forty years ago, Africa was importing a sizeable amount of matches, sugar, cooking oil, roofing sheets, steel, cars, bicycles, shoes, wristwatches, typewriters and others. Africa did not have the expertise to mass-produce some of these items.

    Unfortu­nately, after 40 years, nothing has changed despite the fact that mother Africa has millions of intellectuals who currently hold the relevant qualifications.

    After many years of importing mobile phones, com­puters, electric generators, sound systems, radio and television sets, fluorescent lamps, electric cables and many other electronic gadgets, there is no indication that this trend will change any time soon, though there are millions of African experts who have studied the production of these things.

    Elsewhere in the Middle East and Asia, ordinary stu­dents are sending satellites into space. University researchers are actively engaging with their students in the production of mobile phones, digital tablets, com­puters and cars.

    Their physical results can be seen everywhere. Unfortunately in Africa, our studies are charac­terised by reading theories, looking at diagrams and observing images with little or no practical demonstra­tions.

    The educational system, instead of teaching our people “how to think” and solve problems, is teaching young ones “what to think”.

    Today, one can write over a thousand pages of research, yet this research may not have a single practi­cal input. One can perfectly describe how to move a car, but it takes continuous practice to be able to practically drive the car.

    Is it a wonder that many of our mechani­cal engineers therefore cannot even fix a car?

    Our universities are overpopulated with politi­cal and social science courses. The technical schools and polytechnics are still reserved for students with poor academic backgrounds.

    Many of our electrical engineers, mechanics and technicians out there did not learn their profession from schools.

    Many of them were school drop-outs who learnt their profession as a “trade” and by the “road-side technicians”.When the scholar’s car suffers a mechanical breakdown, the individual will rather look for a road-side mechanic to fix the problem.

    Many of these local technicians do not have any academic qualifications at all, yet they’re better at solving real-life problems than many of our so-called professionals who have acquired a number of degrees. Isn’t this a shame?

    Our universities are increasingly producing intellec­tuals who talk too much, but lack the skills to personally contribute to problem-solving. Many of our intellectu­als only make noise, but push their real responsibilities to the man on the street.

    Such acts of negligence must stop if Africa is determined to make any progress. African intellectuals must live up to their responsibili­ties. They must be part of the solution to our many challenges. It is time to be proactive.

    Real leadership is demonstrated, not lectured. We’re tired of talks, seminars and workshops, which have become the hallmark of our current batch of intellectuals who ought to bear the responsibility of taking the action.

    As long as our intellectuals continue to look up to the layman to take up their responsibilities, Africa will never make any meaningful progress.

    Our destinies must be in our own hands. Long live the African intellectual! Long live Mama Africa!

    Honourable Saka is a UK-based political analyst on African affairs and a social commentator on Africa.

  • Working together to Eradicate Poverty in Rwanda

    The International Day for the Eradication of Poverty is celebrated globally on the 17th day of October every year since its adoption by the international community in 1993.

    It offers an important opportunity for reflection on the progress made by mankind towards the eradication of extreme poverty and renewing efforts at its realization.

    Since their adoption in 2000, progress towards the attainment of the Millennium Development Goals (MDGs) has constituted an important gauge for sustained poverty reduction.

    The MDGs have succeeded in creating a common agenda which unites countries and peoples throughout the world around the agenda of poverty eradication and social and political stability.

    Their time-bound, clear, and measurable targets have focused action on the most basic indicators of sustainable human development, which is an essential condition for durable stability.

    The most recent (2012) global MDG progress report prepared by the United Nations indicates that the global target of cutting in half the proportion of people living under $1.25 per day was met in 2010.

    Since 1990, hundreds of millions of people are no longer living in extreme poverty and have the opportunity to live better lives.

    However, this overall favourable picture masks significant disparities in the progress made in the different regions of the world as well as towards individual MDGs.

    There is consensus that, although African countries as a whole have made notable progress towards many of the goals, the continent is lagging behind the rest of the world in most of the areas.

    More effort is, therefore, required on the continent in order to close the gap between Africa and the other regions during the period remaining through to 2015 as well as to reach those still untouched by the progress registered so far.

    Even in the continent, disparities within and between countries remain striking. Overburdened and ill-equipped institutions, lack of sufficiently inclusive growth in a significant number of countries, neglected agricultural sectors, missing sanitation and energy services, chronic malnutrition, and discrimination against women and girls, ethnic minorities, and other groups, as well as high youth unemployment rates, remain barriers to progress in many countries.

    It is for this reason that Rwanda’s very positive overall record is highly encouraging. At the current pace, the country is among the very few African countries that are on track to meet almost all the MDGs.

    Rwanda’s experience provides vital illustration of how to accelerate progress towards the MDGs and even sustain this beyond their 2015 target date.

    From the countries record, we know that committed, dynamic and competent leadership as clearly demonstrated by President Paul Kagame and his government, strong national ownership, and broad mobilization of the population, combined with judicious utilization of external assistance are critical for success.

    We know that inclusive and direct poverty reducing growth in a significant manner is possible when appropriate policies are deployed, especially those that aim to impact simultaneously on inequality and empower the poor.

    We know that gender equality, health improvements, and access to renewable energy can accelerate progress across the Goals. And we know that in our increasingly interdependent and volatile world, development will only succeed and endure if it is pursued in the context of transformational initiatives.

    The theme for this year’s day is “Working together out of poverty” .
    This reflects the fact that Partnership is key as the magnitude and complexity of tackling poverty requires strong systems and policies in place, but above all, a shared vision of the development path of a country.

    In a recent visit to Gicumbi district in August 2012, the President of the Republic, H.E. Paul Kagame shared the following sentiment with the residents: “We should all work hard and eradicate — not reduce — poverty,” this is possible if we work together.”

    In Rwanda, over a period of the last 5 years, the number of poor lifted out of poverty has surpassed the one million mark.

    The impressive gains of the past 5 years also call for additional efforts to address obstacles to growth -widely acknowledged by the Government: removing further the barriers of a productive rural sector, unleashing the potential offered by the East African Community but also proposing innovative solutions for skills development and transformational growth.

    In Rwanda, we have every reason to celebrate the progress made to eradicate extreme poverty, but we must also continue to work together on its eradication. We hope that the global development agenda beyond 2015 will reflect this level of ambition.

    Author is UN Resident Coordinator/UNDP Resident Representative to Rwanda

  • Trade Volumes Record Slight Drop

    The Rwanda Stock Exchange market October 16, slightly went down in traded volumes and turnover compared to yesterday’s trading session.

    The total turnover for the day was Rwf 21,702,600 from 115,900 BK shares and 15,100 BRALIRWA shares traded in fifteen deals compared to yesterday’s trading session which recorded a turnover of Rwf 24,504,000 from 136,400 BK shares and 15,400 Bralirwa shares traded in seven deals.

    BK shares traded at Rwf 130 and Rwf 131 and closed at Rwf 131, registering an increase of Rwf 1 compared to yesterday’s closing price while BRALIRWA shares traded between Rwf 435 and Rwf 440 and closed at Rwf 440; unchanged from yesterday’s closing price.

    KCB and NMG shares prices last transacted at Rwf 154 and Rwf 1,200 respectively.

    At the end of formal trading hours, there were outstanding bids of 1,000,000 BK shares at Rwf 130 and outstanding offers of 24,900 shares at Rwf 131 and Rwf 132.

    On Bralirwa counter, there were outstanding bids of 41,700 shares between Rwf 425 and Rwf 435 and no outstanding offers.

  • Rwanda, Uganda Traders Demand Frw1.6Billion From Kenya

    Rwanda and Uganda business communities are demanding compensation from the Kenyan Government of damage caused following the 2008 Post Election related violence.

    The two landlocked countries are demanding about Frw1.6 Billion as compensation for the destruction of their trucks and goods along the Northern Corridor (Nairobi-Eldoret-Kampala highway).

    They argue that it is four years since Kenyan president Mwai Kibaki promised to compensate them in a meeting held in January at Harambee House.

    The matter is threatening to disrupt harmonious relations between Kenya and the two greatest trade partners of Uganda and Rwanda, according to Kenyan Standard.

    Kampala City Traders Association (Kacita) and Rwanda’s Federation of East African Freight Forwarders Associations (FEAFFA) have raised concern over the issue. Ugandan business community is planning to hold a peaceful demonstration in Kampala if the matter is not resolved by end of this month.

    “We express concern and fear that our people lost properties during the 2008 election violence in Kenya. It is part of this concern that Ugandan traders are now planning to divert their goods through the Dar es Salaam port for fear of election violence next year,” Kacita spokesman Issa Sekitto, said.

    “We want assurance from the Kenyan Government in the form of a compensatory note that the traders will be compensated by end of this month failure to which we shall mobilise our members to demonstrate at the Kenyan High Commission offices in Kampala.”

    In a letter written to President Kibaki and seen by the Standard, Rwanda’s Federation of East African Freight Forwarders Associations (FEAFFA) want the President to intervene and have them compensated before next year’s elections.

    “Your Excellency’s kind attention is drawn to January 29th 2012 at Harambee House where you issued a directive to the Deputy Prime Minister and former minister of Finance Uhuru Kenyatta and Minister of East Africa Community affairs Musa Sirma to settle the claims of the traders affected by the 2007 post-election violence in Kenya,” Bosco Rusagara, the then president of FEAFFA writes.

    “You are issued a two-week deadline to put closure to the long standing saga. The minutes of that meeting were considered and a resolution to the effect passed.”

    But East African Community Minister Musa Sirma said the matter is being looked into and assured the private sectors of both Uganda and Rwanda of an amicable resolution to the matter.

    “The Government under the then Trade Minister Chirau Mwakwere formed a committee which was later handed over to the Permanent Secretaries. The PS’ in turn are expected to prepare a cabinet memo for discussion and action. The matter is expected to be brought before the cabinet for a solution,” Sirma explained.

  • EAC Diaspora in Texas Urged to invest in Rwanda

    The East African Diaspora community from North America has highlighted Rwanda as a main destination for investment with opportunities in hospitality and tourism, agribusiness amongst many others.

    The idea was noted during a 3 day annual Conference in Richardson, Texas; a city known as the “Telecom Corridor of the United States”.

    During the event, Ambassador of Rwanda to the United States, James Kimonyo discussed topics on the unique nature of the investment climate in Rwanda.

    According to the statement received by IGIHE, In the midst of large East African and U.S. companies, they were able to showcase the limitless business opportunities that Rwanda has to offer and encouraged the audience to think of Rwanda as their next business venture.

    The vice-chair of the East Africa Chamber of commerce Mr. Frank Kanobana; a Rwandan National said, “he strives to encourage Rwandan Diaspora around Texas to be involved in the initiative as it will be of benefit both to themselves and to Rwanda in turn”.

    Similarly, the embassy officials were also able to meet with the Mayor of Dallas as well as various executives of companies in a private setting, paving the platform to have a one-to-one conversation regarding Rwanda and its array of opportunities.

  • Why Building Entrepreneurial Capacity is Important to Rwanda

    Over the last decade Rwanda has made incredible strides economically.

    According to the CIA World Factbook the country has nearly quadrupled per capita GDP since the mid-nineties, putting it within range to meet President Kagame’s goal of “increasing gross domestic product by seven times over a generation”.

    However, sustaining this growth will not be achievable without a larger portion of Rwandan’s entering the private sector as entrepreneurs.

    In order to meet these prodigious goals Rwanda must further embrace and develop an entrepreneurial culture. Here are some reasons why entrepreneurship is important to Rwanda:

    Entrepreneurs are Job Creators

    One of the most powerful ways in which entrepreneurs impact an economy is by creating jobs. Increasing the amount of money coming into the economy is important, but hiring employees and paying fair wages is an even stronger indicator that an entrepreneur is benefitting the local community.

    These jobs help to elevate the lives of other’s within the country as well as redistributing money throughout the marketplace instead of allowing it to accumulate at one point. Serge Ndekwe is a prime example of the way in which entrepreneurs can impact the lives of their employees.

    Serge has held a number of different jobs over the years ranging from taxi driver and public phone operator to working for INGOs.

    Unfortunately Serge was fired twice for “little reasons that seemed to be unfair”. After being fired for the second time, he decided “I would never work for another person again”.

    Since then he has managed to build a number of successful businesses including Papyrus restaurant and Masaka Farms. Serge’s decision to become his own boss has allowed him to do more than provide his own livelihood.

    He now employs eighty-five people through his businesses, many of them vulnerable women, helping them to provide for their families as well.

    Entrepreneurs are Problem-solvers

    Many people believe that an entrepreneur must first find capital or be given a great idea before starting an enterprise.

    This is not the case; instead entrepreneurs must be able to identify a problem and seek solutions for that issue. This helps to ensure that innovation and adaptability are a part of a nation’s skillset.

    As a college student Meilleur Murindabigwi noticed that there were two major issues with much of the media Rwanda had received.

    The majority of articles took a negative slant on life in Rwanda and much of it was written by people living outside of the country. Together with a group of friends Meilleur set out to provide quality coverage of Rwandan news events by in-country correspondents.

    Meilleur and his partners also decided to launch their media platform on the web instead of via print because of the push towards stronger ICT connections by the government at the time. Since 2008 the team has seen IGIHE.com grow from a site receiving thirty views a day to well over seventy-thousand.

    Meilleur and the IGIHE team have not allowed their success to stop them from looking for other problems to solve either. They noticed a need for someone to provide web design for companies looking to keep their edge technologically by developing a web-site. So IGIHE has also branched into the web services field in order to solve this problem.

    President Kagame has said that “Rwandans would create their own strategic vision”, and Meilleur and the IGIHE team have done just that, helping to strengthen Rwanda’s economy and its perception on the world stage as well. Rwanda faces a number of challenges in the future and entrepreneurs will find innovative solutions for them.

    Rwanda’s Entrepreneurial Outlook

    Fortunately Rwanda is strongly positioned to become a hotbed for entrepreneurship on the African continent. The Heritage Foundation recently ranked Rwanda #59 in its 2012 Index of Economic Freedom making Rwanda Africa’s third-highest ranked country behind Mauritius and Botswana.

    Rwanda scored a 64.9 on a 100-point scale; ten points higher than its 2008 score due largely in part to major reforms expediting the registration process for businesses. Rwanda’s score is also five points higher than the world average and ten points higher than the regional average.

    Rwanda was also ranked highly on the World Bank’s 2011 Ease of Doing Business report in the ease of starting a business category where it was ranked #8—the only African country to make it into the top ten.

    Not only does Rwanda’s regulatory environment benefit entrepreneurs but the education system has also begun to embrace entrepreneurship.

    Back in 2008 mandatory entrepreneurship classes were added throughout the secondary school curriculum in Rwanda. The Rwanda Education Board has since developed a strong entrepreneurship curriculum with assistance from the United Nation’s Industrial Development Organization.

    This focus on entrepreneurship at the secondary school level should help to ensure that students come out of secondary school with the skills necessary to start and run their own businesses.

    Interested in Entrepreneurship in Rwanda?

    Rwanda is clearly on the right path for creating a more entrepreneurial culture. Global Entrepreneurship Week (GEW) was brought to Rwanda to celebrate this. GEW is the world’s largest celebration of entrepreneurship – engaging 7.5 million people each November through tens of thousands of activities around the world.

    In 2011, Rwanda joined 122 other countries to participate in this incredible movement for the first time, reaching 12,000 people through twenty-six local events.

    In 2012, GEW/Rwanda has partnered with the Ministry of Youth and ICT (Strategic Partner), the Rwanda Development Board (Strategic Partner), IGIHE, Ltd. (Media Partner) and GW Creators (Design Partner) to reach upwards of 25,000 people through fifty different activities around the country.

    Hosted nationally by the Babson-Rwanda Entrepreneurship Center, the initiative is powered globally by the Ewing M. Kauffman Foundation, sponsored by Dell and the NYSE Euronext Foundation, and enjoys the support of dozens of world leaders, hundreds of national hosts, and a growing network of 24,000 partner organizations.

    For more information, visit rw.unleashingideas.org, and follow GEW/Rwanda on Facebook or Twitter.

  • Roth & Shapley Win Nobel Economics Award

    Alvin Roth and Lloyd Shapley have won the 2012 Nobel Prize in economics.

    The Royal Swedish Academy of Sciences cited the US academics for their work on the “theory of stable allocations and practice of market design”.

    The work is concerned with the best possible way to allocate resources, such as in school admissions.

    Mr Roth is a professor at Harvard and Mr Shapley teaches at the University of California in Los Angeles.

    The committee said their work was a form of economic engineering, designing markets for situations where traditional market mechanisms based on price are not applicable or do not work well.

    “Even though these two researchers worked independently of one another, the combination of Shapley’s basic theory and Roth’s empirical investigations, experiments and practical design has generated a flourishing field of research and improved the performance of many markets,” the Academy said.

    Appearing at a news conference by phone from the US, Mr Roth said: “It sheds a very bright spotlight on the work we do, so that’s a good thing.

    “My colleagues and I work in an area that we’re calling market design, which is sort of a newish area of economics and I’m sure that when I go to class this morning my students will pay more attention.”

    In 1962, Mr Shapley and his colleague David Gale laid down a theory for how best to match demand and supply in markets with ethical and legal complications, such as admitting students to public schools in the US.

    If these particular markets were just left according to price, then you would get what economists refer to as market failure.

    This original work developed into the Gale-Shapley algorithm, which aims to ensure “stable matching” or the best possible outcome for both sides. “An allocation where no individuals perceive any gains from further trade is called stable,” the Academy explained.

    This is a key pillar in co-operative game theory, an area of mathematical economics that seeks to determine how rational individuals choose to co-operate.

    In the early 1980s, Alvin Roth set out to study the market for newly qualified doctors.

    This was a problem as a scarcity of medical students – such as that which existed in the US in the 1940s – forced hospitals to offer internships earlier and earlier, sometimes several years before graduation, meaning that a match was made before they could produce evidence of their skills and qualifications.

    A clearing system was set up to try to better match medical students and hospitals. In a paper from 1984, Mr Roth studied the algorithm used by this clearing house and discovered that it was very close to the Gale-Shapley algorithm, showing that it applied in real-life situations.

    The awards continue a strong US run of victories in the category of economic sciences.

    Forty-three prizes in economics have been awarded since 1969.

    BBC

  • Korea, Africa Hold Cooperation Conference

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    South Korea and the African Union are jointly holding the Korea Africa Economic Cooperation Conference in Seoul from Oct. 15-18, bringing 150 ministers and heads of 18 African nations and international organizations.

    The South Korean foreign ministry says, “Africa is the last growth engine of the world economy, which has unlimited growth potential,” Foreign Minister Kim Sung-hwan said in a letter of invitation. “This forum is expected to provide a good opportunity (for South Korea) to strengthen ties with Africa.”

    The conference remains the biggest event co-organized between Africa and Korea.

    The theme of this year’s conference focuses on “inclusive and green growth,” and the program will include the ministerial roundtable, bilateral meetings of ministers, economic cooperation seminars, African countries’ investor relation activities, and one-on-one business meetings.

    AfDB Senior Management and Executive Directors from Regional Member Countries will attend all the conference activities.

    The conference outcomes are expected to increase inclusive economic growth of African countries through the application of Korea’s development approaches.

    It will also knowledge on inclusive growth in sectors such as human resource development, infrastructure, energy, information technology, agriculture and green growth; and to enhance political and economic cooperation between Africa and Korea through increased trade, investment and dialogue.

    The partnership between the African Development Bank Group and the Republic of Korea began in 1980, when Korea joined the African Development Fund (ADF) in 1980 and the African Development Bank (AfDB) in 1982.

    In 2009, Korea provided a temporary AfDB capital increase of US $306.1 million and supported in 2010 the historic General Capital Increase (GCI) VI of 200 per cent and ADF-XII replenishment amounts of UA 53.86 million (KRW 94.77 billion) representing an increase of 66 per cent from its ADF-XI contribution.

    At the recently concluded ADF-12 Mid Term Review in Cape Verde, Korea played an active role in the discussions and highlighted the Bank’s focus on energy and natural resources, including the role of PPPs in infrastructure development.

  • East Africa: Countries Receive Funding for Electricity Interconnection

    The governments of Uganda, Kenya, Rwanda, Burundi, and the Democratic Republic of Congo have received funding totaling to $400million [Sh1trillion] from international agencies to implement a regional electricity interconnection project to aid member states share electricity efficiently, reliably and affordably.

    The project consists of the construction and upgrading of power transmission lines to interconnect the member countries.

    Speaking at a stakeholders meeting in Kampala on Oct. 11, Eva Paul from the KfW-German Financial Cooperation said they chose to fund the project in order to assist countries access cheap and affordable power, improve the living standards of the people in the region and foster cooperation and mutual understanding among the countries in the region.

    Other funders of the project include the African Development Bank, the Japanese International Cooperation Agency (JICA).

    Participants at the workshop however observed that challenges like completing the power purchase agreements, differences in languages, completing the tendering process were still hindering the progress of the project.

    “I have advised the countries to first work on these [challenges] so that by 2015 we are sharing power,” Simon D’ Ujanga, the minister of state for energy told journalists on the sidelines of the workshop.

    D’ Ujanga who opened the workshop said Uganda had completed the tendering process and was ready to start construction of the power line from Kawanda–Masaka-Mirama hills and then connect to Rwanda in 2013.

    “It is good to interconnect so that if one member records power cuts it is able to receive power from another,” the minister said.

    Members states have set 2015 as deadline for the full implementation of the project.

    The Independent

  • Rwangombwa Named Finance Minister of the Year-2012

    Emerging Markets has announced that John Rwangombwa, Rwandan Finance Minister, has won the 2012 Emerging Markets Finance Minister of the Year Award for Sub-Saharan Africa.

    “Rwanda has achieved strong economic growth combined with a significant reduction in poverty rates, despite an increasingly challenging external environment,” said Taimur Ahmad, editor in chief of Emerging Markets.

    “Between 2006 and 2011 poverty in Rwanda dropped by twelve (12%) percentage points from 57% to 45% and extreme poverty dropped from 35.8% to 24.1% in 2011. This reduction coupled with the high average growth rate of 8.2% over the same period demonstrate that growth in Rwanda has been pro-poor and development assistance has been effectively used to change lives especially in rural areas,” Minister Rwangombwa said.

    Rwangombwa aims for poverty to drop further by 15% in next five years as growth in key sectors of the economy is expected to accelerate.

    The annual Emerging Markets Central Bank Governor and Finance Minister of the Year Awards recognise the leading policymakers in each region. The awards are chosen by Emerging Markets’ editorial team, taking into account the views of leading regional experts.

    The winners are announced in our daily newspapers published at the IMF and World Bank annual meetings each year, with the award winning policy makers honoured at an annual awards ceremony during the IMF and World Bank annual meetings.

    Emerging Markets is a unique source of news, analysis and commentary on economic policy, international economics and global financial markets, with a particular focus on the emerging world. Emerging Markets has published daily newspapers at IMF, World Bank and regional development bank meetings for the past 25 years. Emerging Markets is part of Euromoney Institutional Investor plc, one of the largest and most respected providers of financial information worldwide.