Key View

• Rwanda’s pharmaceutical market remains underdeveloped compared to international and regional standards.
• Despite the creation of a local pharmaceutical plant, Rwanda will remain reliant on imports to meet market needs.
• Healthcare standards in Rwanda remain poor by global standards but the country has made significant strides in

Key View

• We at Fitch Solutions have revised down our estimate of Rwanda’s real GDP growth in 2020 to -2.4%, from -2.0% previously, following the release of Q320 data.
• We expect that real GDP growth will rebound to 5.7% in 2021, but this too is a downward revision from our previous projection of 6.0%, as a renewed lockdown in the capital

Key View

• Rwanda's power generation sector will likely continue to attract the interest of private sector investors, as the prospect of increased electricity exports removes generation limits and a positive PPP track record boosts investor confidence.
• A positive project risk profile, supported by low legal and political risk, raises the

Key View

• Digital health continues to strengthen healthcare operations in Rwanda.
• Telemedicine can significantly improve healthcare access in Rwanda’s rural areas.
• Rwanda’s digital health partnerships are likely to increase in frequency in the future.
• Rwanda’s national health insurance scheme remains significantly better than others in the

Key View

• The Rwandan government will introduce higher levels of spending in the coming quarters to offset the economic fallout from the coronavirus pandemic, which will contribute to the fiscal deficit rising to 12.6% of GDP in 2020.
• Revenue will remain weak due to the economic contraction in 2020 and the government’s introduction of tax

Key View

• Rwanda’s increased local pharmaceutical production will increase medical exports.
• Pharmaceutical imports will still largely outweigh exports.
• Rwanda will become more appealing to internal drugmakers.

Rwanda’s increased local pharmaceutical production will increase medical exports. Apex Biotech, the first company to be licensed to

Key View

• Newly released data indicate significantly lower levels of smartphone penetration and uptake of advanced data services than we had previously envisioned in the Rwandan mobile market.
• Despite the almost total coverage of 4G services in the country, uptake remains muted on the back of a relatively weak consumer profile.
• That said

• Efforts by the Government of Rwanda to promote electric mobility in the country are not only a positive step in promoting environmentally sustainable transport solutions, but also address the country’s transportation needs.
• Rwanda’s mobility electrification plan provides a blueprint for other countries in Sub-Saharan Africa to follow as a

Key View

• Rwanda’s healthcare spending will experience a sustained growth, although access will remain challenging due to structural risks.
• Health spending will continue to be supported by economic development and an effective health insurance system.
• Local production-boosting efforts will bode well for reducing import reliance, but