Open for Business

• Author: Clare Akamanzi
• Position: Explains how Rwanda is encouraging private sector development
• Pages: 48-49

48 FINANCE & DEVELOPMENT | June 2019

IN THE TRENCHES

COURTESY O F THE RWAND A DEVELO PMENT BOA RD

Open for Business

Clare Akamanzi explains how Rwanda is

encouraging private sector development

CLARE AKAMANZI

spends her days working on

innovative ways to bring more business to her

country. As CEO of the Rwanda Development

Board (RDB), a multiagency governmental depart-

ment billed as a “one-stop shop” for investors,

Akamanzi has seen the country earn accolades

for its business-friendly environment, recently

winning the #2 spot regionally in the World Bank’s

ease of doing business rankings. Prior to her RDB

role, Akamanzi served as head of strategy and

policy for Paul Kagame, president of Rwanda.

She was also Rwanda’s commercial diplomat in

London and its trade negotiator at the World

Trade Organization in Geneva. Akamanzi holds

a law degree and a master’s degree in international

trade and investment policy. She spoke with F&D’s

Andrew Kanyegirire in early March.

F&D: What is the R DB’s role in getti ng the private

sector to contribute to Rwa nda’s development?

CA: Our vision is to tra nsform Rwanda into a

dynamic global hub for business, investment,

and innovation. We are responsible for promoting

investments and exports. We provide services

covering a range of issues faced by the business

community: negotiatin g contracts with the private

sector, helping investors to secure concessions,

and settling d isagreements. We are also in charge

of the privatization of government assets a nd

tourism promotion, including the management

of national parks.

Since the RDB’s establishment in 2009, doing

business in Rwanda has gotten e asier, and the pri-

vate sector has contributed more toward Rwanda’s

economic growth. About 25 years ag o, we were 100

percent reliant on aid, but today we are 86 percent

self-reliant, which means that we depend on a id for

only about 14 percent of our budget. On average,

the private sector now creates about 38,000 jobs

per year, many of which are targe ted toward our

young people.

F&D: How have you improved the

business environment?

CA: Along with the Minis try of Economic Planning,

we have spent a lot of time thinking about those

sectors that require private sector enga gement,

what the challenge s are, and whether these sectors

can indeed help to generate wealth a nd jobs for

Rwandans. We took a very focused approach to

this, and it is therefore not surprising t hat today the

World Bank’s Ease of Doing Business Report ran ks

Rwanda the 29th easiest place to do business in

the world and the second in Africa . A few years

ago, we were ranked at 150. is is the result of

some concrete reforms put in place to simplify

the processes for star ting a business, regi stering

property, filing taxes, a nd accessing ta x-related

information. Today, you can register a company

in six hours. In some instances, digital solutions

have played a key enabling role.

We have also focused on promoting Rwanda

as a place to come and do business. Last year, by

the time we closed our investment books, we h ad

registered $2 billion worth of investments. In 2010,

it was about $318 million. So we have grown con-

siderably in the space of eight years, whic h shows