Rwanda Sovereign Debt Market: Overview, 2025 Edition
Executive Snapshot
Total Public Debt: RWF 7.8 trillion (~USD 6.3 billion)
Debt-to-GDP Ratio: ~50%
Debt Composition: ~55% external, ~45% domestic
Outlook: Rwanda continues to adopt a conservative debt approach, balancing external concessional borrowing with a deepening local debt market, underpinned by digital transformation and investor confidence.
1. Debt Market Structure
1.1 Total Public Debt Profile
External Debt: RWF 4.3 trillion
Domestic Debt: RWF 3.5 trillion
Debt Service-to-Revenue Ratio: ~25–30%
Source: Ministry of Finance – Rwanda
1.2 Legal & Institutional Framework
Debt management by Ministry of Finance and Economic Planning (MINECOFIN)
National Bank of Rwanda (BNR) conducts debt auctions and settlement
Framework guided by Public Debt Law No. 69/2013
2. Domestic Debt Instruments
Instrument Currency Maturity Frequency Notes Treasury Bills RWF 28, 91, 182, 364 days Weekly Discounted instruments Treasury Bonds RWF 2–20 years Monthly Fixed coupon, biannual payouts
Bonds listed on the Rwanda Stock Exchange (RSE)
Strong support from pension funds, banks, and retail investors via digital platforms
3. External Sovereign Debt
Multilateral: IMF, World Bank, AfDB
Bilateral: France, China, Germany
Eurobonds: Rwanda has one Eurobond outstanding (USD 620M issued in 2013)
External borrowing primarily concessional
4. Investor Base
Domestic:
Banks, pension funds (RSSB), insurance companies
Growing retail investor base using mobile and fintech access
Foreign:
Select participation in Eurobond and government bonds (via RSE)
FX convertibility managed under BNR regulations
5. Secondary and OTC Market
Bonds traded on Rwanda Stock Exchange (RSE) and OTC
Central depository and settlement handled by BNR
Yield curves published by BNR – bnr.rw
6. Recent Trends
2-year bond yields ~10%; 10-year bond yields ~13.5%
Digital bond subscription platforms driving retail uptake
Frequent issuance calendar provides predictability for investors
Strategic extension of maturity profile to manage rollover risk
7. Risk Assessment
Sustainability: Low risk of debt distress (IMF DSA 2024)
FX Risk: Moderate; mitigated by concessional financing
Liquidity Risk: Improving, but market depth still evolving
8. Opportunities & Reforms
Expand green and sustainability-linked bond framework
Enhance electronic trading systems at RSE
Introduce inflation-linked and diaspora bonds
Broaden participation via pension reforms and fintech access
9. Annexes
Credit Ratings:
Moody’s: B2
S&P: B
Fitch: B+ (Stable)
For Investors & Researchers
Rwanda is one of Africa’s most digitally progressive sovereign debt markets, offering strong governance, low debt risk, and sustainable development focus. Investors seeking stability and policy consistency may find Rwanda attractive.
👉 Subscribe to Impala Market for weekly African bond market intelligence.
Want to invest in Africa’s bond markets? Impala Market helps you track opportunities, compare bond yields, and connect with buyers & sellers in the Over the Counter (OTC) market.
Get real-time bond market insights, track upcoming auctions, and access the secondary (OTC) market to trade bonds effortlessly.
Weekly insights on bond market developments, macro drivers & investment opportunities
Tailored for individual investors, investment clubs, institutional investors, traders & offshore investors
Subscribe for updates on Impala Market
Disclaimer: Impala Market is a private information-sharing platform. It is not a licensed securities exchange or trading platform. Indicative prices shared are not offers to the public.