After hosting the World Economic Forum on Africa in May 2016, Rwanda is, once again, expressing its desire to join the international economy. In fact, in November, the new Foreign Minister, Richard Sezibera, confirmed Rwanda’s ambition to join the Organization for Economic Co-operation and Development (OECD). Consequently, this African country is expected to put forward an official bid for membership to the organization.
Rwanda would like to now join the OECD to attract more foreign investors. This specifically follows recent reforms put in place and the country’s rise in World Bank rankings. In fact, Kagame’s Rwanda takes 3rd position worldwide in terms of access to credit, sharing joint place with fellow African country, Zambia. According to the Doing Business 2019 report, Rwanda is ranked in 2nd place for registering property and comes in 14th place for protecting minority investors.
In addition, the country’s aim to join the OECD is well aligned with the survey conducted by Havas Horizons, in collaboration with the Institut Choiseul. This achievement ranks Rwanda in third place for the most innovative African country. In fact, according to international investors, Rwanda has a 45% potential for innovation.
If Rwanda succeeds in joining the OECD, it will become the first country on the African continent to be part of this organization. This will enable it to develop its cooperation with the world’s major economic players and apply more stringent international economic and governance standards that can only enhance the country’s economic growth.
NB: Marion Navarre, Managing Director of Morgan Philips Middle East and Africa will also be visiting Rwanda towards the end of March 2019 as part of the next Africa CEO Forum. A great opportunity to see the major progress being made on the ground in this country!