Rwanda ranks among Africa’s top performers in debt transparency

Rwanda ranks among Africa’s top performers in debt transparency

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Lucy Mumbi

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Rwanda launched its sovereign investor relations programme in 2025, under the Ministry of Finance and Economic Planning, to improve communication with investors on the country’s fiscal and debt position.

Rwanda has been ranked among Africa’s top performers in the 2026 Institute of International Finance (IIF) Investor Relations and Debt Transparency Report, highlighting the country’s growing reputation for transparency in public debt management and communication with international investors.
The report, published this month, awarded Rwanda 43.4 out of 50 points, placing it alongside South Africa as Africa’s highest-performing country in sovereign investor relations and debt transparency. The IIF is a Washington, D.C-based global association representing the financial services industry.
The annual assessment evaluates how governments communicate with investors and disclose information on public debt.

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It measures countries using 23 criteria, including the availability of economic and fiscal data, debt reporting, investor engagement and the accessibility of official information.
This year’s report covered 57 emerging and developing economies, with Rwanda making its first appearance.
The Ministry of Finance and Economic Planning said on Wednesday, July 15, that the recognition demonstrates Rwanda’s progress in strengthening transparency and building investor confidence.

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“Rwanda was one of only four countries newly added to the 2026 report and was singled out by the IIF as an example of best practice,” the ministry said.

The report notes that Rwanda scored particularly well in areas related to data transparency, investor communication and governance.
It credits the country’s performance to improvements in the availability of fiscal and debt information, regular engagement with investors and a structured approach to sovereign investor relations.
According to the IIF, countries that consistently provide clear, credible and timely information to investors benefit from what it describes as a “transparency dividend.”
Better transparency helps reduce uncertainty, improve market access, lower borrowing costs and strengthen resilience during periods of economic stress. The report also links stronger investor relations with more stable sovereign credit ratings over time.
Rwanda launched its sovereign investor relations programme in 2025, under the Ministry of Finance and Economic Planning, to improve communication with investors on the country’s fiscal and debt position.
The ministry said the recognition sends a strong signal to international investors that Rwanda communicates its fiscal and debt position “clearly and reliably,” giving it a competitive advantage as global investment capital becomes increasingly selective.
The report also highlights broader progress across Sub-Saharan Africa, where the regional median investor relations score improved compared with last year, although it remains below the global average. The IIF attributes the improvement to stronger transparency practices and growing recognition among governments of the importance of regular engagement with investors.
Besides Rwanda and South Africa, other African countries assessed in the report include Morocco, Côte d’Ivoire, Senegal, Kenya, Nigeria, Angola, Egypt and Ghana.
Globally, the Philippines ranked first with a score of 49.4 out of 50, followed by Türkiye and Brazil.

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