Building a Competitive and Accessible Capital Market in Rwanda – CEO Thapelo Tsheole

Rwanda’s capital market is experiencing remarkable growth, driven by strategic initiatives to enhance competitiveness, accessibility, and investor confidence.

The Capital Market Authority of Rwanda (CMA) is implementing key reforms to position the country as a leading investment hub in the region. The Chief Executive Officer of the Capital Market Authority, Thapelo Tsheole noted these developments during a live radio interview on Royal FM.

According to CEO Tsheole, Rwanda is actively strengthening its capital market through regulatory enhancements, expanded financial education programs, and digital transformation. The government has also introduced incentives to encourage new listings and is fostering the growth of the corporate bond market.

“Investors should consider Rwanda due to its strong governance, pro-business policies, and strategic position as a gateway to the broader East African market. The country’s stable macroeconomic environment and ongoing infrastructure investments provide compelling long-term growth opportunities,” said Tsheole.

“We are implementing regulatory improvements to enhance transparency, streamline listing requirements, and facilitate capital inflows. Legal and tax reforms have been introduced to attract global financial institutions, and partnerships with regional and international financial centers are being strengthened,” Tsheole explained.

To attract and retain foreign investors, Rwanda prioritizes policy consistency, regulatory stability, and investor-friendly reforms. New tax incentives make long-term investments even more attractive, including favorable tax rates for newly listed companies based on the percentage of shares sold to the public: a 20% tax rate for companies selling at least 40% of shares to the public and 25% tax rate for companies selling at least 30% of shares to the public.

Rwanda’s capital market is undergoing a transformative journey, with initiatives that drive competitiveness, liquidity, and investor engagement. With strong governance, business-friendly policies, and a commitment to financial sector development, Rwanda is positioning itself as a dynamic and attractive destination for investors regionally and globally.

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