Rwanda ranks 3rd African country on ‘Economic Freedom’ index

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Rwanda had recorded “notable improvements” in different sectors – putting it at the top in availing economic opportunities for its people compared to almost all the other African counterparts, according to the 2012 Economic Freedom Index compiled by Heritage Foundation and the Wall Street Journal.

Rwanda’s economic freedom score is 64.9, making its economy the 59th freest in the 2012 Index released January 13. Rwanda’s score is 2.2 points better than last year, reflecting notable improvements in freedom from corruption, monetary freedom, and investment freedom.

Compared to the four East African Community neighbours and DR Congo, only Uganda is among the top 100 countries. The rest are positioned way behind – as result of corruption and business environments that need more reforms.

Rwanda is ranked 3rd out of 46 countries in the Sub-Saharan Africa region and achieved the fifth largest score improvement in the 2012 Index. The others are Mauritius and Botswana.

“Securing its status as one of the world’s “moderately free” economies, the Rwandan economy has registered impressive score gains of more than two points in each of the past three years,” said the report.

“Reforms have supported economic expansion and a gradual reduction in poverty.”

Kenya was at 105, Uganda (78), Tanzania (110), Burundi (157) and DR Congo lagging at 172.

The top global nations for 2012 are: Hong Kong, Singapore, Australia, New Zealand and Switzerland – in order. Mauritius ranked at 8 – making it the only African nation to appear among the top 10 freest places.

 

 

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Mr. Sina is the Managing Partner & Chief Editor of RwandaEye. After completing his post-graduation from the Faculty of Economics and Management, National University of Rwanda,he worked in various consulting capacities for equity and business firms in Kigali. A shrewd strategist, he is an Economic Pundit, entrepreneur and Investment Banker.

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