Rwanda hits record U.S. investment levels, rebukes the East African for ‘misreading data’

By The Inspirer Writer.

The Rwanda Development Board (RDB) has strongly dismissed claims that American investors are withdrawing from Rwanda, accusing The EastAfrican Newspaper of misinterpreting financial data and publishing misleading conclusions.

RDB Chief Executive Officer Jean-Guy Afrika said the newspaper’s report—published on November 17 and alleging that U.S. investors were “fleeing Rwanda”—was based on volatile portfolio securities, the smallest and most unstable component of foreign capital, instead of total investment figures.

“The article relied on the wrong dataset,” Afrika said. “Accurate figures show U.S. investment is rising, not declining, and Rwanda continues to attract strong interest from American companies.”

Official data supports that position. Total foreign private capital inflows rose for three consecutive years after COVID-19, reaching $886.9 million in 2023, a 33.8% annual increase. Direct foreign investment also hit a historic high, climbing to $716.5 million in 2023, the highest ever recorded.

U.S. investors were among the top contributors. American inflows nearly doubled from $30.7 million in 2022 to $68.3 million in 2023, while total U.S. investment stock grew from $218.9 million to $267.8 million in the same year. U.S. companies expanded across real estate, agribusiness, manufacturing, technology and finance.

Afrika added that the U.S. Government’s 2025 Investment Climate Statement “does not support the narrative of declining American investment,” instead highlighting Rwanda’s stable investment laws and expanding American business community.

He warned that inaccurate reporting on economic data can distort reality and mislead the public. “Short-term fluctuations in portfolio securities do not mean investors are fleeing. Rwanda’s FDI numbers and the continued growth of U.S. investment tell a different, more accurate story.”

RDB maintains that Rwanda remains an attractive, fast-growing investment destination, backed by strong investor confidence and rising engagement from American firms.