Rwanda’s national pension fund has helped power the economy, but it faces new challenges

Rwanda is routinely celebrated as a growth miracle on the African continent. The country’s GDP growth averaged 7.4% annually between 2000 and 2023, one of the fastest in Africa. Three decades after the 1994 genocide, Kigali has been transformed. It is a services hub, with a gleaming convention centre, a growing airline and a skyline of new hotels. Most scholarship has argued that this has either been driven by party-affiliated firms or through foreign investment. However, the most significant…