How should Rwanda develop its capital markets? This was the subject of a three-day roundtable discussion held last October in Rubavu, Rwanda.

Financial inclusion is important for economic growth because it plays a dual role. While creating access especially to operators in the informal sector, it will enhance financial deepening thus embracing both breadth and depth dimensions of financial development. In other words, financial inclusion to be relevant for economic development must focus on the core elements of financial intermediation such as savings mobilization and asset transformation, risk mitigation and enhancing efficiency in the corporate sector by monitoring management and exerting corporate control.

Starting in 2007, a number of African countries have been issuing sovereign bonds in the international capital markets. Sub-Saharan African countries issued a total of $35.9 billion between 2005 and 2015. Ghana issued $3.45 billion, followed by Gabon ($ 3 bn) and Zambia ($ 2.9 bn).