The Venture Capital & Private Equity
Country Attractiveness Index
Alexander Groh, Heinrich Liechtenstein, Karsten Lieser and Markus Biesinger

Rwanda  
Rank: 82 · Score: 37.5  

Basic facts        
Population (millions) 13.8   IPOs and pulic issues (quartile) Bottom
GDP (US$ billions) 12.1   M&A volume (quartile) Bottom
GDP per capita (US$) 881.2   Venture capital investments (quartile) 2nd
GDP growth (per cent) 6.2   Private equity investments (quartile) Bottom
 
 
 
Performance Overview
Indicator   Rank / 125 Rank Trend Score
VC/PE Country Attractiveness Index 82 45, 42, 45, 43, 43 37.5
1 Economic Activity 117 14, 12, 20, 7, 8 48.3
2 Depth of Capital Market 82 45, 45, 45, 43, 43 24.1
3 Taxation 91 43, 43, 37, 35, 34 73.9
4 Investor Protection and Corporate Governance 48 87, 88, 83, 77, 77 73.4
5 Human and Social Environment 49 78, 77, 77, 77, 76 34.6
6 Entrepreneurial Opportunities 98 28, 33, 33, 31, 27 33.4


 
Historic performance, 2019-2023   Key driver performance, 2023
 

   
VC/PE Rank  
VC Rank  
PE Rank
Rwanda  
Africa
 
 
 
Peer Group Comparison
 
Regional Peers Economic Activity Depth of Capital Market Taxation Investor Protection and
Corporate Governance
Human and Social
Environment
Entrepreneurial
Opportunites
Mauritius 55.4 31.8 114.4 90.7 17.1 40.9
Ghana 72.4 29.3 79.2 49.9 28.7 39.1
Tanzania 76.5 31.5 55.1 48.3 30.2 34.9
Rwanda 48.3 24.1 73.9 73.4 34.6 33.4
Namibia 41.2 26.2 55.7 75.8 32.5 32.8
Ivory Coast 76.7 25.7 84.3 39.0 28.4 24.4
Botswana 37.6 13.9 89.4 64.5 32.7 37.3
Last updated: 4 Nov 2023