Fitch Ratings has reaffirmed Rwanda’s Long-Term Issuer Default Ratings at “B+” with a Stable Outlook, citing strong governance, sustained economic growth, concessional borrowing and continued support from development partners.
In its assessment published on September 11, 2026, Fitch forecast Rwanda’s economy to grow by 7.8% in 2026, moderating from 9.4% in 2025 but remaining well above the 4.5% median for countries rated “B.”
The agency expects growth to be supported by agriculture, services and construction, including the development of Bugesera International Airport.
Rwanda’s official statistics agency reported that the economy expanded by 10% year-on-year in the first quarter of 2026, with agriculture growing by 8%, industry by 13% and services by 7%.
Fitch projects government debt to decline after peaking at approximately 74% of GDP in the 2024/25 fiscal year, averaging about 65% of GDP during FY2027 and FY2028. It noted that 87% of Rwanda’s external debt is concessional, helping contain borrowing costs.
However, the agency identified continuing vulnerabilities. It expects the current-account deficit to approach 15% of GDP in 2026, while net external debt is projected at 63% of GDP. Foreign-exchange reserves are forecast to cover approximately 3.2 months of external payments.
Fitch also forecasts inflation averaging 11.7% in 2026 and a fiscal deficit equivalent to 4.5% of GDP in FY2027.
Sources: Fitch Ratings’ September 2026 assessment and the National Institute of Statistics of Rwanda’s Q1 2026 GDP report.
