For over two decades, John Rwangombwa has been at the forefront of Rwanda’s financial evolution, shaping policies that have driven economic growth and stability. A distinguished accountant, politician, and banker, his journey from a young student to the Governor of the National Bank of Rwanda (BNR) is one of dedication, expertise, and unwavering commitment to national development.
Early Foundations and Academic Pursuits
Born in Rwanda, Rwangombwa’s academic journey took him to Uganda’s Makerere University, where he pursued a Bachelor of Commerce degree in Accounting. Seeking to deepen his expertise, he later obtained a Master of Business Administration (MBA) with a specialization in accounting from the Maastricht School of Management in the Netherlands. This strong educational background laid the groundwork for his future leadership in Rwanda’s financial sector.
A Career Built on Excellence
Rwangombwa’s professional path began in 1998 at the Rwanda Revenue Authority (RRA). His keen analytical skills and leadership qualities saw him rise to the position of Deputy Commissioner of Customs for Operations by 2002. During his tenure, he played a key role in enhancing efficiency within Rwanda’s customs operations, contributing to improved revenue collection.
His reputation as a financial expert led him to the Ministry of Finance and Economic Planning, where he became Director of the National Treasury Department. In 2005, he established the Accountant General’s Office, serving as Rwanda’s first-ever Accountant General before being appointed Permanent Secretary and Secretary to the Treasury. His steady hand in financial management earned him a promotion to Minister of Finance and Economic Planning in 2009.
Under his leadership, Rwanda implemented its first Economic Development and Poverty Reduction Strategy (EDPRS I), a blueprint that spurred an impressive 8% average economic growth between 2006 and 2011 while significantly reducing poverty levels by 12%. His ability to craft and execute sound economic policies solidified his status as a transformative leader.
Leading Rwanda’s Central Bank
ADDIS ABABA/ETHIOPIA, 09-11 MAY 2012 – John Rwangombwa, Minister of Finance and Economic Planning of Rwanda, captured during the Market Integration Session at the World Economic Forum on Africa held in Addis Ababa, Ethiopia, 9-11 May, 2012.
In 2013, Rwangombwa took on a new challenge as Governor of the National Bank of Rwanda. His tenure at the helm of the country’s central bank ushered in a new era of financial modernization. One of his most notable achievements was shifting Rwanda’s monetary policy framework from targeting monetary aggregates to an inflation-targeting approach—a crucial step in preparing for the East African Currency Union.
Under his guidance, Rwanda’s financial sector remained stable, fostering economic growth and expanding financial inclusion. In recognition of his impact, he was named “Governor of the Year” for Sub-Saharan Africa in 2015 by Emerging Markets Magazine. His leadership ensured that Rwanda remained resilient amid global economic challenges.
Rwanda’s banking sector has grown significantly in 15 years, with assets expanding fivefold and surpassing 36% of GDP. Profits have surged. Strong regulatory oversight by BNR ensures stability, while market concentration remains moderate among leading banks.
Global Engagement and Influence
Beyond Rwanda’s borders, Rwangombwa has played a vital role in international financial discussions. Since 2013, he has been an ex-officio alternate member of the Board of Governors at the International Monetary Fund (IMF), representing Rwanda’s interests on the global financial stage. His previous involvement with the East African Development Bank further underscores his contributions to regional economic development.
His expertise has also been sought in high-level advisory roles. As a member of Rwanda’s Presidential Advisory Council, he has provided strategic guidance on economic policies. He has also been part of the World Economic Forum’s Global Agenda Council, shaping global conversations on financial stability and economic development.
A Legacy of Leadership
President Kagame discussing with John Rwangombwa, Governor of the National Bank of Rwanda – Kigali, 2 November 2013
As Rwangombwa prepares to conclude his tenure as Governor in February 2025, his legacy remains one of steady leadership, economic resilience, and forward-thinking financial reforms. His successor, Soraya Hakuziyaremye, appointed by President Paul Kagame, will inherit a robust financial institution strengthened by his years of service.
Rwangombwa ends his tenure just after addressing the Inclusive FinTech Forum, taking place February 24-26, 2025, at the Kigali Convention Centre, which brings together over 2,500 leaders, investors, and fintech companies to advance financial inclusion through impactful dialogues and partnerships.
From his early days at the Rwanda Revenue Authority to leading the nation’s financial sector, John Rwangombwa’s career exemplifies the power of dedicated public service. His influence on Rwanda’s economic landscape will be felt for years to come, serving as an inspiration for future leaders in finance and governance.
Notable Quotes from John Rwangombwa
- On Rwanda’s Economic Potential
“If Rwanda, a small, land-locked country with few resources, can achieve this growth, Africa as a whole can achieve double-digit growth if we do a few things the right way.” — October 30, 2012, United Nations Economic Commission for Africa interview. - On Economic Growth Amidst Regional Tensions
“Rwanda’s economy is on a solid footing and will achieve a GDP growth rate above 7 per cent in 2025 despite regional tensions that could weigh down cross-border trade.” — February 14, 2025, CNBC Africa interview. - On Inflation Risks Due to Global Disruptions
“The Red Sea disruption is stoking inflationary concerns, especially for countries heavily dependent on imports.” — January 2024, CNBC Africa interview during the World Economic Forum in Davos, Switzerland. - On Monetary Policy Adjustments
“The bank could reduce the rate at upcoming meetings if inflation dynamics remained positive.” — February 2024, CNBC Africa report.
