The admission took place during the PAFA Annual General Meeting held on May 17, 2013 in Accra Ghana. ICPAR will be represented on the Board by the iCPAR President, Francis Mugisha.

The PAFA Board has 10 members from across the African Continent. iCPAR will have an opportunity and voice to influence the direction and development of the accountancy profession in Africa while promoting Rwanda as an ideal destination for Investments.

The general meeting was preceded by the Africa Congress of Accountants (ACOA) hosted by the Institute of Certified Accountants of Ghana (ICAG). iCPAR was represented at the ACOA Congress by the President Francis Mugisha who chaired the session on Integrated Reporting (IR).

In his remarks to the large congregation of professional accountants, Francis noted that the accounting profession will have a large role to play in the evolution of reporting, ensuring it becomes more relevant and meaningful to providers of financial capital and other stakeholders.

“Integrated reporting is an opportunity for accountants to enhance the profession’s relevance by helping organizations reveal more about how theycreate and sustain value over time,” he said

He further stated that Integrated Reporting is a market-led evolution in corporate reporting. It enhances the communication between organizations and their stakeholders, ensuring that investors have greater insights into the business model and future outlook and prospects, thereby encouraging long-term thinking and transparency.

He observed that short-termism in the markets can create volatility and contribute to financial instability that erodes long-term value.

“To make decisions, providers of financial capital need to have an understanding of, and confidence in the business model as well as greater visibility over how the business creates value over time.”

The iCPAR CEO, Evans Mulera was also a guest speaker at the Congress and made a presentation on the responsibilities of professional accountants in Public Financial Management (PFM).

He urged professional accountants to step forward and play a responsible role in development of African economies.

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The Rwanda Development Board (RDB) has a new Board of Directors. The board was announced by the cabinet meeting that sat on Wednesday May 8, 2013.

According to the law that puts RDB in place, the Board of Directors is composed of the Chief Executive Officer, the Deputy Chairperson who is in charge of promoting private sector activities and other members appointed from outside RDB.

The law states that the Deputy Chairperson is chosen from members of the Board of Directors who are not employees of RDB and other members of the Board of Directors appointed by an Order of the Prime Minister.

The new members of the board are as follows;

Dr. Ramakrishna Sithanen is the president of the board and Evelyne Kamagaju Rutagwenda was appointed as the Vice President of the Board.

Other members on the board are: Mr. Dan Nova, Ms. Diane Ngendo Karusisi, Mr. Omari Issa,
Mr. Hannington Namara, Ms. Shivon Byamukama, Ms. Nishimwe Grace and Ms Claire Akamanzi, the CEO of RDB.

Responsibilities of the Board of Directors of RDB include among other things providing the strategic vision and the plan of action of RDB and following up their implementation.

RDB was set up by bringing together all the government agencies in Rwanda responsible for the entire investor experience under one roof.

This included key agencies responsible for business registration, investment promotion, environmental clearances, privatization and specialist agencies which support the priority sectors of ICT and tourism as well as SMEs and human capacity development in the private sector. The RDB is independent and influential and it reports directly to the President.

RDB has been instrumental in fast tracking economic development in Rwanda by enabling private sector growth. The scope of its work includes all aspects related to the development of the private sector. This involves working with and addressing the needs of companies of all sizes (large, SMEs) and both local and foreign investors.

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The signing took place at the AfDB national office in Rwanda, and was chaired by Negatu Makonnen AfDB Resident Representative in Rwanda, and Jack N. Kayonga, BRD Chief Executive Officer.

BRD is Rwanda’s leading development bank specializing in Small and Medium Enterprises (SMEs) and as part of its 2010–2014 strategy, its key growth areas include priority the abov.

In complement to the credit, a technical assistance package of up to US $730,800 provided to BRD by the Fund for African Private Sector Assistance (FAPA) and other partners according to a press statement.

The grant aims to improve BRD’s staff skills, information technology systems, appraisal systems, treasury and financial management, operations, credit risk management and internal controls.

 Jack N. Kayonga, BRD CEO, affirmed that “the agreement illustrated the vitality of the cooperation which would enable BRD to be engaged in a program of reinforcement of its private sector and SMEs operations in Rwanda.

” Emmanuel Murangayisa, BRD Director of Finance, added that the grant will contribute to optimizing BRD management capacities, by which the Bank will be placed at a constant and favourable level of performance.”

 “The AfDB line of credit and the FAPA technical assistance are aligned with AfDB’s private sector operational priorities for long-term financing to support private sector development especially where long-term financing is scarce.

This program will enable BRD to respond effectively to the challenges of developing and promoting the private sector and SME development Rwanda,” said by Negatu Makonnen AfDB Resident Representative in Rwanda.

Through FAPA funds, AfDB has initiated a broad program for institutional capacity building to support the African Development Finance Institutions such as the West African Development Bank (BOAD).

Others are the East and South African Development Bank (PTA Bank), the East African Development Bank (EADB), the Bank Congolaise de l’Habitat (BCH) and finally Shelter

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The signing took place at the AfDB national office in Rwanda, and was chaired by Negatu Makonnen AfDB Resident Representative in Rwanda, and Jack N. Kayonga, BRD Chief Executive Officer.

BRD is Rwanda’s leading development bank specializing in Small and Medium Enterprises (SMEs) and as part of its 2010–2014 strategy, its key growth areas include priority the abov.

In complement to the credit, a technical assistance package of up to US $730,800 provided to BRD by the Fund for African Private Sector Assistance (FAPA) and other partners according to a press statement.

The grant aims to improve BRD’s staff skills, information technology systems, appraisal systems, treasury and financial management, operations, credit risk management and internal controls.

Jack N. Kayonga, BRD CEO, affirmed that “the agreement illustrated the vitality of the cooperation which would enable BRD to be engaged in a program of reinforcement of its private sector and SMEs operations in Rwanda.

” Emmanuel Murangayisa, BRD Director of Finance, added that the grant will contribute to optimizing BRD management capacities, by which the Bank will be placed at a constant and favourable level of performance.”

“The AfDB line of credit and the FAPA technical assistance are aligned with AfDB’s private sector operational priorities for long-term financing to support private sector development especially where long-term financing is scarce.

This program will enable BRD to respond effectively to the challenges of developing and promoting the private sector and SME development Rwanda,” said by Negatu Makonnen AfDB Resident Representative in Rwanda.

Through FAPA funds, AfDB has initiated a broad program for institutional capacity building to support the African Development Finance Institutions such as the West African Development Bank (BOAD).

Others are the East and South African Development Bank (PTA Bank), the East African Development Bank (EADB), the Bank Congolaise de l’Habitat (BCH) and finally Shelter

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Tea has become one of Rwanda’s most important export crops and a major contributor to the national economy

Nshili Kivu Tea Plantation has announced that it recorded high production, income and profits in the year 2012 and expects similar record-breaking performances in the years ahead.

The plantation currently accounts for about 17 percent of all the tea produced in Rwanda.

According to the company, tea production at Nshili Kivu was up 17 percent last year while income jumped to 27 percent and profits skyrocketed to 178 percent over 2011.

Records show that the plantation experienced explosive growth since it was privatized in 2006.

Last year, tea production in was 4 million kilogrammes up from 2.3 million kilogrammes in 2006, while income was $4.3 million up from $338, 848 six years ago.

After significant infrastructure investments in the early years, the plantation first turned a profit in 2009 and last year it made $1.2 million.

Nshili Kivu Management attributed the tea plantation’s success to major modernization and technological upgrades, including construction of a new processing facility in 2008.

The new plant eliminated the need for processing to take place off-site, cutting down transportation costs, increasing harvesting time and improving the overall tea quality.

Tea is quickly becoming one of Rwanda’s most important export crops and a major contributor to the national economy. In the last six years, Nshili Kivu has paid nearly $1 million (USD) in taxes and other fees to the Rwandan government.

The company is also doing its part to help the local economy and improve employees’ quality of life. Its expansion and modernization has led to many area improvements, including new roads and buildings, as well as services such as electricity and mobile connectivity.

It has also raised incomes in surrounding communities, enabling more families to send their children to school and gain access to health care.

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Fishermen on Lake Kivu, which is said to have massive methane gas and oil reserves beneath its surface

A Canadian company has obtained exclusive right to negotiate with Rwanda government on a future agreement that will govern how revenue from oil will be shared.

British Columbia-based Vanoil Energy Ltd announced January 29, 2013, that it had secured a two month extension to its Technical Evaluation Agreement with the Rwandan Ministry of Natural Resources. This essentially means, the next step in the oil exploration project begins.

The agreement provides Vanoil with the exclusive right to negotiate a Production Sharing Contract (PSC) covering approximately 1,631 square kilometers of the East Kivu Graben, located beneath Lake Kivu, Rwanda.

Vanoil’s 1,631 square kilometers of oil and gas exclusive licence in the East Kivu Graben in Rwanda is at the southern extension of the Albertine Graben where Heritage and Tullow Oil made their historic discovery in neighbouring Uganda.

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The shares were sold off during a ceremony held in Kigali on December 12. The two companies sealed off the deal in the presence of the Rwanda’s envoy to South Africa and officials of the Rwanda development board and representatives of other finance institutions.

The chairman of CIMERWA Ltd, Afrique Ramba said, the deal was welcomed as a way of creating a business relationship with the South African based company PPC.

“This substantial equity investment is a sign of strong confidence in Rwanda business environment and the social, economic and political progress we are making. CIMERWA is delighted to drive forward Rwanda’s goal of private sector led development” Ramba said.

While the CEO of PPC, Paul Stuiver, noted that deal will further steps of PPC’s commitment to invest in the sub-Saharan Africa despite the current challenges in Rwanda.

“We are very confident about Rwanda. The CIMERWA plant is located on in a challenging but very strategic region in east central Africa, which currently lacks significant cement production capacity, is a challenging but a very strategic one.

As part of their commitment to Rwanda’s development, the CEO of PPC handed over a cash cheque dummy worth $100,000 to the Agaciro development Fund- which is a solidarity fund, established in August 2012, to promote self-reliance and contribution of Rwandans towards their development goals.

CIMERWA Ltd has been in the country for almost 30 years. It has a current capacity of 100 000 tons of cement per annum and is constructing a 600 000 tons per annum plant that will be commissioned during 2014.

The cement company is also in the process of finalizing a US$104 million loan to complete the expansion project.

Current annual demand for cement in Rwanda is estimated at 350 000 tonnes. Based on the positive economic outlook for the Great Lakes region, cement demand on is projected to increase to one million tons during the next decade.

The PPC Ltd is the leading supplier of cement in southern Africa with cement manufacturing facilities and milling depots in South Africa, Botswana and Zimbabwe with capacity to produce eight million tons of cement per annum.

PPC also produces aggregates, metallurgical-grade lime, burnt dolomite and limestone. In addition to serving its domestic markets, cement and lime are also exported to other African countries.

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Rwanda struggling cement firm today got a US$69.4m injection from South Africa

South Africa’s largest cement firm Pretoria Portland Cement (PPC Ltd) has secured a majority stake in Rwanda’s only cement manufacturer CIMERWA, a development officials say will increase cement supply by up to six times.

From a deal signed in Kigali December 12, 2012, PPC Ltd will pay US$69.4m for a 51 percent stake in CIMERWA. Clare Akamanzi, the CEO of the Rwanda Development Board (RDB) said that with the new deal, cement production will expand by up to six times in the coming years.

The current demand for cement in Rwanda is estimated at 350 000 tons per annum. However, local supply has only struggled to satisfy the demand – which has left prices relatively high due to the more expensive imports.

PPC will increase CIMERWA production from 100,000 tons to 600,000 tons to boost local capacity and exports by 2014, according to the deal.

Pretoria Portland Cement is a leading supplier of cement in S.A with production of 8m tons of cement. “Entry into Rwanda is a vote of confidence,” said RDB’s Clare Akamanzi.

CIMERWA is also in the process of finalizing a US$104 million loan to complete the expansion project.

Meanwhile, in a surprise announcement, the South African firm said it was putting a large amount of money into the Agaciro Development Fund.

Mr Paul Stuiver, the CEO of PPC said: “we have a surprise. PPC will voluntarily contribute USD100,000 to Agaciro Fund. We hope u accept it as our contribution”.

“”The transaction is a further step in our committment to invest in Sub-Saharan Africa and we are confident about Rwanda,” said Mr Stuiver.

The cement giant PPC Ltd is just one of the many South African multinationals that have moved into Rwanda. Top among them is telecom monopoly MTN.

South Africa and Rwanda in October concluded a major investment deal. The idea opened up investment opportunities between the two, to benefit from bilateral trade, with the agricultural industry in Rwanda expected to especially prosper from the new initiative.

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At the close of trading, BRALIRWA shares sat at Rwf 596 a share, representing a Rwf 7 turnaround from Tuesday’s closing price of Rwf 589. BRALIRWA shares continued to be the most sought-after stock, being the only shares traded at the Rwanda Stock Exchange.

Total turnover for the day was Rwf 350,912,000 from 588,900 BRALIRWA shares traded in ten deals. The previous day’s trading session (Tuesday) had recorded a turnover of Rwf 111,683,200 from 803,000 Bank of Kigali (BK) shares and 13,800 BRALIRWA shares traded in ten deals, marking a second straight day of high returns at the RSE.

No change across the board concerning the other counters, as BK counter was quiet and remained unchanged from Tuesday’s closing price of Rwf 129. Kenyan representatives KCB (Kenya Commercial Bank) and NMG (Nation Media Group) shares last transacted at Rwf 165 and Rwf 1,200 respectively.

At the end of formal trading hours, there were no takers for outstanding offers of 1,057,400 BK shares between Rwf 128 and Rwf 131, with the same being true for BRALIRWA shares, with outstanding offers of 5,900 shares at Rwf 600 and no outstanding bids.

There was also an outstanding offer of 100 KCB shares at Rwf 165, but likewise, no corresponding bids.

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This comes in stark comparison to Monday’s trading session which recorded a turnover of just Rwf 643,000 from 1,100 BRALIRWA shares traded in two deals.

BRALIRWA however, failed to keep its record-breaking streak of consecutive gains in share price alive, finally succumbing to market factors to register a Rwf 1 decrease in share price to close at Rwf 589.

Bank of Kigali (BK) shares also decreased in share-value, closing the day at Rwf 129, translating into a decline of Rwf 1 from the previous closing price. Kenya Commercial Bank (KCB) and Nation Media Group (NMG) shares last transacted at Rwf 165 and Rwf 1,200 respectively.

Shareholders seem determined to hold on to their stock options, as at the end of formal trading hours, there were outstanding offers of 995,200 BK shares between Rwf 129 and Rwf 131 and no outstanding bids.

On the BRALIRWA counter, there were outstanding offers of 29,500 shares between Rwf 588 and Rwf 600 and no outstanding bids.

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