ASEA 2025: Rwanda Set to Make Major Announcements at Continental Capital Markets Conference

 Rwanda has just concluded a nationwide roadshow aimed at mobilising private investors and highlighting the importance of investing in sustainable enterprises to boost the country’s Gross Domestic Product (GDP).

This message will take centre stage as Rwanda hosts the 28th African Securities Exchanges Association (ASEA) Annual Conference in Kigali from November 26–28, 2025, marking the second time the country welcomes the continental gathering.

The 2025 conference, hosted by the Rwanda Stock Exchange (RSE), will bring together representatives from at least 28 stock exchanges, encompassing more than 2,000 listed companies and over $2.5 trillion in market capitalisation.

With trading activity on the RSE reaching Rwf 100 billion by the end of July, Rwanda is expected to play a prominent role under this year’s theme: “Adapting to Global Market Shifts.”

Rwanda’s Capital Market Strategy:

Thapelo Tsheole, Chief Executive Officer of the Capital Market Authority (CMA), said the conference will spotlight Rwanda’s capital market growth and the country’s strategy to expand its investor and issuer base by leveraging regional and international opportunities.

“This is a right step in the right direction for Rwanda’s capital markets, given the phenomenal developments this year and last year, especially in the green space and the capital raised in 2025,” Tsheole said during a November 24 press briefing.

He noted that Rwanda’s capital markets index has risen significantly, with an increasing number of entities licensed to operate on the local bourse.

“The ecosystem of the capital markets, coupled with the conference, is a good way to close the year 2025,” he added.

Tsheole further emphasised Rwanda’s push for stronger intra-African capital markets collaboration, noting that African stock exchanges currently account for less than 1% of cross-border trading.

Tsheole said deeper trading among African bourses is essential for strengthening the continent’s economic resilience.

Addressing Africa’s Structural Challenges:

Despite South Africa (Johannesburg) and Kenya (Nairobi) stock exchanges leading the continent in bourse performance, Tsheole said Rwanda is ready to share its growth trajectory, supported by an average 7% GDP growth.

ASEA President and RSE CEO Pierre Celestin Rwabukumba said many African countries face similar challenges—low liquidity, weak saving culture, and untapped sustainable financing opportunities.

“We are going to address all that. African countries will have to discuss policy and action points moving forward, especially on how to improve SME financing,” Rwabukumba said.

He stressed the need to shift the continent’s mindset towards savings and sustainable business practices through capital markets, rather than relying heavily on banks and donor funds.

Rwabukumba pointed to Jamaica’s success story —its rapid development in SME financing and capital market expansion driven by an improved savings culture—as a model for Africa.

“The underlying factor will be how Africa can fully utilise its underdeveloped capital markets to unlock capital, raise financing, and increase savings across the continent,” he said.

Currently, only a few African countries—**Botswana, South Africa, and Morocco —trade market values exceeding 100% of their GDP. Mauritius follows at 63%, while Rwanda stands at roughly 30% of GDP.

Rwabukumba described the situation as a concern, stating that foreign ownership of key African economies remains high.

“We must own our economies and invest in them. If we improve savings and invest wisely, we can grow like the Eastern Asian countries,” he said.

Major Announcements at ASEA 2025:

Rwanda will make three major announcements at the conference:

Launch of the Green Exchange Window (ESG Segment). A dedicated platform for Environmental, Social, and Governance (ESG) products, which has already raised over Rwf 70 billion with multiple new listings this year.

Unveiling of the Pan-African ESG Awards. A new annual awards platform to honour outstanding green and sustainable investment initiatives across the continent.

Introduction of New Procedures Allowing USD-Denominated Instruments. Rwanda will enable the listing and trading of hard currency-denominated instruments—primarily in US dollars—on the local market.

“This is very important, very innovative. Not many countries on the continent do this,” Rwabukumba said. “Soon, many will be able to raise financing and invest in dollars.”