Rwanda’s stock market capitalisation rose to 19.6% of GDP in 2025.

Higher is better. A higher share means listed companies have more equity value behind them, which makes it easier for firms to raise capital by selling shares and gives savers more ownership stakes to hold. The latest figure is 19.6% of GDP for January 2025, up from 18.2% of GDP a year earlier, a gain of 1.3 percentage points. Since 2018 the ratio has ranged from 35.5% of GDP in January 2018 down to 18.2% of GDP in January 2024. The latest reading is therefore close to the bottom of that range and far below the 2018 peak, with the past year bringing the first step back up from the low.

Why it matters. At 19.6% of GDP, listed equity is a modest source of funding for Rwandan firms, so most businesses still depend on bank credit or retained profits to grow. Households have a limited pool of listed shares to buy as a way to save beyond bank deposits. For the state, a deeper market would help with selling stakes in public companies and drawing in long-term investors, and the recovery since January 2024 is a first step in that direction.