This is according to a report by the World Bank and the Government of Rwanda, which highlights the state of the country's economy and outlines the steps needed to achieve inclusive and sustainable development.
Gorilla trekking activities are expected to generate the most revenue for the tourism sector, at $200 million in 2024, followed by other leisure activities ($110 million), conferences ($90 million), visiting friends and relatives (VFR tourism/travel) ($86 million), business travel ($68 million), and revenue from other visitors ($46 million).
Nature-based tourism (NBT) is estimated to account for 80 percent of visitors entering Rwanda for leisure or conferences, playing a significant role in job creation, particularly by increasing formal jobs in rural communities near game parks.
The new report, titled Pathways to Sustainable and Inclusive Growth, was launched on Tuesday in Kigali at a ceremony presided over by Prime Minister Édouard Ngirente.
According to the report, the rapid recovery and expansion of the tourism sector following the COVID-19 pandemic, which slowed the country's biggest foreign exchange earner, is a key objective for the government.
The World Bank said that achieving this will require additional financial resources from the non-state sector to support fast-growing productivity gains.
The report further highlights Rwanda's human capital as a cornerstone for achieving long-term growth. It recommends sustained investment in education, skills development, and healthcare. The authors of the report note that by nurturing a skilled and healthy workforce, Rwanda can unlock new growth potential across generations.
The report also emphasizes opportunities in nature-based solutions to address climate risks and advance the country's development goals.
Prime Minister Ngirente expressed the government's commitment to leveraging lessons learned from the study to address the challenges identified.
'Rwandans are eager for development, and our government is committed to pushing forward toward the aspirations of Vision 2050. Despite facing external shocks and challenges, even in difficult times, we are determined to keep moving forward,' the Prime Minister stated.
The Minister of Finance and Economic Planning, Yusuf Murangwa, affirmed that Rwanda's impressive progress over the past years has laid a solid foundation for economic growth and social well-being.
'To achieve the ambitious targets set in NST-2, we must now prioritize enhancing productivity, fostering private sector engagement, and investing in our people. The CEM provides a strategic framework to address these priorities, guiding us toward a more inclusive and resilient economy,' he stated.
World Bank Country Manager, Sahr Kpundeh, emphasized the strength of the partnership between the Government of Rwanda and the World Bank, noting that the collaboration underscores a shared commitment to Rwanda's vision for sustainable growth.
"The Rwanda Country Economic Memorandum (CEM) recommendations provide clear pathways to greater economic resilience and shared prosperity. With strategic policy adjustments, we are confident that Rwanda can foster a diversified economy that benefits all Rwandans," Kpundeh stated.
Wycliffe Nyamasege
Source : https://en.igihe.com/economy/article/rwanda-s-tourism-revenue-projected-to-reach-660-million-in-2024
