President Kagame & Madam Akamanzi in Fantasy Land

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The graphic here shows in-flows of foreign investment into East African countries in 2007-2012. Uganda and Tanzania are taking in billions of dollars due to oil and gas discoveries. Rwanda does poorly.

But President Kagame and Madam Akamanzi would have you believe otherwise.

The New Times reports Kagame saying:
“both local and foreign investments in the first six months of this year stood at $456 million, compared to $538 million registered the whole of last year.”

The same newspaper reports Clare Akamanzi saying:”Clare Akamanzi, the chief operations officer of the Rwanda Development Board (RDB), said investment for 2013 could surpass the initial target of $1.3 billion to hit $1.4 billion.”

http://www.newtimes.co.rw/news/index.php?i=15577&a=73078

But the East African citing UNCTAD figures that I cited yesterday, confirms that “Uganda, Tanzania top EA in attracting foreign funds.”

http://www.theeastafrican.co.ke/business/Uganda-and-Tanzania-top-EA-in-attracting-foreign-funds/-/2560/1906688/-/item/1/-/pb4cjez/-/index.html

The World Bank’s figures are identical to UNCTAD’s.

President Kagame and Madam Akamanzi are in fantasy land! You cannot attract even US$200mil let alone US$1bil – only in your dreams!

David Himbara

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