Rwanda Newspapers, KT Press And New Times, Should Provide Evidence For Their Reports On Agaciro Fund

By David Himbara

KT Press and the New Times have published reports on the Agaciro Development Fund, claiming that the fund’s investments amount to over US$200 million. Regretably, these claims are unsubstantiated. KT Press reported on April 4, 2020 that the Agaciro Development Fund “is now valued at over Rwf200b (US$215m) though it is yet to release the 2019 Annual Report.” The New Times reported on July 7, 2019, that the Agaciro Development Fund “has grown to Rwf 184 billion (US$200 million) according to figures from the fund of the period that ended December 2018.”

Please, notice that neither newspaper gives evidence for their grand claims. KT Press admits that the Agaciro Development Fund “is yet to release the 2019 Annual Report.” The New Times says its report is “according to figures from the funds” without naming a specific source.

We know that the Agaciro Development Fund has not published the 2019 Annual Report. But it has published its 2018 Annual Report. How do we know this? The Agaciro Development Fund is a member of the International Forum for for Sovereign Wealth Funds (IFSWF). Therefore, the Agaciro Development Fund is obliged to provide its annual reports to IFSWF which are then posted on IFSWF website. The June 2018 Agaciro Development Fund Annual Report is posted on IFSWF website as follows –

This June 2018 Annual Report indicates that the total equity and liabilities of the Agaciro Development Fund stood at RWF50.6 billion or US54.4 million.

Dear KT Press and New Times, as you are well aware, public companies have a statutory responsibility to provide an annual report to shareholders. Annual reports provide important and credible financial information to stakeholders including investors, customers, employees, media – and in this case, Rwandan taxpayers. If the Agaciro Development Fund can’t provide you the annual reports, you should not be reporting unsubstantiated claims – you are now part of the problem.