Rwanda: RwandAir Financial Statements for 2016–2019 Show the Insanity of Keeping the Airline Afloat

By David Himbara

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General Kagame onboard RwandAir

I invite Rwandans to view RwandAir’s financial statements filed with the US Department of Transportation (DOT). The financial statements cover 2016 – 2019 and are posted on DOT’s websiteAs shown by the RwandAir financial statements, grant income, non-current liability, and current liability accumulated from 2016 to 2019 amount to US$877 million. In simple language, a liability is what the airline owes. Grant income is what the government pumps into the company to keep it afloat. In other words, RwandAir is effectively bankrupt because it does not generate income to cover its costs. Don’t take my word for it – read its financial statements and other details, including its assets.

The RwandAir financial statements are posted on the US Department of Transportation because RwandAir is seeking permission to launch flights from Kigali International Airport to JFK International Airport in New York City. If things go according to plan, RwandAir intends to fly from Kigali to New York JFK via Accra, starting in December 2021. This is a disaster in the making. RwandAir would be competing with Delta Air Lines in the New York to Accra market. Ethiopian and Kenya Airways also have direct flights to New York City. Stay tuned.

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