Rwanda’s economy ranks 171st on earth according to World Data, making it one of the poorest countries on the planet. Rwanda’s economy is still largely agrarian, with many citizens living in rural, undeveloped areas.
Years of conflict, particularly in the 1990s, ravaged the African nation and negatively impacted the already-dim economic prospects within its borders. Needless to say, any and all reasonable boosts to Rwanda’s economy are surely welcomed.
The emerging international cannabis industry is creating jobs, generating revenue for governments, and providing boosts to local economies at an ever-increasing rate around the globe as more and more countries reform their cannabis policies. If certain leaders in Rwanda have their way, their country will join the list of international cannabis industry leaders. Per The New Times:
Rwanda is looking to attract at least Rwf19 billion (about $17.5 million) investment in the production of cannabis, also known as a high-value therapeutic crop, The New Times has learnt.
The development was recently ranked among the country’s top 100 investment opportunities, during the Invest Rwanda Forum held last week.
According to the Rwanda Development Board (RDB), global cannabis production is projected to grow from the current $28.3 billion raked in 2021, to $197.7 billion in 2028 at a compound annual growth rate of 32 per cent.
Whether or not the projection offered up by the RDB proves to be accurate is anyone’s guess. And exactly to what extent the cannabis industry may help Rwanda’s economy specifically is unclear at this time, particularly since it involves many factors.
However, if Rwanda’s government and business community can develop its domestic cannabis industry, and especially if that industry can make meaningful inroads in the export market, amazing things could happen.