Racing for Glory: Rwanda's Sport and Finance Journey

Rwanda's journey in public finance is a tale of ambitious dreaming, bold actions, and above all, consistency and strategic planning. Rwa...

Rwanda's journey in public finance is a tale of ambitious dreaming, bold actions, and above all, consistency and strategic planning. Rwanda has made significant progress in public financial management and is now acknowledged as a pioneer in this field. This journey demonstrates that nothing is impossible if you can dream it and work towards making it a reality. ALSO READ: Rwanda's transition to IPSAS: A milestone in public financial management In the same context, the national sports strategy is about aiming high and striving for success, even when it seems unattainable. We have witnessed substantial investments in the sports industry over recent years, which are beginning to yield results and positioning Rwanda at the center of the global sports scene. Are there similarities between the public finance journey and the sports strategy? Let's explore further. PICTORIAL: Kagame attends UCI 2025 closing ceremony as Pogačar retains world title As world-famous cyclists raced through Kigali’s hills—known as the land of 1,000 hills and 1,000 smiles—between September 21–28, 2025, we found ourselves reflecting deeply. The unwavering determination on the faces of these riders from over 100 nations reminded us of a universal truth: achieving greatness requires perseverance. ALSO READ: Open-visa, infrastructure-ready: Why Rwanda is redefining hosting rules There are always obstacles to overcome, hills and mountains to climb, cobbled roads to endure, and—most importantly— a focus to maintain. Rwanda made history by becoming the first African country to host the elite UCI Road World Championships, surpassing strong contenders like Morocco and South Africa. In doing so, we proved that our geographical size does not limit our ambitions. Our GDP does not define our trajectory. What matters is the courage to dream and the will to push beyond limits. This is a story that will be remembered for generations. Don't be surprised if you read another article from us with reflections from this world-class event. ALSO READ: A global ride of unity: Kigali hosts 110 nations at historic 2025 UCI Road World Championships As UCI President David Lappartient stated at the closing ceremony, “The city of Kigali has done more than we ever expected.” This praise from the highest authority in sport highlights Rwanda's ability to deliver top-tier events and exceed global expectations. ALSO READ: 'Africa is the future of cycling' – UCI president Lappartient Just as Rwanda demonstrated its determination on the global cycling stage, it has also been making bold steps in Public Financial Management (PFM) reforms. Over the past decade, Rwanda has implemented transformative reforms, including a major shift in how government financial reporting is conducted. While many countries still use the basic cash basis of accounting and hesitate to fully adopt international reporting frameworks such as IPSAS, Rwanda has taken the initiative. International Public Sector Accounting Standards (IPSAS), issued by the International Public Sector Accounting Standards Board (IPSASB), serve as a global standard for transparency and accountability in public sector financial reporting. Drawing a parallel to the UCI Championships, Rwanda is equally racing toward a future defined by accountability, transparency, and global relevance. The IPSAS accrual reform is not just a technical process—it's the silent engine driving Rwanda's rise among the world's best. While few countries have dared to lead in this area, Rwanda is not afraid to set the pace. So, back to the UCI World Championship, whether it was the team trials, relays, or elite races, the determination of individual cyclists and their teams was crucial. Once they entered the race, their eyes were fixed on the finish line. Dropping out was not an option. It was a mindset of "no retreat, no surrender." We believe the Government of Rwanda shares this same resolve in its journey towards IPSAS compliance—despite the challenges, the hills, the weather, or even the occasional punctures. The race is real, and it must be completed—and won. Along the way, we learned new terms in cycling races like Peloton—the main group of riders who ride closely together to reduce wind resistance and conserve energy. It's a metaphor for collaboration, strategy, and shared momentum—values that also underpin successful reform. The public sector practitioners, led by the Ministry of Finance and Economic Planning (MINECOFIN), form this peloton for public financial reforms, especially for IPSAS implementation. So, we are curious to see how this historic cycling event will be reflected in Rwanda’s June 2026 financial statements according to IPSAS. How will we measure the goodwill generated by hosting the UCI World Championships? One of the most challenging parts of the race was the Côte de Kimihurura, a cobbled climb that tested every rider's endurance. Should it be capitalized in our national accounts, as part of heritage assets? Mwangi Karanja is a Partner at PwC Rwanda and leader of the Government and Public Services Peloton in Rwanda. Jean de la Croix Ndahunga is a member of the Peloton at PwC Rwanda.

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