The Rwanda Social Security Board (RSSB) has revealed that about 10% of its total investment portfolio, which is tied to land and buildings, has yet to generate sufficient returns. The institution says it is taking new measures to address this challenge and ensure that the assets begin to deliver greater value.
In 2022, while appearing before the Public Accounts Committee (PAC), RSSB was asked to explain why land worth Rwf 137 billion had remained idle for nearly a decade. The Auditor General’s report indicated that RSSB had already spent around Rwf 394 million on maintaining and securing this land, including taxes costs that only deepen financial losses the longer the land stays unused.
A notable example is land in Rwamagana District, which RSSB purchased but has not developed in over 10 years.
Speaking to the press on September 10, 2025, RSSB’s Director General, Regis Rugemanshuro, acknowledged that while the institution owns land across the country—some of which remains undeveloped—clear strategies are now in place. “RSSB acquires land to serve the nation’s long-term interests,” Rugemanshuro explained. “You cannot implement projects like Vision City phases one and two, build between 12,000 and 15,000 affordable houses, or establish hospitals and universities without securing enough land in advance.”
He emphasized that in close collaboration with government institutions, RSSB land can be repurposed for national priorities, such as universities or public infrastructure. This approach avoids lengthy expropriation processes and accelerates project implementation.
To tackle the persistent issue of idle land, Rugemanshuro said RSSB has adopted a comprehensive land-use strategy that categorizes every property according to its intended purpose. Land that is too small or poorly located for direct investment will be placed on the market for private investors to acquire and develop.
Regarding the Rwamagana property, Rugemanshuro noted that no serious Rwandan or foreign investor has formally presented a viable project proposal. Instead, most of those who have approached RSSB are brokers seeking to profit from reselling the land. “If someone has a concrete, profitable project, RSSB is open to discussions,” he said. “We are also studying some projects ourselves to see how best to utilize existing land. The Rwamagana site, for example, could host a school or a residential estate. The same applies to prime land such as the plot near the Golf Course—because RSSB assets belong to our members.” He also highlighted that buying land and holding it for a time can sometimes be beneficial, as its value appreciates.
This way, when RSSB launches projects like affordable housing, costs remain manageable since the land was not acquired at peak market prices. “If you want to build affordable homes today using land priced at current rates, the houses would end up too expensive,” Rugemanshuro explained. “That’s why early acquisition is often the wiser option.”
Kigali Green Complex Yet to Take Off
On the highly anticipated Kigali Green Complex project, which was expected to begin soon, Rugemanshuro clarified that while progress has been slower than expected, the project has not been canceled. “The Kigali Green Complex is still being refined. The master plan and architectural designs are complete, but final adjustments are ongoing. Once everything is ready, we will announce the start date. The project is not halted it will go ahead as planned and will become a landmark development,” he assured.
The Kigali Green Complex, developed by RSSB through Ultimate Developers Ltd (UDL), will be located at the former French Cultural Center site near the main roundabout in downtown Kigali, along the road leading to Peage.
Once completed, the KGC will stand as Rwanda’s tallest building, with 29 floors, surpassing the Kigali City Tower (20 floors), Grand Pension Plaza (18), and Makuza Peace Plaza (15).
Author: Justinmind HARERIMANA
