Rwanda fire displaces 1,100 traders
Only 17 traders at GOICO Plaza had insurance after a fire destroyed goods valued at over Rwf30 billion.
Around 1,100 traders displaced by a fire at GOICO Plaza in Rwanda's Northern Province have found new places to operate. The fire, which broke out on October 10, affected over 2,000 traders, with preliminary losses of goods estimated at more than Rwf30 billion.
Northern Province Governor Mugabowagahunde Maurice stated that only 17 traders had insurance for their lost goods, and these individuals are expected to receive compensation this week. Rwanda Revenue Authority Commissioner General Ronald Niwenshuti expressed sympathy and pledged continued support for the affected businesses.
Authorities identified 635 alternative trading spaces in Musanze, with the 1,100 traders finding new locations marking a step towards restoring business activity. Traders have raised concerns about rent costs and loans, while the low insurance penetration, around 2 per cent of GDP, highlights a wider challenge for Rwandan businesses.
Why it mattersOver 2,000 traders lost goods valued at over Rwf30 billion in a fire, with only 17 having insurance.