The organisers of the trophy, Tropicale Amissa Bongo, announced their final judgement of the award today.
He then placed first in the under-23 category at the African Continental Road Champs road race and time-trial.
Five-time Tour de France winner Bernard Hinault chaired the jury for the award and he felt that Areruya deserved the accolade.
“He has dominated all major events on the African continent before moving to professional team Delko-Marseille,” Hinault said.
“He is a strong and courageous rider who can go further and he impressed me against the professionals during the last Tropicale.”
Despite winning the Tour Down Under in January and having featured prominently on the WorldTour circuit for the rest of the season, Impey still lost out on the award.
“The Trophy rewards the riders who have shined in African cycling and not only in the Tour or the other bigger races in the world.
“I am sure one day we will find these young African hopefuls aiming for the greatest victories,” he added.
Areruya became the first Rwandan to win the award since its inception in 2012.
1. Joseph Areruya (Rwanda)
2. Daryl Impey (South Africa)
3. Amanuel Ghebreigzabhier (Eritrea)
4. Merhawi Kudus (Eritrea)
5. Youcef Reguigui (Algeria)
6. Samuel Mugisha (Rwanda)
7. Azzedine Lagab (Algeria)
8. Salim Kipkemboi (Kenya)
9. Clint Hendricks (South Africa)
10. Isiaka Cisse (Ivory Coast)
11. Henok Mulubrahn (Eritrea)
12. Stefan de Bod (South Africa)
13. Mathias Sorgho (Burkina Faso)
14. Bonaventure Uwizeyimana (Rwanda)
15. Clovis Kamzong (Cameroon)