Rwanda eliminates more barriers to doing business – says WB

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says WB

Clients at a stand of Kenya Commercial Bank (KCB), one of the strategies lenders have been using to entice people as best sources for business credit

A new World Bank reports says Rwanda ranks among the top 20 economies globally in two areas measured in its latest doing business index: the ease of registering property and the ease of getting credit.

In 2013/14, Rwanda facilitated access to credit by improving its legal framework for secured transactions, says the report ‘Doing Business 2015: Going Beyond Efficiency’.

Rwanda made dealing with construction permits easier by eliminating the fee for obtaining a freehold title and by streamlining the process for obtaining an occupancy permit. The electricity company also made getting electricity less costly by eliminating several fees, says the report.

Rwanda maintained its usual ranking for several years now. It emerged among the top three countries in Sub-Saharan Africa where it is easiest to do business—along with Mauritius and South Africa. The country has implemented more reforms improving business regulations for local entrepreneurs than any other economy worldwide since 2005.

“For example, ten years ago, it took an entrepreneur 168 hours a year to pay taxes,” said Melissa Johns, Advisor, Global Indicators Group, Development Economics, World Bank Group.

“Thanks to a series of reforms, the process of paying taxes can now be completed in 107 hours a year— which is faster than in most developed economies.”

Last year, Rwanda was the 2nd most improved country in the world after Ukraine – and the second easiest place to do business in Africa, a position that was previously held by South Africa. It came in 32nd on the overall list, up from 52nd last year, representing a leap frog jump of 20 places.

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Olive Ndaka is the Junior Editor for RwandaEye. An investor and young entrepreneur, she is a quick learner and has contributed many articles for RwandaEye in Kinyarwanda.

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