West and North Africa
Doing Business 2014…Sierra Leone among World’s 20 Best Countries
The Doing Business 2014 Report that was released on 29th October this year in Washington D.C., with the theme: ‘Understanding Regulations for Small and Medium-Size Enterprises,’ ranked post war Sierra Leone among the World’s twenty best countries to do business.
According to the Report, of the 20 economies improving business regulation, Burundi, Sierra Leone, Guinea-Bissau, Rwanda, Togo, Benin, Liberia, Côte d’Ivoire and Guinea are the best since 2009.
A new World Bank Group Report stated that Sub-Saharan Africa continues to record a large number of reforms aimed at easing the regulatory burden on local entrepreneurs, with 66 reforms adopted in the past year.
The Report’s data show that, of 47 economies in the region, 31 implemented at least one business regulatory reform in 2012/13.
It is encouraging to see so many countries in Sub-Saharan Africa, including Sierra Leone, engaged in reforms aimed at reducing burdensome regulations and building up stronger legal institutions.
Augusto Lopez-Claros, Director, Global Indicators and Analysis, World Bank Group reportedly said in 2012/13, more than twice as many economies in the region reformed as in 2005.
He said despite these achievements, more can be done to improve the quality of the rules underpinning the activities of the private sector, to ensure continued convergence toward the better practices seen elsewhere in the world.
The joint World Bank and IFC flagship Doing Business report analyzes regulations that apply to an economy’s businesses during their life cycle, including start-up and operations, trading across borders, paying taxes, and resolving insolvency.
The aggregate ease of doing business rankings are based on 10 indicators and covers 189 economies.Doing Business does not measure all aspects of the business environment that matter to firms and investors.
For example, it does not measure the quality of fiscal management, other aspects of macroeconomic stability, the level of skills in the labor force, or the resilience of financial systems. Its findings have stimulated policy debates worldwide and enabled a growing body of research on how firm-level regulation relates to economic outcomes across economies.
This year’s Report marks the 11th edition of the global Doing Business report series and covers 189 economies.
© Copyright by Awareness Times Newspaper in Freetown, Sierra Leone.