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Sierra Leone News: Salone drops 15 places in “ease of doing business” report

The World Bank on Wednesday 31st October 2018, released its “Doing Business 2019” report under the headline “Training for Reform” in which Sierra Leone ranked 163/190 countries in ease of doing business. In 2017, Sierra Leone ranked 148/190. The World Bank rated Sierra Leone 91.18% for starting a business with five different procedures over an eight days period. A statement released by the Bank Group stated that economies in Sub Saharan Africa set a new record for a third consecutive year, carrying out 107 reforms in the past year to improve the ease of doing business for domestic small and medium enterprises. Four of the region’s economies have earned coveted spots in this year’s global top improvers, Togo, Kenya, Côte d’Ivoire, and Rwanda. And, Mauritius regained a spot in the world’s top ranked economies, in 20th place. The latest reforms, the Bank said, were a significant increase over the 83 reforms that were implemented in the region the previous year. In addition, this year also saw the highest number of economies carrying out reforms, with 40 of the region’s 48 economies implementing at least one reform, compared to the previous high of 37 economies two years ago. “It is a year of records for Sub-Saharan Africa. The significant acceleration in the reform effort over the past year and spanning several years is a testament to the strong impetus for change in in the region. A more efficient business environment, in which private enterprise thrives, is a fundamental building block for job-creation and growth,” said Santiago Croci Downes, Program Manager of the Doing Business Unit. The region underperformed in the areas of getting electricity and trading across borders. For example, it costs on average 3456.5 percent of income per capita for a business to get connected to the electrical grid, compared to 1229 percent globally. And it takes 98 hours to comply with documentation requirements to import, compared with 61 hours globally.


By Zainab Iyamide Joaque

Thursday November 01, 2018.

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