Rwanda has risen by 15 places in its global ranking and maintained second place in Africa in the latest Ease of Doing Business index by the World Bank. Rwanda only came second to Mauritius on the continent and ranked 41st globally according to the report released on Tuesday.
The annual Ease of Doing Business index examines the regulations and conditions that promote or limit business conduciveness in different countries across the globe.
Rwanda climbed from 56th postion globally in 2016 to 41st this year, becoming one of the only two Sub-Saharan African countries in the top 50 globally.
Officials from Rwanda Development Board (RDB) said Rwanda implemented key five reforms, making it easier to do business in the country.
The implemented reforms include, improving construction permit process by increasing quality control and risk-based inspections, the payment of taxes by establishing an online payments system, and Improvement in registration of property by implementing online services among other reforms.
In registering property, Rwanda has an efficient land registry taking 7 days to transfer property at the costs 0.1% the property value, said Rwanda Development Board CEO Clare Akamanzi.
Doing Business in Rwanda focuses on the country’s various sectors, showcasing and analysing the case for business across industries. In the 2017 World Bank Doing Business Report, Rwanda was again 2nd in Africa after Mauritius.
Responding to the report, Rwanda’s Minister for Trade, Vincent Munyeshyaka said the World Bank doing business for 2018 is a powerful tool in attracting investments in the country.
“Rwanda is focussed on growth and invites WorldBank officials to discuss the next action plan,” Munyeshyaka said.
World Bank country manager, Yasser El Gammal noted that much of the progress was a result of consistency and being systematic.
In the recent past, a number of international hotel brands have established into the Rwandan market as the country strengthens its economy and becoming tourism destination.
Last year, Rwanda was named one of the 10 most attractive nations in Africa for investors, according to the 2016 Ernst & Young (EY) Africa Attractiveness Index.
The country was ranked ninth and the second most preferred investment destination in East Africa after Kenya, which came fourth on the continental ranking and first in the region.
Tanzania and Uganda were ranked 12th and 13th, respectively, on the continent.
The Ernst and Young report, evaluated progress made in governance, diversification, infrastructures, business enablement, human development, as well as resilience to current macro-economic challenges.
