Government’s commitment to improving business climate lauded
As World Bank/IFC ranks Sierra Leone among the world’s 10 most-improved economies for entrepreneurs
Freetown, Sierra Leone, October 21, 2011—The Government of Sierra Leone’s commitment to improving the country’s business climate has reaped results. Sierra Leone ranked among the world’s most-improved economies for domestic entrepreneurs in the past year, according to a new report from IFC and the World Bank: Doing Business 2012: Doing Business in a More Transparent World. The report released yesterday recognized Sierra Leone as one of only 10 economies globally to have made improvements in four areas of regulation: getting credit (credit information), trading across borders, enforcing contracts, and resolving insolvency.
The Honorable Minister of Trade and Industry, Richard Konteh (in photo), said, “Sierra Leone’s performance is a clear indicator that we are committed to making the country a better place to do business.” He furthered, “Our government promised to run the country like a business and focus on the private sector as a catalyst for economic growth. These results demonstrate that our efforts are on track.”
The IFC/World Bank report ranks 183 economies annually on the ease of doing business based on 10 areas regulation, such as starting a business, resolving insolvency, trading across borders and getting electricity (a new indicator this year).
Sierra Leone improved its credit information system by enacting a new law providing for the creation of a public registry and private credit bureau. It made trading across borders faster by implementing the Automated System for Customs Data (ASYCUDA++). Sierra Leone made enforcing contracts and resolving insolvency easier by establishing a fast-track commercial court in an effort to expedite commercial cases, including insolvency proceedings.
The government’s reform effort is lead by the Ministry of Trade and Industry in partnership with the Ministry of Justice, the Bank of Sierra Leone, the National Revenue Authority, the Office of the Administrator and Registrar General, the Sierra Leone Investment and Export Promotion Agency (SLIEPA), the Sierra Leone Business Forum (SLBF) and State House (Private Sector Adviser). A Doing Business Reform Committee comprised of senior members of each institution reports reform progress monthly to His Excellency the President, Dr. Ernest Bai Koroma.
Managing Director of Aureol Insurance Company Ltd and board member of the SLBF, Solomon Samba stated, “The business environment has improved considerably in the recent past and we look forward to more reforms that would positively impact the operations of businesses in the country.”
Sierra Leone’s business reform effort began in 2004, when two years after the end of the country’s devastating civil war, the government requested the World Bank Group Investment Climate Advisory Services team to help create a better business and investment climate that would lay a foundation for the country’s economic growth. Although obstacles remain to doing business in Sierra Leone, the country has recorded major improvements in recent years, including steady progress in the Doing Business rankings since the country’s inclusion in the report in 2006.
The Government of Sierra Leone’s business reform agenda is supported by the Investment Climate Advisory Services of the World Bank Group and the UK’s Department for International Development (DFID) and is focused on helping Sierra Leone improve its business climate, encourage job creation, and spur investment. To access the full report, visit www.doingbusiness.org
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