Yesterday I had the privilege of being invited to a World Bank/IFC/Min of Trade & Industry cocktail at C-Lodge. We were there for the announcement of the 2010 Ease of Doing Business Report. Sierra Leone which in previous years was second from last has moved up to a rank of 148/183. According to the report Sierra Leone is a better place to do business than Ivory Coast(168),Angola(169, and Senegal (157). We ranked extremely well for two of the indicators on the assessment; Ease of Starting a business 57/183 and Protecting Investors 27/183. Many individuals and organizations worked really hard over the past twelve months to change and implement policy with regards to business registration. Some of the processes that have changed include the removal of the advance payment tax that companies had to pay before they registered their business at the start of every year, also now your business can be registered in the same place as to running around between NRA & Roxy.
What does this mean?
Well for companies, and individuals that are looking to make foreign direct investment to markets in Africa, post conflict or otherwise, they know that doing Business in Sierra Leone is Good and their investment will be well protected. Also, for businesses already based in Sierra Leone it means that the climate for doing business is improving and those barriers preventing potential entrepreneurs from entering private sector are slowing receding. If this trend continues then we can certainly look to breaking the 100 mark in the next couple years.
Doing Business is Sierra Leone is getting Sweeter 🙂
For more on the Doing Business Report please visit www.doingbusiness.org