Zambia ranks among the top 10 countries worldwide that have improved the ease of doing business for local firms in the past year according to the annual Doing Business Report for 2011 whose theme is ‘Making a Difference for Entrepreneurs’ released by World Bank and the International Finance Corporation (IFC) today.
The report says Zambia, Rwanda and Cape Verde were among the top 10 economies worldwide that have moved up for the past year. Rwanda moved up 12 places in the global rankings, while Cape Verde and Zambia rose 10 and eight spots, respectively. Ghana led the world in making it easier for businesses to obtain credit and Malawi led in improving contract enforcement.
Zambia, a top 10 performer eliminated its minimum capital requirement, computerized customs declarations and introduced an electronic case management system in courts
The report says for the third time in a row, Mauritius ranks highest in Sub Saharan Africa on the overall regulatory ease of doing business for local firms Globally. It ranks 20th among 183 economies.
The eighth yearly report tracks business reforms globally and observes that 27 economies in Sub Saharan Africa in the past year have implemented 49 regulatory reforms to improve their business environment.
During the release of the report, Janamitra Devan, the Vice President for Financial and Private Sector Development at the World Bank Group said many African economies made it easier to import and export, a trend driven in part by regional trade integration efforts.
He added that such developments were another reminder that regulatory cooperation between economies pays off. Mr. Janamitra Devan also said that about 30 percent of global trade facilitation reforms in the past year took place in Sub Saran Africa.
This is contained in a press statement issued by First Secretary (Press) at the Zambian Embassy in Washington DC, Ben Kangwa.