Rwanda has once again demonstrated its commitment to business excellence, achieving impressive results in the newly launched World Bank Business Ready (B-READY) Report unveiled today, solidifying its position as a leading investment destination in Africa.
The first edition of B-READY assessed the business environments of 50 global economies, focusing on three pillars – regulatory frameworks, public service delivery, and operational efficiency, and has ten indicators, which include Business Entry, Business Location, Utility Services (water, electricity, and internet), Labour Force, Financial Services (access), International Trade, Taxation, Disputes Resolution, Market Competition (Public Procurement), and Business Insolvency.
Rwanda is among the top performers in several key areas, demonstrating the country’s sustained drive to enhance its business environment and foster a welcoming climate for investors. In the 2024 B-READY Report, Rwanda achieved the following scores:
• 81.31 in Operational Efficiency (3rd globally)
• 67.37 in Public Services (8th globally)
• 70.35 in Regulatory Framework (17th globally)
These scores position Rwanda as one of the top-performing countries globally, and the top performing country in Sub-Saharan Africa.
Key Highlights of Rwanda’s Performance:
1. Operational Efficiency: Rwanda remains one of the fastest countries in Africa and globally for company registration. This efficiency stands in contrast to global averages of 32 days for domestic firms and 39 days for foreign firms, reinforcing Rwanda’s position as a regional leader in ease of doing business.
2. Public Services: Rwanda’s digitization of public services has been a key driver of its strong performance. Systems like the Integrated Electronic Case Management System (IECMS) for the judiciary and the e-titles system for land services have streamlined processes, reducing both the time and cost of doing business. These innovations play a vital role in enhancing the overall business environment.
3. Regulatory Framework: Rwanda’s legal reforms continue to enhance its global competitiveness. Recent legislative efforts, including the 2021 Investment Promotion Law, the Company Law, and the Insolvency Law, have created a more business-friendly regulatory environment. Additionally, Rwanda’s commercial courts and streamlined processes for business registration and dispute resolution set benchmarks for the region.
4. Environmental Sustainability: The B-READY report highlights Rwanda’s leadership in integrating environmental sustainability into its business practices. Initiatives such as e-mobility and renewable energy demonstrate the country’s commitment to a green economy, positioning Rwanda as a leader in sustainable development across Africa.
Rwanda’s Strategic Reforms:
Rwanda’s success in the B-READY report is attributed to its long-term reform strategy, which began in 2008 with the creation of the Rwanda Development Board (RDB). Over the years, Rwanda has focused on administrative, legal, and digital reforms to enhance the business environment, attract foreign direct investment (FDI), and drive economic growth.
Key reforms include:
• Free online business registration
• Automated tax filing and payments
• One-stop centre services for business permits and licences
• Support for foreign ownership and ease of profit repatriation
• Electronic Integrated Case Management System
Rwanda’s holistic approach to reform also prioritises good governance, macroeconomic stability, and anti-corruption measures, all of which have contributed to its favourable rankings in the B-READY report.
Looking Ahead:
As Rwanda builds on these achievements, efforts are underway to further improve the business environment. Ongoing initiatives include the digitization of the One Stop Center, upgrades to business and mortgage registration systems, and the integration of trade services under a Single Transaction Portal.
Francis Gatare, CEO of the Rwanda Development Board, commented: “Rwanda’s performance in the B-READY report reflects our unwavering commitment to creating a conducive environment for private sector growth and investment. These reforms are the foundation of our socioeconomic transformation, and we will continue to prioritise innovation, sustainability, and efficiency to attract investment and grow the private sector.” (End).