The Ministry of Commerce and Industry in conjunction with Rwanda Development Board (RDB) have announced that they will continue to implement key business reforms as a way of attracting private investments.
Through increased private investments, the Government believes that it will reach and sustain a GDP growth of around 8 percent, a rate needed to achieve the country’s development targets.
Rwanda’s business environment has consistently improved as a result the good economic reforms.
The country moved up 12 positions in the World Bank’s “Doing Business 2011 Report”, becoming the 2nd best reformer in the world. The previous year, Rwanda was ranked the best reformer.
While great strides have been made to facilitate in starting up, there have been concerns over the low ranking the country has in the closing of businesses.
Most companies don’t close through the formal system yet the insolvency law that is in place, that should practically facilitate the closure of a business in line within the existing laws.
Rwanda also still faces a challenge of raising the level of service delivery – a new indicator for the World Bank Doing Business rankings.
The Government has identified service delivery as a priority area in the next round of reforms and this will require the support of other stake holders.
The private sector must step up and adhere to the business closure laws, as well as take responsibility to improve service delivery.