The World Bank’s Doing Business Report which was released on Wednesday confirmed that Rwanda is the best destination for business in East, Central and North Africa.
That Rwanda has attained this position is enough evidence that the strategies and tactics adopted by the government are working.
Why do we give the World Bank survey so much importance? Firstly, it has the Bank’s seal of approval which is a crucial guarantee that the destination is safe, stable and has a functioning judiciary. These are the three most crucial factors when foreign investors are seeking opportunities to do business.
Secondly, it is the best endorsement any destination can get, certifying it as attractive and business friendly in its part of the world and, finally, it greatly improves the country credit standing both for government and the business community.
It also earns the country the respect to be heard at international investor meetings in boardrooms where money matters are decided.
The report assesses business efficiency, innovation, financial markets, institutions, infrastructure and the level of involvement by the country’s leadership in crucial decision making.
This impressive achievement has not come on a sliver platter. After the 1994 Genocide, the economy, as well as institutions in the country collapsed. It has taken painstaking determination to build all these from the ground up.
Red tape that stifles business has been done away with, a new enabling legal framework developed, the judiciary is independent and efficient, and the government has invested heavily in areas that spur economic growth.
Rwanda’s featuring at the top of Doing Business is no doubt a reflection of a focused leadership and a people determined to do what it takes to develop their country.