Rwanda named best African country for business by World Bank

  • Written by  Harry Menear

Rwanda has been named the best country for doing business in Africa by the 2019 World Bank Ease of Doing Business report in conjunction with Africa.com.

According to Africa.com, investors can no longer expect blanket growth and interchangeable socio-political situations across the region; “it’s so important to understand the unique situation in each market to achieve success.”

With an average annual growth rate of 6% since 2000, Rwanda’s economy is expanding on par with the fastest in Africa. In 2018, the country exported US$5.8mn worth of goods to the United States. While this represents a small portion of the $1bn milestone hit by East African exports in the past year, Rwanda increased its export value by 59%, making it one of the most dramatic examples of growth in the region. Globally, Rwanda was ranked by the World Bank as more conducive to business than Spain, Russia and France.

The country has also taken long term-steps to curtail corruption in the past sixteen years, introducing more business reforms since the inception of the report than any other African nation.

The major positive factor that secured Rwanda’s place atop the best in business is the ease of establishing a new company within its borders. According to the World Bank report, “digitization was a common theme among the business regulatory reforms recorded by [sub-Saharan economies]... Rwanda streamlined the process of starting a business by replacing its electronic billing machine system with new software that allows taxpayers to issue value added tax invoices.”

The report continues: “The free software, which is provided by the office of the Revenue Authority, allows taxpayers to issue value added tax invoices from any printer, eliminating the previous requirement to purchase and set up a special billing machine.”

Africa.com reports that “Last year, [Rwanda] replaced its stifling special billing machine system for value-added tax invoices with free software that allows taxpayers to issue value-added tax invoices from any printer.”

Login to post comments
back to top

BEAMED BC-TV

Latest on Economy

Economy

Tourism: Liberia’s Untapped Billions

18 January, 2019 | Hits:79

There are three strategic sectors that if our curr...

Economy

African growth strong but unemployment h…

18 January, 2019 | Hits:47

Africa's strong growth will accelerate in 2019 but...

Economy

Africa Business forum holds in Ethiopia

18 January, 2019 | Hits:49

Heads of states, top officers of governments and A...

Economy

TEAM SA READY TO PRESENT IMPROVED INVEST…

17 January, 2019 | Hits:316

President Cyril Ramaphosa will be leading South Af...

Economy

Mboweni calls for end to Zimbabwe sancti…

17 January, 2019 | Hits:268

The finance minister suggests Zimbabwe should look...

Economy

Ford and IBM join blockchain consortium …

17 January, 2019 | Hits:310

The Michigan-based vehicle manufacturer, Ford, has...

Economy

South Africa, Mozambique cement bilatera…

16 January, 2019 | Hits:271

South Africa and Mozambique have committed to maxi...

Economy

Commercial Bank of Ethiopia, WorldRemit …

16 January, 2019 | Hits:281

Commercial Bank of Ethiopia (CBE), has partnered w...

Economy

XSML makes follow-on investment in Maiso…

16 January, 2019 | Hits:258

XSML, a fund manager active in Central & East ...

Economy

Africa faces challenges of illiteracy, e…

16 January, 2019 | Hits:265

The President of Angola today defended in Abu Dhab...

Economy

African Development Bank to launch Afric…

15 January, 2019 | Hits:264

The African Development Bank (AfDB) is set to laun...

Economy

Helios Towers Creates A South African In…

15 January, 2019 | Hits:272

Helios Towers, the independent telecoms tower infr...

Economy

Africa Infrastructure Investment Manager…

15 January, 2019 | Hits:264

10 million people will gain energy access followin...

Economy

Barclays increases loan applications on …

15 January, 2019 | Hits:263

Timiza, the mobile loan service of Barclays Bank o...

Economy

Africa will have some of the world’s fas…

14 January, 2019 | Hits:261

Trying to get to grips with what to expect from Af...

Economy

Anglo African Oil & Gas makes oil di…

11 January, 2019 | Hits:289

Anglo African Oil & Gas has revealed its oil e...

Economy

Tunisia: AfDB, European Bank for Reconst…

10 January, 2019 | Hits:277

The African Development Bank and the European Bank...

Economy

AfricInvest and Catalyst Principal Partn…

09 January, 2019 | Hits:264

Tunisia’s AfricInvest and Kenya’s Catalyst Princip...

Economy

South Africa: Fairfax Africa completes i…

08 January, 2019 | Hits:267

Fairfax Africa Holdings Corporation has acquired 1...

Economy

Hosting Afcon 2019 aligns with Ramaphosa…

08 January, 2019 | Hits:264

Despite no official support or guarantee from nati...

By Category

Local News

User Menu

About Us

Follow Us