Rwanda has been ranked among top global performers in the World Bank’s 2024 Business Ready (B-READY) Report, leading Sub-Saharan Africa in all three pillars assessed.
The B-READY report, which replaces the previous Doing Business report, evaluated 50 global economies based on regulatory frameworks, public service delivery, and operational efficiency.
The inaugural report also measured ten key indicators, including business registration, location, utility services (water, electricity, and internet), labor force, financial services, international trade, taxation, dispute resolution, market competition, and business insolvency.
Business Ready uses a balanced, transparent approach to assess a country’s business environment. It incorporates recommendations from experts within and outside the World Bank Group, including governments, the private sector, civil society organizations, and academic researchers.
Rwanda’s High Performance
Rwanda excelled in multiple areas, demonstrating its commitment to improving the business environment and attracting investors.
The report ranked Rwanda 3rd globally in operational efficiency with a score of 81.31, 8th in public services (67.37), and 17th in regulatory frameworks (70.35).
The country also stood out for its fast company registration processes, surpassing global averages of 32 days for domestic firms and 39 days for foreign firms.
The report highlighted Rwanda’s digitization of public services as a key driver of its strong performance.
It praised the country’s legal reforms, which continue to boost Rwanda’s global competitiveness and promote environmentally sustainable business practices.
Key reforms include free online business registration, automated tax filing and payments, one-stop centers for business permits and licenses, support for foreign ownership, ease of profit repatriation, and the electronic Integrated Case Management System.
Speaking at the report launch in Washington D.C., Francis Gatare, CEO of the Rwanda Development Board (RDB), emphasized Rwanda’s dedication to fostering private sector growth:
“Rwanda’s performance in the B-READY report reflects our unwavering commitment to creating a conducive environment for private sector growth and investment,” He said, adding, “These reforms are the foundation of our socioeconomic transformation, and we will continue to prioritize innovation, sustainability, and efficiency to attract investment and grow the private sector.”
Rwanda’s success in the B-READY report is the result of a long-term reform strategy initiated in 2008 with the creation of the RDB. Since then, the country has implemented administrative, legal, and digital reforms to improve the business environment, attract foreign direct investment (FDI), and stimulate economic growth.