Ghana improves ranking in World Bank Doing Business Report

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World Bank Country Director for Pakistan Illango Patchamuthu said substantial reforms at both federal and provincial levels over the past year have contributed to the improvement.

Pakistan has improved its ranking by 11 spots in the World Bank's latest Ease of Doing Business rankings, climbing to 136th from 147th previous year.

According to the report, despite a reform in the past year to make registering property easier, a business has to go through nine procedures to affect a property transfer, compared to an average of six procedures in the region.

The gains made in construction, cross-border trade, digitisation of permits and signatures has minimised the bottlenecks in the system. In Africa, the country is second behind Mauritius, which has also maintained its position for the second consecutive year.

According to the World Bank, Zimbabwe made dealing with construction permits faster by adopting a one-stop shop for building plan approvals.

The minister also highlighted that the cost of starting a business in Rwanda has reduced from 317 per cent of GDP per capita in 2005 to less than 15 per cent in 2018.

The report that was released Wednesday ranks the country as the Seventh most improved country globally.

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"Since the start of the Duterte administration, government agencies have been hard at work in implementing initiatives to increase the country's competitiveness".

"The obvious area and target for improvement are registering property, starting a business, insolvency, and taxation and the fifth one is enforcement of the contract", he said. And, it takes 1,445 for a company to resolve a commercial dispute through a local first-instance court, nearly 3 times more than the 582 days needed in high income OECD economies.

Briefing reporters in New Delhi, Finance Minister Arun Jaitley said, Prime Minister Narendra Modi had set the aim of reaching top 50 of the rankings and we have improved steadily from 142 to 77 in the last 4 years.

Nigeria made starting a business easier by introducing an online platform to pay stamp duties.

Getting electricity was made easier by streamlining the number of procedures needed to obtain a new connection; also made electricity tariff changes more transparent. A case study in the report, which analyzes this data, finds that mandatory and annual training for relevant officials is associated with more efficient business and land registries.

Despite depressed credit that has gripped the market since 2016, Kenya moved from position 29 to eight in getting credit metric, courtesy of introducing law on secured transactions that created a unified legal framework.

Overall, the country improved its Ease of Doing Business score by 2.57 points to arrive at its current 80.60. The Bank says in the report that the country has made great strides in registration of property, protecting minority investors and cutting time spent on filing tax returns.

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