Malawi has been ranked 110th on the ease of doing business index, up from 133, World Bank Doing Business 2018 Report has revealed as Minister of Agriculture, Irrigatuon and Water Development, Jospeh Mwanamvekha has assured government will sustsain the gains and push for more reforms.
The report which was launched in Lilongwe on Wednesday, indicates that Malawi has done well jumping 23 steps due to four reforms the country undertook.
Malawi was ranked 133 in 2017 by the World Bank.
The country implemented four reforms (did two last year) making it easier to do business over the course of last year in the areas of dealing with construction permits, getting credit, Trading across borders, and resolving insolvency.
“Malawi therefore features as one of the 10 economies showing the most notable improvement in Doing Business 2018. In the sub-Saharan region, it is joined by Djibouti, Nigeria and Zambia,” reads the report in part.
On the distance to frontier metric, according to the report, Malawi’s score went from 52.61 in Doing Business 2017 to 58.94 in Doing Business 2018, using a comparable methodology.
This increase of 6.33 points which represents an increase that was the highest in the Sub-Saharan region means that in the last year Malawi has improved its business regulations as captured by the Doing Business indicators in absolute terms.
The development means that the country is narrowing the gap with the global regulatory frontier.
“Malawi has improved a lot, you can imagine from position 133 to position 110. It is a great achievement, this is all because of the reforms that Malawi had and also exporting of our products. We hope that Malawi will continue to rise on the ranking,” said World Bank country director Greg Toulmin.
Meanwhile, the World Bank noted that sub-Saharan Africa underperformed in the areas of Getting Electricity with an average rank of 148.
The bank revealed that the region on Trading Across Borders ranks 137th, and Registering Property (131).
“It takes an average of 115 days to obtain a permanent electricity connection to the grid in Sub-Saharan Africa, compared to the global average of 92 days,” noted the bank.
Speaking at the launch of the report , Mwamvekha – who was Minister of Industry, Trade and Tourism during the doing business environment success period under review – but speaking on behalf of his successor Henry Mussa, who was unavailable, said the improved performance was a result if reforms being implemented on ease to doing business.
Mwanamveka said it was time that the private sector should help government in improving the county’s economy.
“I do urge the private sector to help the government in the county’s investments since government is doing a lot for people to start business in the country,” said Mwanamveka.
In the Sub- Sahara Region, Malawi is joined by Djibouti, Nigeria and Zambia.
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