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Tony Blair: New World Bank Rankings show Sierra Leone is fast becoming a great place to do business

Tony Blair today congratulated the Government of Sierra Leone on its remarkable progress in the World Bank’s Doing Business rankings.

The annual rankings rate every country in the world on how business friendly their regulatory frameworks are. This year Sierra Leone was the 6th fastest reformer in the world, rising nine places.

Commenting on the impressive pace of progress in Sierra Leone, Tony Blair said, “Today’s news shows the world just how far Sierra Leone has come. Following a devastating civil war, this country, under the visionary leadership of President Koroma, has made remarkable progress and is now firmly on its way to fulfilling its significant potential.

“Today’s World Bank report shows that Sierra Leone is fast becoming a great place to do business. Go there today and you will see that it is a country on the move with huge numerous investment opportunities. I am in no doubt that this is the result of the President’s pledge to run the country like a business, an approach that has the country firmly on the path to aid independence.”

The comments follow a joint event organised by the Overseas Development Institute and the Tony Blair Africa Governance Initiative (AGI) where Tony Blair discussed spoke of the need to “use aid to end aid” by helping African governments to build their capacity to deliver for their people.

AGI, founded by Tony Blair,  is working closely with the Government of Sierra Leone, to help develop this capacity, especially around private sector reform.  In the Ministry of Trade, AGI has worked with the government to establish better coordination, creating an effective channel to push forward private sector reforms.

The process, this year alone, has enabled the Government to push through key reforms:

• The provision of fast-track commercial courts to speed up commercial litigation
• A Credit Reference Bill
• Easier financing from banks for SMEs
• An improved customs systems

AGI’s Sebastien Frendo, who works in the Ministry of Trade and Industry in Freetown, said:

“Sierra Leone’s progress in the doing business indicators is great news for the country. It shows the determination of the government to develop its private sector but also send a very positive sign to the investment community.  This translates into concrete results – the investment pipeline keeps on growing at a tremendous rate.  Sierra Leone’s rise up the rankings is a tribute to the work of the Minister of Trade and Industry who made it a top priority and tracked the progress of the reforms on a weekly basis.”
Along with Sierra Leone’s progress, two other AGI partner governments made substantial gains, including Liberia who rose four places and Rwanda who climbed five.