Doing Business Reforms PDF Print E-mail

Doing Business Reforms

Access to credit – Following the enactment of the Credit Reference Act in April 2011, an interim Credit Reference Bureau was established at the Central Bank from which credit reports are now being issued to commercial banks.  

  1.  Enforcing contracts and resolving insolvency – With the establishment of a fast-track commercial court which became fully operational in May 2011, the issue of closing businesses through contract enforcement and protecting investors in cases of insolvency became a reality.
  3. Trading across borders
    The implementation of the customs automated software, ASYCUDA++ by the National
    Revenue Authority (NRA) has sped up the customs clearance procedures at the
    Port by reducing the time, steps and costs involved.

The improvements in these four areas of business regulation were acknowledged in the World Bank’s Doing Business 2012 publication, with Sierra Leone being one of ten countries globally out of 183 others to have such improvements.

Other noteworthy improvements in DB were with construction permits. Payment of building permit fees can now be done at the NRA desk at the Ministry of Works, Housing and Infrastructure, reducing delays for applicants. In addition, the Ministry, IFC and SLBF developed posters depicting construction permit procedures and fees which were printed and distributed by the SLBF to the said
ministry and other stakeholders (construction companies, architects, etc) so as to make the information available to the public.

A month-long DB reform communications campaign jointly organised by the Ministry of Trade and Industry and SLBF was held to highlight the reforms achieved in 2011. The campaign include a press conference, production and dissemination of campaign graphics (newspaper adverts,
billboards, bumper stickers, posters, reform scroll) and radio jingles aired in selected radio stations.