(Business in Cameroon) - In its report “Doing Business 2019: Training for reform”, published October 31, the World Bank ranked Cameroon 166th out of 190 economies worldwide. The country thus fell three places in terms of ease of doing business.
With a score of 47.78 out of 100 possible points, Cameroon still faces challenges in several areas. Indeed, the report indicates, obtaining a building permit is still problematic as the country is ranked 132nd in this area. In access to electricity, it was rated 129th. 176th in registration of the property. Access to credit: 73rd. Protection of minority investors: 140th. Payment of taxes: 182nd. Cross-border trade: 186th. Insolvency resolution: 127th.
Cameroon has nevertheless implemented two reforms. The first concerns the ease of business creation (92nd). “Cameroon has facilitated the creation of a business by publishing company inception notices online through the single desk,” explains the World Bank.
In terms of contract enforcement (166th), the Doing Business report notes that “Cameroon has facilitated contract enforcement by adopting a law regulating all aspects of mediation as an alternative dispute resolution mechanism”.
The top ten economies in the World Bank Group's annual ranking on ease of doing business are New Zealand, Singapore and Denmark, which remain in first, second and third place for the second consecutive year, followed by Hong Kong, the Republic of Korea, Georgia, Norway, the United Kingdom, the United States and the former Yugoslav Republic of Macedonia. Somalia is last in this ranking.
“The Doing Business report provides governments around the world with a roadmap to strengthen business confidence, innovation and growth, but also to curb corruption,” says Shanta Devarajan, Acting Chief Economist and Senior Director for Development Economics at the World Bank.
Since the launch of the first volume in 2003, more than 3,500 business environment reforms have been undertaken in 186 of the 190 economies included in the report.