(Mail&Guardian, South Africa) Guinea gives masterclass in how to bounce back from Ebola. Starting a business takes just 72 hours; this year expect 4,000 new ones

From: Biniam Tekle <biniamt_at_dehai.org_at_dehai.org>
Date: Thu, 20 Aug 2015 14:57:14 -0400

 http://mgafrica.com/article/2015-08-20-guinea-shows-how-to-bounce-back-from-ebolastarting-a-company-takes-just-72-hours-and-this-year-alone-there-will-be-4000-businesses-opened

Guinea gives masterclass in how to bounce back from Ebola. Starting a
business takes just 72 hours; this year expect 4,000 new ones

20 Aug 2015 12:40OUGNA CAMARA, M&G Africa Reporter


Country’s economy has been battered by it’s worst ever outbreak of the
diseases, but it may just be the best African example of how to grow.

Cars at the Guinea-Senegal border. The economy of Guinea is
recovering, having taken a major knock following an Ebola outbreak.
(Photo/File).

GUINEA’S investment agency said the economy showed signs of recovery
from the Ebola outbreak, but it is not in the way you would have
expected. It says it is through the rapid growth of small businesses
in the West African nation.

More than 4,000 small- and medium-sized companies will probably be
created this year, according to the private investment promotion
agency, known by its French acronym APIP.

“Having registered a dramatic slowing due to Ebola last year, economic
activities are starting again,” Gabriel Curtis, director-general of
the agency, said in an interview in the capital, Conakry on Aug. 13.
“People are beginning to return.”

Shaken by Ebola, and eager to get a nation beaten to the ground by
Ebola back on on its feet, Guinea’s government has reduced the time to
set up a company to 72 hours, from “weeks, even months,” said Curtis,
who is a former vice-president for risk and capital management at the
Bank of New York Mellon Corp.’s London branch.

Investors are showing interest in the services industry, construction,
energy and agriculture, he said.

Guinea is among three West African countries hardest hit by the
worst-ever outbreak of Ebola. The government needs at least $1.5
billion to repair the damage inflicted by the disease, Finance
Minister Mohamed Diare said in June.

More than 2,500 people have died of Ebola in Guinea since the first
victim was identified in a densely forested area of the country in
late 2013. While the number of new cases has fallen off sharply, a few
are still being reported every week.

The steep fall in the time needed to start a business to less than a
week will likely lift the economy, and is happening in other Ebola
affected nations too—just five days are currently needed to start up
in Liberia, and 12 in Sierra Leone.

But it also falls into a trend where West African countries have the
fewest number of days required to start a business, according to the
World Bank. Senegal requires six days, Ivory Coast seven, Guinea
Bissau nine, Togo 10 and Mali 11.

On the other extreme are the Central African countries, with 135 days
required in Equatorial Guinea, 53 in the Republic of Congo and 50 in
Gabon. East African countries are in the middle—Uganda requires an
average 32 days, Kenya 30 and Tanzania 26.

Southern African countries are a mix of both—a surprising 60 and 66
days are required in Botswana and Namibia respectively, 90 in Zimbabwe
and 38 in Seychelles. But to start a business in Zambia takes just
seven days, eight in Madagascar, 13 in Mozambique and 19 in South
Africa.

To start a business in fast growing Ethiopia will take you 15 days,
and 14 in Djibouti, but you will need to be more patient in Eritrea—84
days.

The absolute star comes from an unexpected place—Burundi where just 5
days are needed, similar to Liberia, showing just how much conflict
can set back a nation, despite improving the business climate.

-Bloomberg and Mail & Guardian Africa.
Received on Thu Aug 20 2015 - 14:57:54 EDT

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