Luanda, Angola, 06 Dec – Angola has a “world of opportunities for investment,” but its business climate is not favorable to growth of the private sector, the World Bank has said.
“The business climate in Angola is a challenge,” says the Country ‘s Economic Memorandum, published by the World Bank in Luanda.
The study said that setting up a company takes 146 days, the process of obtaining licenses can take up to 326 days, registering property takes 11 months and an average import takes 64 days, as well as requiring 10 documents and 28 signatures.
It added that the execution of a contract can take 1,011 working days from the day a complaint is presented in court to the day it is resolved or paid.
The World Bank also said there was “no great protection for investors,” and that “obtaining credit is difficult,” despite admitting that “encouraging measures have been taken to improve access to credit, but which have yet to produce results.”
In order to change the current situation and allow for the revitalization of Angola’s private sector, the World Bank put forward some measures, including creating a consultation mechanism between the government and the private sector, which it believes is “fundamental in the short term” to guarantee a growth agenda led by the private sector.
The revision of the country’s labor laws is another measure the World Bank has called for as it, “is important to reduce costs of lay offs and, at the same time, ensure workers’ rights are protected.”