It is good news for Liberia. This year's latest ranking of the World Bank 'Doing Business Survey' has showed that the country has done tremendously well than it did last year, even far more than expected.

According to the latest ranking, the country has dived upward to 10th place, making it the second in the African region next to Rwanda and meaning that it has made gargantuan improvement in the reform process.

With this, Finance Minister Augustine Ngarfuan (Pictured) and the Chairman of the National Investment Commission (NIC) Richard Tolbert, two of the propelling engines in the reform process of the investment climate, are cheerful.

The 'Doing Business Survey' takes into account steps and mechanisms taken or put in place by the government to ease processes in business registration. That is part of the reform initiative being undertaken by the government.

For example, the Doing Business Survey takes into consideration "starting a business, dealing with construction permit, employing workers, registering property, protecting investors, and paying taxes. Others are trading across borders, cost of export, enforcing contracts, closing a business and many more. In almost all of these critical areas, Liberia's ranking is far beyond expectation, thus placing it in the position it is currently seating. In these areas, Liberia moved from one place to another.

In past surveys, Liberia's standing was less encouraging but the Liberian government did not relax. Rather it pushed harder, putting all necessary efforts in place, to ensure that it makes improved marks, and this is what it has achieved.

According to statistics before Liberia began to be ranked, it took 30 days for one to start a business. During the last 'Doing Business Survey', it was at 27. At present, records show that it takes 20 days for one to start a business in Liberia. This also means that most bottlenecks that were in the way of starting a business have been removed or improved upon.

This is how the Country Manager of the World Bank Group, Mr. Ohene Nyanin put it when he highlighted Liberia's success at ceremony marking the Government of Liberia Reform Achievements held t PA's Ribhouse in Sinkor.

"Liberia began its "Doing Business" journey in 2008 when it was ranked for the very first time. The results then were not good. In 2008, Liberia's rank on the ease of doing business was 170 out of 177 nations. Last year, as a result of the initial set of reforms achieved by the Government, Liberia improved its rank to 157. So essentially, in two years time, Liberia has gone 170 out of 177 nations to 149 out of 183 nations. This is a remarkable achievement for which Liberia should be proud," he said.

Doing Business Survey, in the words of the World Bank's Country Manager, measures the investment climate from of the "local entrepreneur."

According to him, it provides "snapshot of life for small and medium-sized enterprises," adding that it looks at the laws, regulations, policies and procedures in a given country and determines the amount of time, the number of steps and costs associated with performing ten standard business operations."

"Two years ago, a local entrepreneur wishing to incorporate his/her business would need to wait nearly 100 days before approval was granted. He/she would need to pay over US$60 (nearly 500% of the average income) and visit at least six ministries or agencies (some of them, multiple times).

Today, that same entrepreneur can incorporate his/her business in just 20 days, visiting two ministries and paying less than US$100," Mr. Nyanin said in appreciation of Liberia's fast improvement in a short period of time.

Meanwhile, Finance Minister Augustine Ngarfuan who is Acting President and the Chairman of the NIC, Richard Tolbert who attended last evening's event could not hide the glee over Liberia's achievements, but warned that more needed to be done to put the country in a most improved position, perhaps putting it in the first rank, that is overtaking Rwanda which is at the top. They both praised agencies of government that worked so tirelessly in achieving the rather milestone step.