Somaliland ministry of finance development has organized a fruitful economy conference held in university of Hargeisa Campus”Ismail Lugweyne, Consultant, Somaliland, ministry of finance development
October 28, 2019 - Written by Berbera Today

Somaliland ministry of finance development has organized high-level economic conferences participated by many contributors from all Somaliland sectors namely the public, the private and a number of Somaliland universities.   Soon, after participants have taken seats, the minister of finance development, Dr Saad Ali Shire has opened the meeting with an inspiring welcoming speech. The minister highlighted both the opportunities and the challenges with regard Somaliland economy growth.  The conferences was the first of its kind in Somaliland. It was like brainstorming and debate styles focused how to improve our economy growth.  The conferences brought together innovators, executives, solution providers, economy specialists, consultants and stakeholders. In highly professional and knowledgeable, Dr Saad Ali Shire highlighted both the opportunities and the challenges that slows down Somaliland economic growth. He delivered a key note speech covered many aspects of Somaliland economy growth and challenges that may slow down Somaliland economic growth. The conference brought together major participants that contributed valuable ideas as all achievements starts with good ideas. Good ideas generates good results.   The minister acknowledged  a number of challenges that hampers our economy growth which he sum up on three factors namely Qat high consumption rate, shortage of skilled workforce and non-existence sufficient industries in Somaliland.  

Dr Saad Ali spoken Somaliland imports and export which is unbalance. The minster enlightened Somaliland import almost everything starting from screw, this is because lack of industries in Somaliland. Dr Saad Ali Shire, the minister of finance development has underscored, Somaliland consumes 190 million kilo of Qat annually. All the speakers have recognized the need of creating strong economy in an effort employment opportunities for Somaliland employment market. It is also identified strong economy begins with strong skilful workforce.   Throughout the world, economy growth is basis for any country development. A number of other concerns that also hinder our economy growth such as lack of industries in Somaliland were also spoken. All the speakers for the conference have reached collective understanding about the factors that hampers Somaliland economy growth which are primarily absences of skilled workforce and Qat consumption.  Qat consumption has a history of social custom dating back over long time drains Somaliland limited resources. Dr Saad Ali Shire has spoken about Somaliland imports and exports as imports and exports are vital factors in any country’s economy. The absence of domestic products in Somaliland, our exports to outside world is very limiyted and as a result, our imports drains our limited resource   

 A number of government ministries such as the ministry of planning, ministry of social affairs, Somaliland central bank, representatives from Somaliland universities, private sector representatives and independent professionals that participated the conference were spoken for the conference.  It is true that Somaliland hires thousands of foreign workers due to absence of skilled workforce in Somaliland.   As the progress for any country is measured by their industrial development level, it is certain industries is essential for our economy growth.  Industrialization and skilled workforce have direct relationship with each other which mean, there is a need establishing vocational training schools in Somaliland, this is because vocational training schools will offer job opportunities for our employment market. Presently, Somaliland unemployment rate estimated approximately 70 %.   Participants concluded that an inclusive economy is the foundation of Somaliland economic growth as a result, participates have found key points that obstruct our economy growth that required to be tackled in an effort of increasing our economy growth.   The conference has captured concrete commitments to pursue further conferences aimed how to improve our economy growth as economy growth is the pathway for our future growth.  Economic growth is what every economy tries to achieve for the good of its people as a whole. Economic growth is a quantitative indicator of economic development.

Economic growth mean boost in infrastructures, urban development, better education, creating more  employment, higher wages for workers, better living standards for the people etc.  Economic growth is important because of the factors that will indicate that a country has improved its economy.  On his part, Somaliland central bank governor, Ali Jama has taken crucial role for the conference centered the role of Somaliland central with regard our economic growth.  The governor has updated conference participants with regard Somaliland economy status in particular Somaliland inflation rates.  He  explained in very knowledgeable and highly professional standard how Somaliland central bank has managed dropping down Somaliland souring inflation rate which was 19 % in April, 2018.  He said, this high rise inflation rate has obliged the bank management setting up a target rate for our inflation that suits to our economy which was 5 %.  The governor has spoken how the bank management succeeded dropping down Somaliland souring inflation rate.

The governor said, money authority on behalf of the government, Somaliland floats money to the local market both the hard currency as well the hard currency ( the dollar)  when necessary to stabilize currency market in Somaliland. Somaliland central bank is the sole monopoly of issuing currency in order in Somaliland   to secure control over volume of currency.  In view of high performances and efficiency of the bank management, Somaliland central bank made Somaliland inflation rate rotating between 4 -5 % which is a new record.   The governor has compared the individual inflation rates for the countries in the region which Somaliland is the lowest inflation rate in contrast with other countries in the region.  This market situation has made Somaliland shilling gaining strength.   This achievement is gained as a result of combined effort of bank employees.

 The bank has converted vision into productivity. A number of Somaliland universities representatives, private sector representatives and independent consultants have also delivered an inspiring speeches about Somaliland economy status.   In fact, all the speeches delivered were persuasive being objective and focused to the tops discussed.  Speakers included two Indian university lectures from Adam University.   At the end of the conferences, participants collectively have decided forming Somaliland economy forum included economy background specialists and academic researchers in an effort of exploring ways that generates economy growth for Somaliland.    This conferences will not be last one of its type, but the same will held periodically in future bringing together professionals who have economy background.  Zooming up, the conference was well organized, creative, resourceful, teamwork and attention to detail.  The conference has achieved the objectives set to accomplish. It was held Somaliland University campus on October 15, 2019.  Almost 40 participants from Somaliland sectors have participated the conferences. 

Ismail Lugweyne, Consultant, Somaliland, ministry of finance development

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