HARGEISA, Somaliland, (Horn post) President of the Republic of Somaliland Abdirahman Mohamed Abdillahi Irro held a high-level meeting with leading business figures on Wednesday to address mounting economic challenges, including rising fuel prices, inflation, and currency fluctuations linked to ongoing tensions in the Middle East.
The meeting brought together key government officials, including ministers responsible for commerce, finance, investment, and industry, alongside senior representatives from the Bank of Somaliland, port authorities, and the national fuel reserve.
Opening the session, President Irro said the discussions aimed to foster cooperation between the government and private sector to develop practical solutions to the country’s economic pressures. He noted that shifts in international markets have had a direct impact on Somaliland’s economy, contributing to increased costs of living for citizens.
“The purpose of this meeting is consultation and collaboration to address the challenges facing our economy,” the president said, emphasizing the need for coordinated national action.
He urged business leaders to demonstrate responsibility in stabilizing markets and protecting consumers, particularly as inflation continues to affect basic commodities. Cirro also commented on the private sector’s role in driving economic growth and called for increased efforts to support the public during the current period of uncertainty.
Business leaders outlined a range of challenges affecting their operations, including higher fuel and transportation costs, increased import insurance, and volatility in Middle Eastern markets. They expressed readiness to work closely with the government to mitigate the impact on consumers and maintain market stability.
The business community also assured the government that there are currently no immediate shortages of fuel or food supplies, while stressing the importance of expanding national reserves to guard against future disruptions.
Officials from the ministries of commerce and finance highlighted the need for clear and coordinated policies to manage inflation and protect trade, particularly in light of external economic shocks.
The meeting concluded with agreement on a series of joint measures aimed at strengthening economic resilience and safeguarding the welfare of citizens.
Key Measures Agreed
Establish continuous coordination between government and business leaders
From a joint technical committee of public and private sector representatives
Promote domestic production and industrial development
Expand national reserves of essential food and fuel
Develop a strategy to stabilize the Somaliland Shilling
Explore alternative trade routes to reduce reliance on Middle East markets
Review tax policies during economic shocks to support businesses
President Irro said implementation of these measures would help stabilize the economy, reduce inflationary pressures, and reinforce Somaliland’s long-term economic resilience.
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Prepared by: Horn Post Staff
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