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World Remit boss accuses Somaliland Central Bank of printing new shillings to devalue currency
The founder and chairman of World Remit, Ismail Ahmed, has accused the Central Bank of Somaliland of printing new Somaliland shillings and releasing electronic money into the market, which has caused the devaluation of the Somaliland shilling. In a Facebook post on September 23, the chairman of the International Money Transfer urged the Somaliland government to address the extreme devaluation…
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DP World would be the winner if Somaliland-Ethiopia MOU sails through
By Gavin van Marle Everywhere you look across supply chains, one geopolitical play after another is forcing hands, calling bluffs, always bringing consequences, intended or otherwise. The latest is the signing of an MoU between Ethiopia and Somaliland, essentially exchanging official recognition of the latter as an independent state in…
Berbera Port emerges as an option for established ports in the Horn of Africa
As Kenya’s neighbors forge ahead with the expansion and modernization of their port infrastructure, the country risks losing its place as the regional logistics hub because of the ascendance of political considerations over economic interests. The Port of Mombasa was lucky to survive the mistakes that had been made in…
Debt relief clears Somalia’s pathway into new credit, trade to reverse 30-year slump
Somalia is banking on new opportunities coming out of recent debt relief to seek new credit lines and open up for trade. And in spite of security challenges and ongoing state rebuilding, Somalia’s Ambassador to Kenya Jabril Ibrahim Abdulle says Somalia is yearning to play a big role in region…
Turkey signs oil and gas exploration deal with Somalia
Turkey and Somalia signed an energy exploration and drilling deal on Thursday, further strengthening bilateral ties after concluding a defence agreement last month. The deal targets hydrocarbon reserves in its exclusive economic zone, which hasn’t been developed since the collapse of the Somali government in the early 1990s. It also…
UK govt says Berbera Corridor will boost the growth of Somaliland and Ethiopia economies
The British government has said the Berbera Corridor would play a major role in economic and sustainable development of both Somaliland and Ethiopia. The highway connects the port city of Berbera to Addis Ababa Ethiopia via the border town of Wajale. The director in charge of development in the British…
Somalia has joined the EAC regional bloc. What happens next?
After more than a decade of intense lobbying, Somalia has been admitted into the East African Community (EAC). After ratification by the Somali Federal Parliament, the membership will become official.The application process, started by former President Sharif Sheikh Ahmed in 2011, had been long and arduous with some member states…