By M.A. Egge
The President of the Republic of Somaliland, H.E. Abdirahman Mohamed Abdillahi Irro, held a crucial meeting on Wednesday at the Presidency with the country’s leading business fraternity to concertedly chart the way forward in the wake of the current economic situation which has been heavily impacted by the Middle East conflict.
Adverse and negative effect has been felt following the disruption of petroleum oil and merchandize which is taking its toll on livelihoods, particularly rising fuel prices, essential commodities, and pressure on the Somaliland shilling exchange markets.
The economy of many countries across the world is facing currency volatility as inflation and stagnation seeps in with interests spikes. Somaliland is not spared.
The meeting was also attended by key cabinet ministers, senior financial officials, and heads of national institutions, such as the Central Bank, ports authority, and national fuel reserves.
While thanking the business community for attending, the Head of State underpinned the importance of fostering dialogue and consultation between the government and the private sector concertedly in order to reach a unified national approach to emerging economic challenges.
He highlighted the burden of inflation on citizens, stressing that global market fluctuations have directly affected Somaliland’s economy.
The President urged business leaders to demonstrate patriotic national responsibility and play a vital and visible role in stabilizing markets to cushion the peoples’ purchasing power.
He also commended Somaliland’s business community for its role in economic growth and encouraged them to intensify their efforts, particularly in supporting vulnerable communities during this challenging period.
Business leaders, in turn, outlined the challenges they face, including rising fuel costs, transport expenses, insurance fees, and disruptions linked to Middle East markets.
While acknowledging that these pressures have driven up commodity prices, they expressed readiness to cooperate with the government to find collective solutions that safeguard the public interest.
They reassured the President that there is no immediate concern over shortages of fuel or food, adding that efforts are underway to increase national reserves. They also called for stronger public-private cooperation, clear inflation-control policies, and diversification of trade routes beyond reliance on Middle Eastern markets.
The meeting concluded with a broad agreement on joint action to mitigate inflation and stabilize markets. Key outcomes included:
- Strengthening continuous cooperation between government and businesses
- Establishing a joint technical committee
- Promoting local production and industrial development
- Creating reliable national reserves of food and fuel
- Developing a national strategy to stabilize the Somaliland shilling
- Exploring alternative trade routes
- Reviewing tax policies during crises to support businesses