Mohamoud Walaaleye
The Somaliland Ministry of Trade and Tourism has issued a stern warning to traders and business associations against jointly setting or increasing the prices of goods and services without government authorization, saying such actions could lead to legal proceedings.
Dhuux Abdullahi Abdi, Director of the Ministry’s Department for Combating Illegal Trade, said at a press conference that business associations do not have the legal authority to independently determine market prices.
The ministry, he said, is monitoring the impact of global developments, particularly tensions in the Middle East, on the movement of goods and rising maritime transport costs. However, he stressed that these pressures do not give traders’ associations the authority to impose new prices on the market.
Dhuux said some business associations had already issued decisions concerning price increases, citing the Bread Manufacturers Association and fuel station associations as examples.
“The authority responsible for regulating the market, monitoring commodity prices and protecting the public interest is the Somaliland Ministry of Trade and Tourism. Different business associations do not have the authority to collectively impose a price increase at once,” he said.
He urged traders and their associations to refrain from any coordinated efforts to raise or fix the prices of goods and services, warning that those who violate the directive would face legal action.
“We warn all traders and their associations to refrain from this practice and ensure that it does not happen again. If it happens, they will be brought before the law,” Dhuux said.
The ministry’s warning comes amid concerns over rising transportation and import costs linked to disruptions and tensions affecting regional maritime trade routes.