EU Allocates €5.3m to London Consulting Firm for Financial Reforms in Somalia

Eu Allocates €5.3m To London Consulting Firm For Financial Reforms In Somalia

Monday August 28, 2023

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LONDON — Reflecting the growing global interest in Somali governance, Adam Smith International, a reputable consultancy firm based in London and with a strong track record in Somalia, has recently secured a consultancy contract in the East African nation.

The European Union, in its ongoing commitment to promoting good governance in developing countries, is providing funding for this initiative, with a budget of just over €5.3 million. Spanning a duration of 36 months, this collaboration aims to support the Office of the Auditor General of Somalia (OAGS) in revamping its operations. Under the leadership of Ahmed Isse Gutale, the OAGS is embarking on a journey to align its functions with the visionary commitments outlined in its 2023-2027 strategy.

However, Adam Smith International’s involvement goes beyond just this. Another aspect of their contract is to strengthen the efforts of the Financial Governance Committee (FGC). Established in 2014, the FGC serves as a crucial platform for fostering dialogue between global financiers and the Somali federal government, centralizing discussions around Somalia’s financial governance.

Nevertheless, it is important to consider this within the larger context of Somalia’s international reputation. As of last year, the country was still grappling with its image, as Transparency International’s rankings placed Somalia at the bottom, designating it as the most corrupt country in the world.

The implications of such contracts are significant and will play a crucial role in reshaping Somalia’s governance narrative, particularly in the eyes of global stakeholders. Only time will tell whether these reforms can effectively elevate Somalia from the bottom of international rankings.

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