Governor’s reappointment triggers astonishing departure of three Central Bank Board Directors

Governor's Reappointment Triggers Astonishing Departure Of Three Central Bank Board Directors

Sunday July 23, 2023

Photo: Central Bank of Somalia

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Mogadishu (AX) – In a bewildering turn of events, three non-executive directors of the Somali central bank have shockingly tendered their resignations following the reappointment of Governor Abdirahman Mohammed Abdullahi for a second four-year term.

What could have led Sakhawadin Mustafe Mohamed, Osman Salad Gabeyre, and Àbdisamad Nur Hassan, who held crucial positions overseeing the central bank’s operations, to abruptly depart from their posts? Apparently, personal reasons are at play here, but the true motivations remain shrouded in perplexity.

The abrupt resignations of these board members have sent shockwaves through the financial community, igniting rampant speculation about the undisclosed factors driving their decisions.

Abdullahi, a seasoned figure in finance and banking, has played an instrumental role in enacting pivotal economic reforms since his initial appointment in July 2019. His career, which traces back to 1986 within the Somali government, is nothing short of illustrious. Notably, he has earned acclaim for his contributions to the nation’s financial reforms while serving as the senior economic policy adviser to the Prime Minister.

Interestingly, the CBS Governor, who holds dual Somali-Norwegian citizenship, boasts an academic background comprising a bachelor’s degree in Business Administration from the Norwegian University of Technology and Science and a Masters in Finance and International Banking from John Moores University in Liverpool. Abdullahi’s impressive resume showcases a varied range of experiences in both the public and private sectors across Norway, the United Kingdom, and Yemen.

The departure of these highly experienced board members has raised concerns about the overall governance and decision-making processes within the central bank. Economists, policymakers, and financial institutions are closely monitoring the situation as they grapple with the potential ramifications that could affect the functioning of the bank.

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