Browsing Tag

Economy

The Menace of Unchecked Capitalism and Globalization on Somalia’s Economy

Somalia grapples with issues in state-building and a complex interplay of challenges. One major crisis is the economic model negatively impacting the well-being of the people and threatening the state itself. Unregulated capitalism, combined with exposure to global trade, has harmed both the state and society in Somalia. Understanding the economic system in place is essential before delving into the problems it has caused. Somalia's economic model is a mix of traditional and capitalist systems, with many economic…

Revolutionizing Somalia’s Fisheries and Blue Economy through Strategic Partnership with Oman

In a recent development, Somalia and Oman have officially penned a Memorandum of Understanding (MoU) to enhance the fisheries sector in Somalia. This collaboration between Somalia's Fisheries Minister Ahmed Hassan Adan and Oman's Agriculture and Fisheries Minister Saud bin Hamoud Al Habsi aims to boost economic relations and support sustainable fishing practices. Minister Adan is optimistic about how this partnership will invigorate Somalia's fishing industry through infrastructure improvements and capacity building. By…

Empowering Somalia: Diaspora Investment Forum Igniting Economic Growth in Mogadishu

In Mogadishu, the Somali Diaspora Investment Forum kicked off to explore the diaspora's impact on the nation's economic growth. Hosted by the International Bank of Somalia and arranged by the Ministry of Foreign Affairs in collaboration with the Department of Diaspora Communities, the event attracted government officials, business leaders, and representatives from the community. Minister Ahmed Moallim Fiqi underscored the crucial role of the Somali diaspora, which contributes around $2 billion yearly in remittances—making…

Global Investors Target Somalia’s Abundant Resources and Booming Economy

On April 24, 2024, Mohamud Beenebeene, the Minister of Planning, Investment, and Economic Development, heralded a significant gathering. | Photo: X/ @MoPIED_SomaliaThe assembly beckoned a diverse crowd: international and domestic magnates, dealmakers, savants, hustlers, and expatriate allies of Somalia, all united to weave networks and chase opportunities for investment and the economic resurrection of their homeland.In Mogadishu, Somalia's pulsing heart, a two-day investment summit commenced on Wednesday, summoning global…

Why Somalia Should Consider Bitcoin as a Hedge: Building Economic Resilience

In the face of recent economic turmoil and uncertainties, Somalia has a compelling opportunity to explore the potential benefits of integrating Bitcoin into its national financial strategy. This innovative digital currency could not only serve as a safeguard during turbulent economic times but also act as a catalyst for strengthening Somalia's resilience against future shocks. Somalia, along with many other developing nations, faces a multitude of challenges that can significantly disrupt its economic stability. These…

“Developing regional value chains in Africa”

How can African companies be helped in the context of an international crisis? How to promote investment and trade on the continent despite the disorganization of the value chains on the continent? These are some of the assignments for International Finance Corporation (IFC), the leading development institution focused on the private sector in emerging markets. Its CEO, Makhtar Diop, gave an interview to RFI to describe his actions and his…

African online game studios collect round

In Africa, a dozen online game studios have simply merged to type PAGG, the Panafrican Gaming Group. This coalition goals to develop the sector and, above all, to harmonize practices on a continent with one billion individuals and 54 nations. But the long run…

Guineans are worried about sky-high prices

In Guinea, a few weeks before Ramadan, in a country that is more than 85% Muslim, women challenged the head of state, Colonel Mamadi Doumbouya, about the high cost of living and suffering in the household basket, on March 8. The head of state immediately urged…

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