The bank of Somaliland is committed to the promotion and maintaining price and financial stability as well as efficient ensuring an efficient financial sector and sustainable economic growth in the country
This was stated by the governor of the bank of Somaliland Mohamed Abdi Ibrahim in Hargeisa as he launched the central bank strategic plan 2018-2022, bank’s human resource laws and the institution’s ICT system.
According to the governor the bank of Somaliland which is composed of two institutions namely the central and commercial banks shall from now be interconnected in all its 12 branches nationwide courtesy of an ICT system.
‘With the headquarters in Hargeisa able to access instant transactions conducted in all its nationwide instantly, the country’s central bank is in a position to ease service profusion said governor Mohamed adding that the digitalization of the system is as a result of an extensive needs assessment conducted by prof Eid Ali Ahmed that culminated in a five year strategic plan that stretches from 2018 to 2022.
At the same breathe it was revealed that the bank of Somaliland shall not start transaction the local shilling electronically but initiate an online civil servants salary payment online.
The function was attended by legislators, ministers and senior bank officials who were all unanimous that this is the greatest milestone the Somaliland institution has achieved 26 years to its establishment.
Governor bank of Somaliland Mohamed Abdi Ibrahim In his Strategic plan presentation Prof Eid Ali Ahmed who begun by thanking the CB management for making the process possible and the people who participated said ‘Though our Strategic Plan 2018 2022 is the first ever strategic plan since the establish of the Bank of Somaliland in 1994 it consolidates, and builds on the work of the bank for the last 24 years.
Adding that ‘From 1991 Somaliland reconstruction has been going on and Bank of Somaliland was established by Somaliland Central Bank Act 1994. Under the Article 3 of the Somaliland Central Bank Act 1994 Bank of Somaliland served as both a central bank and a commercial bank with the objectives of ‘… fostering monetary stability, maintaining the internal and external value of the Somali shilling, and promoting credit and exchange conditions conductive to the balanced growth of the economy of the Republic, and within the limits of its powers, it shall contribute to the financial and economic policies of the State.
The Act 1994 was replaced by new Central Bank Act 2012 which was signed on 12 April 2012 by the President His Excellency Ahmed Mohamed Mohamoud Silanyo. The bank has all the powers and duties of a central bank which are set out in Articles 4 to 6 of the Bank of Somaliland Act 2012. The Bank has a head office in Hargeisa, the capital city, and twelve branches in different regions of the country with over 300 employees and serves both as a central bank and a commercial bank.
• To achieve and to maintain domestic price stability
• To foster the liquidity, solvency and proper functioning of a stable market based financial system
• To promote a safe, sound and efficient national payment system
• To support the general economic policies of the Government of Somaliland, and contribute to a sustainable economic growth
A section of participants at the Bank of Somaliland event in Hargeisa
Eid who is currently a consultant to the Somaliland Ministry of Interior and Bank of Somaliland and is associate consultant of Africa Entrepreneurship Centre in Cardiff, Wales and a trustee of Sub-Sahara Advisory Panel in Cardiff, Wales is a Management, Business and Development Consultant and highly experienced Trainer. Over the years Eid has worked as university lecturer, senior director, researcher, trainer and consultant.
The Professor has wide experience in international banking culminating in his position as a Manager of the Credit Department of Citibank in Saudi Arabia. Eid completed his undergraduate studies in United States and his postgraduate studies in United Kingdom and holds BSc in Accounting, BA in Economics, MBA, PGCE, and Professional Banking Diploma from UK Bankers Institute now called UK Institute of Financial Services of which he is associate member.
Acclaimed for being among the first cahoots of local professionals to negate the need of expatriate in the provision of consultancy services, Prof Eid revealed that As a result of proactive and participative roundtable discussions in light of the findings of the SWOT Analysis and PEST Analysis undertaken in pursuit of a strategic plan the chosen Vision, Mission Statement and Core Values for the bank are:
• Promoting and maintaining price and financial stability, efficient financial sector and sustainable economic growth
• Adopting and implementing effective and efficient monetary policy
• Developing and implementing robust and efficient financial regulatory frame work
• Maintaining price and financial stability aligned with international standards
• Commitment and Integrity
• Mutual respect and team work
• Transparency and accountability
• Creativity and Innovation
The bank of Somaliland 2018-2022 strategic plan encompasses
People and Knowledge, that is Attracting, developing, empowering and retaining skilled people
Information and Technology
Communications, Transparency and Accountability
Partnerships and Resources
Prof Eid Ali Ahmed presents the bank of Somaliland strategic plan In his closing statement the governor bank of Somaliland said ‘I am delighted to present the first Strategic Plan of Somaliland Bank for the period 2018-2022. The Bank will be guided in everything we do by our vision and mission statement, and our commitment to an outstanding execution, and openness. The Strategic Plan will be central to the conduct of our regular business and the execution of our new responsibilities. Our Strategic Plan outlines our strategic objectives, priority interventions and actions to achieve our set outcomes to transform the Bank of Somaliland over the next five years.
We are committed to a creation of a price and financial stability of the Republic of Somaliland. Our well thought vision of promoting and maintaining price and financial stability, efficient financial sector and sustainable economic growth, has been generated through strategic thinking. A clear vision and mission statement accompanied with achievable set of strategic objectives is crucial for a successful financial sector and the economic growth and development of Somaliland. As we believe that our set strategic objectives can only be achieved by experienced and highly motivated and dedicated employees we are committed to nourish a professional and personal growth of all our employees and their continual training and development. Throughout all our operations and activities, we will constantly remain dedicated to our core values based on commitment and integrity, respect and team work, transparency and accountability and creativity and innovation.
We believe monetary and financial stability is not a sufficient condition for the overall economic stability of Somaliland. Only the requisite economic reforms will help achieve economic diversification and will create a stable economic environment conducive for alleviation of abject poverty, job creation and sustainable growth aligned to the economic sector of the second National Development Plan (2017-2021) of Somaliland. We are fully aware of the substantial responsibilities bestowed upon us in security price and financial stability and sustainable growth of the economy of Somaliland. In the light of these formidable responsibilities, we will strive to enhance public’s trust and credibility with an objective to transform Bank of Somaliland to a viable modern central bank.
Bank of Somaliland group photoFinally I would like to express my sincere gratitude to Eid-Ali Ahmed our consultant, Omar Mohammed Yusuf Booh, Deputy Governor, and Abdilahi Hassan Aden Director General, for their leadership and contribution and other colleagues listed in Annex1, who tirelessly with dedication and team work supported our consultant to produce the strategic plan.