Somaliland Cabinet Economic Committee Reviews Domestic Production and Economic Challenges
Hargeisa (SLpost)- Somaliland’s Cabinet Economic Committee has reviewed the country’s overall economic situation, with particular attention to domestic production, rising prices, exchange rate stability and measures to strengthen economic growth.
According to a press release issued by the Ministry of Finance and Economic Development, the committee held the meeting at the ministry’s headquarters in Hargeisa on Thursday, bringing together 12 government ministers, the Governor of the Central Bank and senior officials from relevant government institutions.
The meeting took place at the headquarters of the Ministry of Finance and Economic Development and was chaired by the Minister of Finance and Economic Development Abdillahi Hassan Aden, who is also the Chairman of the Economic Committee.
During the session, the committee’s Technical Committee presented an assessment of the national economy and findings from studies examining major obstacles to domestic production, food security and investment growth.
The studies identified four key challenges affecting domestic production. These are limited water availability, energy shortages, skills and technical capacity gaps, and restricted access to financing.
The findings are intended to provide evidence and recommendations for shaping economic policies and investment plans.
The ministry also announced plans to use the research findings as a foundation for the proposed High Economic Development Partnership Forum (HEDPF). The platform is expected to bring together the government, business community, financial institutions, investors and development partners to coordinate development efforts, identify investment opportunities and increase domestic production.
During the meeting, the ministers discussed key economic priorities, including ways to increase local production, address rising prices of goods and services, maintain exchange rate stability and improve coordination among government institutions.
The committee also considered establishing a regular meeting schedule to monitor the implementation of its decisions and improve coordination between government ministries and agencies.
The meeting forms part of the Somaliland government’s efforts to strengthen economic policy coordination, address barriers to domestic production and develop measures aimed at supporting economic growth and stability.
The meeting comes as the Ministry of Finance and Economic Development advances broader reforms aimed at modernising Somaliland’s customs administration, strengthening revenue collection and improving trade facilitation. These efforts include a review of Customs Law No. 73/2016 and the recently launched Customs Modernisation Programme, which seeks to improve customs procedures, strengthen institutional capacity and enhance the efficiency of trade operations.
