Somalia makes historic move to appoint a foreigner as central bank governor

The Central Bank of Somalia
  • On Monday, Somali lawmakers voted to allow the President Mohamed Abdullahi Farmaajo to appoint a foreigner as governor of the central bank.
  • An overwhelming majority of lawmakers (158) voted for the change.
  • Previously only a Somali citizen could be appointed to the role as is the case across much of the continent.

It will now be possible for Somalia to have a foreigner as central bank governor.

On Monday, Somali lawmakers voted to allow the President Mohamed Abdullahi Farmaajo to appoint a foreigner as governor of the central bank of the volatile Horn of Africa nation. The vote was held in the lower house of the parliament.

An overwhelming majority of lawmakers (158) voted for the change as proposed by the government of President Farmaajo and Prime Minister Ali Hassan Khayre.

Seventeen MPs voted against the move even though the government justified the proposal by arguing the country needed every available expertise to change its fortunes.

Previously only a Somali citizen could be appointed to the role as is the case across much of the continent.

Even though there is no known foreign candidate for the role, a presidential assent – which is seen as procedural – will see government headhunt for a new bank chief.

Somali’s economy has long been held hostage by the Al-Shabaab militia. At a time neighbouring countries continue to record growth, Somalia continues to struggle under the relentless terrorist attacks.

Since civil war erupted in 1991, many businesses suffered a natural death, however with peace slowly returning business too has started to boom.

In 2018, Somalia revived its lucrative fish trade and begun exporting fish to Kenya for the first time in three decades.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job

Rashid Abdalla's kids interrupt Citizen TV bulletin to wish him happy birthday [Video]

Rashid Abdalla's kids interrupt Citizen TV bulletin to wish him happy birthday [Video]

Africa's richest man, Aliko Dangote, adds extra $915 million to his vast wealth in Q1 2022

Africa's richest man, Aliko Dangote, adds extra $915 million to his vast wealth in Q1 2022

Zuchu forced to apologize to fans after viral video raised eyebrows

Zuchu forced to apologize to fans after viral video raised eyebrows

Willy Paul wins against Diana Marua in court

Willy Paul wins against Diana Marua in court