The 7th National Economic Policy Forum took place at the Jazeera Palace Hotel in Mogadishu on October 14-15, 2024. The event convened a diverse group of leaders, policymakers, and experts to engage in substantive discussions regarding Somalia’s development pathways. Centered around the theme “Somalia’s Development Nexus: Economy, Governance, and Social Empowerment,” the forum provided a vital platform for tackling the complex challenges facing the nation, particularly in the areas of economic growth, governance, and social inclusion. As Somalia strives for a sustainable future, the insights and outcomes from this forum are expected to significantly influence national policies and strategic initiatives.
However, the forum took place over two days and featured a variety of keynote speeches, panel discussions, and informative presentations. Nearly 500 participants attended, including government officials, representatives from international organizations, civil society leaders, and private sector stakeholders. The main goal was to formulate comprehensive strategies aimed at fostering economic independence, enhancing governance, and empowering the Somali population, especially those from marginalized communities.
Day One Highlights
Opening Remarks
The forum began with opening remarks from Hassan Adam Hosow, Chief Economic Advisor and Executive Director of the National Economic Council (NEC). In his address, he welcomed the distinguished guests and participants, highlighting the importance of the discussions in shaping a sustainable growth trajectory for Somalia. He emphasized the critical necessity for collaboration among all stakeholders to address the challenges obstructing economic development.
Keynote Speakers
The first day featured an impressive lineup of keynote speakers who set the stage for the discussions:
E. Hamza Abdi Barre, Prime Minister of the Federal Government of Somalia, underscored the crucial need for economic and financial independence. He articulated that genuine freedom is grounded in economic self-sufficiency and emphasized the importance of investing in the skills and quality of the Somali workforce to cultivate a resilient economy.
El-Khidir Daloum, Acting UN Resident Coordinator and WFP Representative, addressed the significance of inclusion and social empowerment. He called for alignment with Vision 2060 and the Sustainable Development Goals (SDGs), stressing that Somalia’s sustainable future is contingent upon these frameworks.
E. Pier Mario Daccò Coppi, Ambassador of Italy to Somalia, highlighted Somalia’s immense potential, noting its strategic location and youthful demographic. He reaffirmed Italy’s commitment to supporting Somalia in its pursuit of a prosperous future.
Abdirahman M. Abdullahi, Governor of the Central Bank of Somalia, emphasized the vital role of a stable financial system in fostering economic growth. He encouraged modernization of policies to attract both domestic and foreign investment.
Abdirahman Mohamed Hussain Odawa, Member of the House of the People, urged Somalis to recognize the significant opportunities presented by foreign investments and to take an active role in shaping their nation’s future.
H.E : Ahmed Mohamed, Minister of Finance for the Southwest State, stressed the importance of financial stability and the need to strengthen financial institutions to ensure sustainable growth.
Mohamud Abdi Ali (Gabayre), Chairman of the Somali Chamber of Commerce and Industry, expressed optimism regarding Somalia’s potential accession to the East African Community (EAC) and called for enhanced collaboration between the government and the business sector.
Panel Discussions
A series of panel discussions followed the keynote addresses, focusing on critical issues:
Panel 1: Somalia’s Post-HIPC Economic Priorities: Charting the Path Forward
Experts explored public financial management and the importance of leveraging debt relief for fiscal responsibility.
Panel 2: Agriculture and Food Security in Somalia
This panel focused on the challenges of food security and sustainable agricultural practices, acknowledging agriculture as a fundamental pillar of Somalia’s economy.
Panel 3: Exploring Development Pathways to 2045
Experts explored in discussions on strategies for inclusive governance and investment in human capital, pinpointing essential areas for policy development.
Day Two Highlights
The second day featured additional keynote speeches and panel discussions that expanded on the dialogue begun on the first day.
Keynote Speakers
Mohamed Haaruun, Deputy Chair of the Finance Committee in Parliament, emphasized the critical role of fiscal policies in fostering economic growth, asserting that effective fiscal management is vital for national development.
Farah Mukhtar Da’ud, Deputy Minister of Planning and Investment Coordination in Jubaland, underscored the necessity of collaborative efforts in planning and investment to stimulate economic development, especially within regional contexts.
Hussein Iman, a representative of civil society, highlighted the importance of civil society in promoting accountability and transparency in governance.
He advocated for increased participation of civil society organizations in the policy-making process.
H.E : Mohamed Elmi, Minister of Labor and Social Affairs, discussed how social policies can enhance economic participation and empowerment, particularly for marginalized groups such as women and youth.
Panel Discussions
The second day featured additional panel discussions that addressed pressing topics:
Panel 4: Exploring Somalia’s Blue Economy
Experts explored the potential of maritime logistics, fisheries, and renewable energy, highlighting the importance of sustainable management strategies for Somalia’s coastal resources.
Panel 5: Empowering Women for Economic Participation in Somalia
This panel emphasized strategies to address barriers to women’s economic participation, concentrating on essential policy reforms and the promotion of financial inclusion.
Panel 6: State-Building and Institutional Development in Somalia
Experts explored the governance reforms necessary for achieving stability and promoting institutional development.
Panel 7: Diversifying Somalia’s Economy Through International Trade
This panel focused on Somalia’s potential to diversify its economy through international trade opportunities, particularly by leveraging the African Growth and Opportunity Act (AGOA) and EAC integration.
Presentations
A series of presentations offered deeper insights into specific topics:
Abdinur Ali, National Economic Advisor, emphasized post-debt relief economic priorities, advocating for fiscal responsibility as a cornerstone of effective economic governance.
Mahad Mohamed, National Economic Advisor, highlighted the transformative potential of Somalia’s agricultural sector and the urgent need for sustainable farming practices to improve food security.
Mustafe Abdi, Senior Economist at NEC, presented strategies for strengthening governance and investing in education, identifying these as crucial components for Somalia’s development by 2045.
Abdul-Aziz Iddrisu, Senior Economist and World Bank CEoG Fellow, discussed harnessing Somalia’s blue economy potential, stressing the importance of sustainable growth strategies.
Nimo Mohamud, National Economic Advisor, addressed barriers to women’s economic participation, advocating for comprehensive reforms to enhance their role in economic growth.
Maluka D. Abdulkadir, National Economic Advisor, emphasized the significance of home-grown solutions and robust legal frameworks in the state-building process.
Mohamed Abdurrahman, Director of Presidential Initiatives and Flagship Programs at NEC, discussed Somalia’s potential within the EAC and AGOA, focusing on regional trade and infrastructure development.
Outcomes of the Forum
The 7th National Economic Policy Forum produced several key outcomes that are crucial for shaping Somalia’s future in economic growth, governance, and social empowerment. The primary outcomes are summarized as follows:
Commitment to Economic Independence: Participants underscored the importance of achieving economic and financial independence for Somalia. The discussions emphasized that true freedom is rooted in self-sufficiency and robust economic policies, which are essential for sustainable development.
Strengthening Financial Institutions: There was a consensus on the necessity to modernize and strengthen Somalia’s financial institutions. This is crucial for enhancing stability, attracting investment, and promoting sustainable economic development.
Emphasis on Women’s Economic Empowerment: The forum highlighted critical barriers to women’s economic participation. Participants collectively called for reforms in policy and financial systems to empower women as key drivers of economic growth, recognizing their potential to contribute significantly to national development.
Focus on Sustainable Practices: Discussions on the blue economy and agricultural sustainability highlighted the importance of implementing sustainable management practices. These practices will allow Somalia to effectively harness its natural resources while ensuring environmental protection.
Regional Integration and Trade Opportunities :The forum reinforced the significance of Somalia’s accession to the East African Community (EAC) and the African Growth and Opportunity Act (AGOA). These pathways are vital for diversifying the economy and enhancing international trade opportunities.
Collaborative Governance :Experts emphasized the need for inclusive governance and robust institutional frameworks. These elements are vital for fostering stability, transparency, and accountability in public service, which are essential for building public trust.
Alignment with CV2060 and SDGs :There was a strong call to align Somalia’s development strategies with Vision 2060 and the Sustainable Development Goals (SDGs). This alignment is critical for ensuring long-term sustainability and resilience in addressing future challenges.
Enhanced Research and Data Collection :The forum acknowledged the vital role of comprehensive research and data collection in guiding policy decisions and economic strategies. Participants praised the NEC’s efforts in this regard and advocated for improved data-driven policymaking.
Actionable Strategies for Key Sectors :Panel discussions generated actionable strategies for key sectors, including:
Agricultural Development: Emphasize sustainable farming practices to improve food security.
Blue Economy: Explore opportunities in maritime logistics, fisheries, and renewable energy.
International Trade: Identify reforms and partnerships to enhance Somalia’s integration into regional and global markets.
Follow-up Mechanisms :Participants agreed on the necessity of establishing follow-up mechanisms to monitor progress on the discussed strategies and outcomes. This will ensure accountability and sustained engagement among stakeholders, facilitating the effective implementation of agreed-upon actions.
Conclusion
The 7th National Economic Policy Forum concluded with a strong sense of optimism and commitment among participants to collaboratively implement the identified strategies. In his reflective speech, Hassan Adam Hosow praised the progress Somalia has made and emphasized the importance of ongoing reforms for sustainable growth. The event fostered vibrant discussions and provided a platform for sharing insights on critical economic and social issues impacting Somalia’s future.
The outcomes of the forum are expected to play a vital role in guiding Somalia’s development trajectory, achieving economic resilience, and promoting social empowerment. As Somalia charts its path forward, the collective efforts of government, civil society, and the private sector will be essential in realizing the vision for a prosperous and inclusive future for all Somalis. The commitment to collaboration, empowerment, and sustainable practices highlighted throughout the forum will serve as foundational principles in this endeavor.
