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Our top 10 interventions which would revolutionise Somaliland's economy. A THREAD:
1. If we are to have globally competitive industries we must: reduce the cost of electricity, introduce a new regulatory framework for the energy sector and invest in solar power plants.
1. If we are to have globally competitive industries we must: reduce the cost of electricity, introduce a new regulatory framework for the energy sector and invest in solar power plants.
2. Reform our financial & banking system to enable the private sector and government to access finance, make payments and fund investments.
Somaliland central bank should prioritise a national payments system, register and regulate shadow banks and standardise financial products
Somaliland central bank should prioritise a national payments system, register and regulate shadow banks and standardise financial products
3. Somaliland should clarify its governance, risk manag't & reporting framework. Make audits, boards and audit committees mandatory.
This improves decision making, transparency & effectiveness. It enables investors, banks, insurers, public to have confidence in SL institutions.
This improves decision making, transparency & effectiveness. It enables investors, banks, insurers, public to have confidence in SL institutions.
4. Make doing business easier:
a. Ensure streets are named, buildings numbered and postcodes are assigned.
b. Ensure that different mobile networks allow calls between different carriers.
c. Ensure banks, mobile money firms allows payments between different banking providers.
a. Ensure streets are named, buildings numbered and postcodes are assigned.
b. Ensure that different mobile networks allow calls between different carriers.
c. Ensure banks, mobile money firms allows payments between different banking providers.
5. Use zoning to encourage diversification of the economy by:
a. Protecting and restoring agricultural & grazing lands
b. Earmarking industrial parks which offer free land and electricity to investors
c. Design better cities through planning and building control regulations
a. Protecting and restoring agricultural & grazing lands
b. Earmarking industrial parks which offer free land and electricity to investors
c. Design better cities through planning and building control regulations
6. Diversify the economy and earn hard currency by facilitating investment in value adding, export oriented, job creating industries through:
-new PPP financing mechanisms -technical & vocational training institutes
-publicly funded support e.g. power plants and industrial parks
-new PPP financing mechanisms -technical & vocational training institutes
-publicly funded support e.g. power plants and industrial parks
7. Create 1000's jobs and livelihoods through a PPP financed import substitution programme. Focus on key Somaliland imports which can be domestically produced. Prioritise edible oil, pasta, flour and sugar factories, clothing & textiles, cement plants, milk and agri processing.
8. A well functioning economy requires healthy people. Invest in a few interventions proven to deliver most health benefits:
1. Mass vaccination & public health programmes.
2. Infant/maternal healthcare & nutrition services.
3. Mass access to quality, affordable medications.
1. Mass vaccination & public health programmes.
2. Infant/maternal healthcare & nutrition services.
3. Mass access to quality, affordable medications.
9. Initiate a PPP funded agriculture systems redesign programme (improved seeds, mechanisation, irrigation, fertilisers, crop rotation, demonstration sites).
Couple this with a new international trade policy & FTAs to get access to foreign markets for Somaliland products.
Couple this with a new international trade policy & FTAs to get access to foreign markets for Somaliland products.
10. Set up a Qat Reduction Taskforce to stop hard $$$ currency leaving the SL economy
- Qat Import Quotas (controlling growth)
-Import restrictions (specific days a week)
- High taxes (discourage consumption)
- Diversify the gov tax base
- Public health & addiction sevices
- Qat Import Quotas (controlling growth)
-Import restrictions (specific days a week)
- High taxes (discourage consumption)
- Diversify the gov tax base
- Public health & addiction sevices
We strongly believe the impact of these initiatives would revolutionise Somaliland's economy.
These interventions are achieve in a few years, but do require strong commitment in public policy planning. SL specific financing mechanisms can be designed to fund implementation. END
These interventions are achieve in a few years, but do require strong commitment in public policy planning. SL specific financing mechanisms can be designed to fund implementation. END
