The Ministry of Finance derives its mandate from the Constitution of Somaliland, which provides for proper budgetary and expenditure management of government financial resources. In addition the Ministry of Finance is a custodian for the Republic. Some of its key functions are:
- Formulating financial and economic policies.
- Develping and maintaining fiscal and monetary policies
- Facilitating socio-economic development.
- Regulating the financial sector
- Managing for investment resources
- Managing revenues, expenditures and government borrowing.
- Coordinating government ministries/departments in the preparation of the annual national budget
- Initiates and guide all ministries/departments to prepare their ministerial budgets
- Provides Accounting, Internal Auditing, IT, and Procurement
Somaliland has a thriving economy which is in its developing stages, as is the region itself. The Somaliland shilling (SlSh)is the countries main currency. It is regulated by the Bank of Somaliland, the central bank. The country has various strong and growing sectors in the in economy which are:
- Livestock production and exports
- Meat, and milk production for local consuption.
- Fishery production and exports. TThe Somaliland coast (85 Km.), holds rich marine resources
- The over 1 billion dollar remitance Traditionally
The country relies on imported food and consumer goods which means that Somaliland is import-dependent as a result of both preference for imported food and marginal grain production.
The country provides a very fertile environment for enterprise with a stable political system, a peacefull and progressive society Despite the disturbances that prevail in the Horn Of Africa, Somaliland is a contained and peaceful sovreign nation. The economy is still at infancy and provides vast opportunities for business and investment in the following sectors.
- Agriculture and livelihoods (including, livestock and fisheries),
- Trade and financial services,
- Mining of Oil, Gas, Gypsum, Lime, Mica, Quartz, Lignite Coal, Lead, Gold, Sulphur.
- Private sector Investment and Diaspora
The Government is working to create a well developed private sector that provides investment, employment, sustained livelihoods and vital services to strengthen the economic foundation of peace, it is therefore committed to reducing the cost of doing business in the country and promote the establishment and thriving of enterprise. We have a strong legislative framework for licensing and supervising banks and likewise protects both parties, banks and investors. In the 2030 vision, the government is determined to maintain and invigorate peace and stability, encourage private sector investment, introduce the necessary financial services acts, promote corporate culture and facilitate company formation. Investors are encouraged to if required to consult the ministry of Trade and commerce.
The ministry invites both local and international investors to take advantage on the opportunities that the country has to offer. We always work to provide sustainable incentives to investors who bring value to our country. If you wish to work with the government from time to time we publish tenders
please keep checking for upates.
The country has a stable and growing financial sector where The Bank of Somaliland
established in October 1994 under a constitutive Law is responsible for 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 government understands well that much further development of commerce and international trade cannot be achieved without building, broadening and deepening the financial sector such as banking and insurance, therefore we are committed to support the sector technically, financially and with appropriate policies to promote its development and competitiveness.
The government aims to double household disposal income every ten years and quadruple it by 2030. Hence more business ventures and careers will be realised within these strategies.This vision will be achieved by:
- Pursuing macroeconomic policies that promote accelerated growth, employment creation and poverty reduction
- Adopting policies that achieve price stability and low inflation;
- Implementing trade and investment policies that promote production and employment;
- Prioritizing public spending for vital services such as health, education and water;
- Establishing properly regulated financial services available to primary producers,industrialists, traders and households;
- Transforming agricultural production by investing in research and extension;
- Developing a fair broad based tax system to raise the necessary resources for public investment;
- Engaging the Diaspora and the private sector
Although appointed by the president in the form of a Presidential Decree, the members of the council of Ministers are approved by the Somaliland house of representatives (Somaliland Parliament). The Council of Ministers consists of 24 Ministers, three State Ministers and Eight Vice-Ministers. The Council meets every Thursday with the President at the Presidency. Although appointed by the president in the form of a Presidential Decree, the members of the council of Ministers are approved by the Somaliland house of representatives (Somaliland Parliament). The Council of Ministers consists of 24 Ministers, three State Ministers and Eight Vice-Ministers. The Council meets every Thursday with the President at the Presidency.