Somalia Set to Appoint a Foreign National as its Central Bank Governor

The central bank is an independent national authority integral to the economy of any country by conducting duties such as regulating banks, setting the monetary and fiscal policies to stabilize the currency and prevent inflation and carrying out economic research.

The institution is in charge of the country’s wealth, making the governor of the bank a very important person in the country.

Like the position of president, the governor of the central bank is usually reserved for a distinguished citizen of that country who has harnessed valuable experience, especially in the area of finance.

Somalia has recently decided to be different in that regard as lawmakers in the country voted unanimously to allow the country’s president, Mohamed Abdullahi Mohamed, to appoint a foreigner as governor of the central bank.

A total of 158 lawmakers voted for the change as proposed by the government, and only 17 MPs voted against it.

The government justified the proposal for a foreigner to head the country’s central bank by saying the country needed every available expertise to change its fortunes.

Prominent citizens took to social media to express support of the decision by the MPs. Below are a few tweets:

Harun Maruf @HarunMarufBREAKING: Somali parliament approves legislation allowing foreign nationals to serve as Somali Bank governors. The parliament approved the amendment with 158 votes, 17 rejected.

Abdisaid M. Ali @4rukunSomalia needs to attract global talent. We welcome the service of experts to deliver Somali priorities. Across the world, open societies do the same (Canada, US, UK). Focus should not be on the nationality of our Central Bank Governor but on delivering the best for the Somalis.

Somalia remains at the mercy of the deadly terrorist organization, Al-Shabaab, whose activities have crippled the economy of the country.

Header Image Credit: Africa News