MOGADISHU – Somalia’s Deputy Prime Minister, Salah Ahmed Jama, officially launched a major national event showcasing the 2024 Annual Financial Progress Report — a landmark initiative spearheaded by the Ministry of Finance of the Federal Government of Somalia.
This high-level event, held in Mogadishu, unveiled the government’s key financial achievements, the challenges faced in 2024, and the strategic opportunities ahead. It’s the first time in Somalia’s history that an annual financial report has been publicly presented in this transparent manner.
Let’s be clear: Somalia isn’t exactly known for publishing financial records in a glass box for all to see. So, this moment? It’s not just paperwork — it’s a paradigm shift.
For the first time ever, the Ministry of Finance publicly presented a detailed review of the nation’s finances, marking a turning point for accountability, transparency, and public trust.
Minister of Finance Biihi Imaan Ige, in a well-received keynote speech, reminded attendees that the progress made wasn’t a one-man show:
“The Ministry cannot claim these gains alone. Parliament, government institutions, and our international partners all played critical roles,” he stated.
The 2024 report dives deep into:
- Domestic revenue growth – thanks to strengthened tax collection and improved internal systems.
- Improvements in financial governance – including more robust budget execution and payment systems.
- Persistent challenges – such as ongoing insecurity and the need for institutional reform.
- New opportunities – particularly in strengthening public finance laws and attracting external support.
It paints a picture of a nation moving away from fragmented finances toward structured fiscal management.
The launch drew a diverse and influential crowd:
- Senior government officials
- Members of Somalia’s Federal Parliament
- Representatives from donor institutions including the IMF, World Bank, and European Union
- Civil society leaders and media representatives
The attendance underscored the report’s importance—not just as a national milestone, but as a message to the world: Somalia is ready to play ball, fiscally speaking.
Let’s not sugar-coat it: fiscal transparency has long been Somalia’s Achilles’ heel. Budgets were often black boxes. Financial updates? Rare. But this move changes the tone. It signals a break from the past, and a new willingness to be held accountable — to its citizens and its international partners.
This isn’t just about charts and numbers — it’s a political statement: Somalia is showing up to the global stage, ledger in hand.
This inaugural report is not the finish line — it’s the starting gun. If Somalia can make this a recurring tradition, coupled with actionable reforms and consistent follow-through, it could radically shift how the country manages its economy and earns the trust of its people.
Accountable financial management isn’t a fantasy. It’s a non-negotiable for any country that wants sustainable development and international credibility.
