Somali President Hassan Sheikh Mohamud has inaugurated the Union of Somali Banks conference, underlining the importance of tax compliance and strong governance as key drivers of business growth and international investment. Addressing business leaders, the President commended their contributions to national development but stressed the need for full adherence to tax obligations.
“The government cannot function without taxes. Tax evasion is theft and will be punished accordingly,” President Mohamud warned, urging businesses to comply with financial regulations and refrain from actions that could destabilize the system.
He also acknowledged the country’s progress in financial sector reforms, reaffirming the government’s dedication to building robust institutions that support economic growth. “Global confidence in our governance system is strong. Banks must also strengthen their trust in the Somali economy and follow laws that govern investment,” the President remarked.
The conference will focus on key areas such as investment, infrastructure development, and reforms to the financial system.
