Posted on June 6, 2023 07:30
A dealer counts of Somalian currency and U.S. dollars at an open forex bureau along Hamarweyne district of in Somalia’s capital Mogadishu, January 27, 2016. SOMALIA-ECONOMY/ REUTERS/Feisal Omar The Corruption Perceptions Index’s 2022 report, which ranked 180 countries, has placed Somalia at the bottom of its list. The rampant corruption in the Horn of Africa country continues to impede its economic growth and development, but it could become eligible for debt relief by the end of the year, with over $5bn owed to external creditors.
To be considered for relief, the country must make a visible effort to tackle corruption and improve its financial institutions in line with economic reforms. The impetus for such a deal has spawned the Somali government to announce an all-out war on corruption.President Hassan Sheikh Mohamud has signed a series of anti-corruption directives, saying his administration is committed to fighting the problem. He added that individuals have already beenand will be brought to justice soon.
The government’s directive to tackle the age-old problem includes combatting meritocracy, enhancing public financial management systems, strengthening accountability, and improving the efficiency and effectiveness of governmentGet unlimited access to our exclusive journalism and features today. Our award-winning team of correspondents and editors report from over 54 African countries, from Cape Town to Cairo, from Abidjan to Abuja to Addis Ababa. Africa. Unlocked.