Despite structural challenges and the COVID-19 pandemic, Somalia’s economy has shown a measure of resilience, attributable to increased private sector activities, particularly in the transport, telecommunications, remittances, export and business services sectors. The latest World Bank Somalia Economic Update projects gross domestic product (GDP) growth to reach pre-COVID-19 levels of 3.2% in 2023 and 3.7% in 2024, thanks largely to improved remittances and aid inflows.
Agriculture is the most important sector, with livestock supporting increased economic activity, typically accounting for more than 50% of export revenue and roughly 40% of GDP. Farming is still a key economic activity, with dried lemon becoming the second-largest crop exported after sesame in the wake of the complete collapse of banana exports. Despite having abundant fish reserves, coastal fishing in Somalia has remained small-scale and artisanal, whereas offshore fishing has been profitable for foreign commercial vessels both legally and illegally. In the last few decades, improvements in Somalia’s ICT and technology environment have increased opportunities in the country’s digital economy. This owes to rapid digitization across the public and private sector spheres.
This high-level forum tackles Somalia’s domestic economic production landscape and will provide delegates with an understanding of the sector’s overall key opportunities—and existing and emerging challenges—with a focus on the use of technologies in the production process. The forum aims to promote sustainable local production and to reduce dependence on imports by boosting Somali exports of quality agriculture and fish, increasing dairy production, and increasing jobs in these key areas.
Publications
BGS24 Conference Report
This report summarises the outcomes of the Bandhigga Guulaystayaasha Soomaaliyeed (BGS) Forum, held in Mogadishu on October 17, 2024. The forum, organised annually by Hormuud Telecom, examined the role of financial technology (fintech) as a catalyst for economic transformation in Somalia.
Comprehensive Overview of FinTech in Somalia
The financial technology (FinTech) sector in Somalia has emerged as a critical player in transforming the country’s financial landscape. With limited traditional banking infrastructure, particularly in rural areas, FinTech has stepped in to provide accessible financial services.
Economic Impact of Fintech Innovation in Somalia
The Somali Shilling is close to disappearing, and it is expected that Somalia will become completely cashless in the coming years. However, financial technology (Fintech) is stepping in to fill this gap, playing an increasingly significant role in daily transactions.
Regulatory Frameworks Sorrounding Somali Finteh
The rapid growth of Financial Technology (FinTech) globally has transformed financial services, driven innovation, and enhanced financial inclusion. However, this development also brings unique regulatory challenges, particularly in emerging markets like Somalia.
Event
Sponsor
Event
Organiser
