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This decision is vitally important to Somalilanders’ economic wellbeing.
The international community’s failure to recognise us as an independent state denies us access to the development assistance and private investment utilised by many developing nations.
We are therefore heavily dependent on remittances.
In future we plan to diversify our sources of national income. We are working hard to attract investment in our infrastructure, including our new port development and our fledgling oil industry.
We are working with international donors, including the UK, to make it possible to transfer development assistance to Somaliland despite not being recognised as a country.
We hope that one day the state of Somaliland, an oasis of peace, stability and democracy in the Horn of Africa, will have its de facto independence recognised by the international community.
In the meantime we urge other banks to step forward to manage Dahabshiil’s account, so that Somalilanders can continue to put food on their tables and keep the economy growing.
Ifrah Osman, Director of Communications, Somaliland Presidency, Hargeisa, Somaliland
FT
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