On Sunday, April 6, 2025, Somalia’s Minister of Finance, Bihi Iman Egeh, chaired the 68th Financial Governance Committee (FGC) meeting at the Ministry of Finance in Mogadishu.
The FGC, established in 2014, serves as a collaborative platform between the Federal Government of Somalia (FGS), donors, and international financial institutions to enhance financial governance and transparency in the country.
The meeting brought together key stakeholders, including representatives from the Ministry of Finance, the Central Bank, the Prime Minister’s Office, Mogadishu Port, the Immigration Agency, and Somalia’s international partners.
Moreover, they tackled strategies that are capable of boosting internal revenue thereby seeking financial self-sufficiency.
In addition to this, participants agreed to increase efforts to improve financial management practices. They reviewed the practices to ensure effective and transparent administration.
Members of the committee discussed updates to procurement procedures to align with best practices while enhancing efficiency.
Additionally, participants previewed the upcoming 2024 FGC report, which will be crucial in assessing Somalia’s progress in financial governance. Minister Egeh emphasized the government’s dedication to implementing transparent financial systems and adhering to good governance principles, highlighting that accountability and robust governance are integral to Somalia’s economic growth and development.
The FGC convenes every four to six weeks to address strategic financial governance issues, providing independent and transparent advice on policy and implementation. Its objective is to improve financial governance in Somalia, laying the foundation for good governance, economic development, and political stability.
This 68th meeting underscores the Somali government’s commitment to advancing financial reforms aimed at ensuring greater transparency, accountability, and sustainable growth in the nation’s economy and fiscal landscape.