The Mismanagement Of The Somali Central Bank

[Tallaabo]

Why is there no check and balance mechanisms in the new Somalia constitution? The signatories of the Garowe road map should have thought of this and put such procedures in place.

[ElPunto]

What a waste!

 

 

WHEN the District of Columbia was in a financial crisis in the 1990s, Somali-born Abdusalam Omer joined a team that turned its "junk" bonds into investment grade paper.

 

Now, as the new governor of the Central Bank of Somalia, he wants to transform a "failed" state.

 

There is no escaping the scale of his new assignment. His office in Mogadishu is surrounded by the bombed out shells of former banks, symbols of Somalia’s shattered economy and its broken financial system after two decades of conflict.

 

"We have to build brick by brick and person by person," Mr Omer said at the smartly painted central bank, which stands out against the shattered remains of the former Banca di Roma, Commercial Bank of Somalia and other institutions.

 

"The task is so daunting," said Mr Omer, a dual Somali-US national who left Somalia at 16 and returned this year. But he is undeterred by the magnitude of the work that lies ahead.

 

http://www.bdlive.co.za/africa/africanbusiness/2013/05/20/news-analysis-somali-central-bank-chief-has-experience-of-troubled-jurisdictions

[Somalia]

ElPunto;966066 wrote:

LOL - he must be very well connected indeed. How did he end up in Xamar?

 

I put all the blame for this on the new governor from DC - he should know better. And if he saw all this - he should've blown the whistle and resigned.

He was head of ASWJ, Dhuusamareeb division and served as State Minister and advisor to Sheikh Shariif.

[nuune]

I have a leaked information on this, someone close enough to the government just told me this today by email, to summarize:

 

 

1- All the 16 staff working at the Central Bank are all hired by the top guys(wasiirka maaliyada, madaxweynaha, gudoomiyaha barlamaanka, ra'isul wasaaraha iyo wasiirka difaaca), other ministers also have a role in the Central Bank, even the security guys at the central bank are appointed by a government minister.

 

2- All the ministers and top guys have a special messenger who withdraws cash and is known to their appointed bank staff, so the top guys will not come to collect cash, instead they send the middle men to do their job.

 

3- So the messengers only approach the bank staff that the top guys nominated themselves, la iskuma saqajaamayo and everything is smooth no buuq no qeylo.

 

4- With that system in place, no bank staff can be fired as they have protection from the top guys.

 

5- All the 16 staff working there including the Human Resource one are all appointed by a top official of the top guys.

[Xaaji Xunjuf]

ElPunto;966105 wrote:

What a waste!

 

Leave the man alone this man is not responsible for this leave him alone

[xiinfaniin]

When president Hassan attended the London conference he made a beautiful analogy regarding Somalia's situation. Somalia is akin, he said, to a young tree that needs to be nurtured.

 

Geedkuu sheegayey ceerin baa lagu dubtay

[nuune]

^^ Xaaji, What is his job!!!

[ElPunto]

It is exactly his job. And he should resign if he sees gross mismanagement.

[Nin-Yaaban]

Somalida iyo Musuqmaasiqnimo maxaa kala heesto. This would make a good episode for CNBC's 'American Greed'.

[OdaySomali]

I do not think the new Central Bank Governor is to blame here. If he must bear any blame, h e is to blame of being too civil, following the spirit of the law and being too timid. Judging from his comments in the media , he still behaves as though he is in a country (US) with political leadership where civil servants are no more than the implementers andmanagers of the operational side of governing.

 

He should realisr he is in Africa and in particular in Somalia. He needs to be more assertive and stand up to the self-serving, corrupt and disingenuous politicians and blow the whistle on them if they do not heed his advice and warnings. He needs to lead reform and seek to spread a culture of good governance.

[ElPunto]

^This is just nonsense. When a former bus driver removes millions of dollars from the CB and no one asks him to account - you can't seriously expect to say the governor has no blame. Clearly he isn't the only one to blame. But he runs this organization and if other officials are using the CB to loot - he should step down if he can't stop it. There is no integrity or ethics anywhere in Somalia.

[Tallaabo]

nuune;966124 wrote:

I have a leaked information on this, someone close enough to the government just told me this today by email, to summarize:

 

 

1- All the 16 staff working at the Central Bank are all hired by the top guys(wasiirka maaliyada, madaxweynaha, gudoomiyaha barlamaanka, ra'isul wasaaraha iyo wasiirka difaaca), other ministers also have a role in the Central Bank, even the security guys at the central bank are appointed by a government minister.

 

2- All the ministers and top guys have a special messenger who withdraws cash and is known to their appointed bank staff, so the top guys will not come to collect cash, instead they send the middle men to do their job.

 

3- So the messengers only approach the bank staff that the top guys nominated themselves, la iskuma saqajaamayo and everything is smooth no buuq no qeylo.

 

4- With that system in place, no bank staff can be fired as they have protection from the top guys.

 

5- All the 16 staff working there including the Human Resource one are all appointed by a top official of the top guys.

Loooool What a neat system!!;)

[Maqane]

Rest in peace Somalia.

 

Poverty in Somalia will never end as long as there is a lower levels of education in the country (i.e, no schools except dugsi Quraan/religious schools) . If we don't educate ourselves and our people about these matters (sida ay dowladu u shaqayso ama xuquuqda ay ku leeyihiin dowlada), this gonna only encourage the government to continue it's corrupt practices, sababta oo ah Calooshood u shaqaystayaasha dowlada ka shaqeeya way u fududahay in ay waxyaabaha noocaas oo kale ah ka qariyaan from these poorly educated people.

 

Sidee bay doorasho uga qayb geli karaan dad fara badan oo aan waligood jaanis u helin waxbarasho, sidee bay dad aanan si fiican wax u baran hogaamiye qaran ama maamule u noqon karaan? I believe if we don't take this serious, we will never be able to see a well-structured, productive and successful Somalia :mad: .

 

 

Act NOW ..O! Nomads out there.. oo noqo mid fiican oo barri lagu dayan karo, waxaad sheegatoba

 

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nice interview btw

[N.O.R.F]

No fights in parliament or between ministers so far. Now you know why.