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Three Central Bank Board Directors resign following Governor's reappointment

Sunday July 23, 2023

Photo: Central Bank of Somalia

Mogadishu (HOL) - Three non-executive directors of the Somali central bank have tendered their resignations following the reappointment of Governor Abdirahman Mohammed Abdullahi for a second four-year term.

Sakhawadin Mustafe Mohamed, Osman Salad Gabeyre, and Àbdisamad Nur Hassan, members of the highly praised Independent Board of Directors, noted the reappointment of Governor Abdirahamn as the primary reason for their departure. They have lost confidence in the Governor’s leadership of the Bank. Mr. Abdirhaman was appointed to the post of CBS Governor in a controversial and unethical matter by Prime Minister Kheyre in 2019. 

Abdullahi, a finance and banking veteran, has played a significant role in implementing vital economic reforms since his initial appointment in July 2019. He boasts an illustrious career that began in 1986 within the Somali government. He has been credited with supporting the nation's financial reforms while serving as the Prime Minister's senior economic policy adviser.

The CBS Governor, holding dual Somali-Norwegian citizenship, holds a bachelor's degree in Business Administration from the Norwegian University of Technology and Science and a Masters in Finance and International Banking from John Moores University in Liverpool. Abdullahi's impressive resume showcases diverse experiences in both the public and private sectors in Norway, the United Kingdom, and Yemen.

Amidst this unexpected shake-up, the spotlight is firmly fixed on the central bank as the story continues to unravel. The resignations of the three non-executive directors serve as a reminder of the critical significance of effective governance and collaborative decision-making within the central bank. Their departure underscores the importance of maintaining stability and adeptly navigating the ever-evolving economic landscape in Somalia.


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