Politics

Somalia eyes new opportunities as it joins regional bloc, EAC

Published

1 year ago

November 25, 2023

Somalia has become the eighth member of the regional trade bloc, the East African Community (EAC), which consists of neighbours, Burundi, the Democratic Republic of the Congo, Kenya, Rwanda, South Sudan, Tanzania, and Uganda.

Somalia’s minister for information, culture, and tourism, Daud Aweis, said in a post on X, “Somalia officially joins the East African Community, reinforcing ties and opening new doors for progress and partnership.”

By adding Somalia, the bloc has gained access to a larger market as well as an extended coastline that stretches over 3,000 km (1,800 miles) and may contain offshore resources like gas and oil.

Somalia can now take advantage of the bloc’s substantial population, pre-existing customs union, and shared market, which attract investors.

Companies in Somalia stated that the dynamic private sector of the nation, which has persevered through great hardships to remain afloat, would introduce new, risk-taking businesspeople into the trade bloc and foster communication throughout the sizable Somali Diaspora.

“It will be simpler for the large Somali Diaspora living across East Africa to access financial services and products,” said Shuayb Haji Nur Mohamed, managing director of Salaam Somali Bank, one of Somalia’s major banks.

After the most recent evaluation of Somalia’s performance under the Extended Credit Facility agreement, the International Monetary Fund (IMF) said that despite several obstacles, the country had made significant progress in putting recommended changes meant to boost the economy into practice.

The IMF announced last month that as a result of recent reforms to improve domestic revenue collection and transparency in the management of public finances, Somalia was almost certain to receive full debt relief from it and other creditors.

Related Topics:Featured president William Ruto Somalia

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Politics

Mozambique’s top court affirms governing party’s victory in recent election

Published

8 hours ago

December 26, 2024

Ifeoluwa Dada

The highest court in Mozambique affirmed Monday that the incumbent Frelimo party won the October election, sparking widespread demonstrations from opposition parties who claim the vote was manipulated.

Fears of fresh bloodshed have been raised in the nation already shaken by weeks of fatal protests after Mozambique’s top electoral court mostly confirmed the results of the country’s contentious October elections, reinforcing the Frelimo party’s decades-long hold on power.

The final decision on the election process rests with the Constitutional Council. Mozambique, a nation of over 35 million people in Southern Africa that Frelimo has ruled since 1975, is expected to see more protests in response to its judgement.

Mozambique operates a framework of a semi-presidential representative democratic republic in a multi-party system. The president of Mozambique serves as both the head of state and the head of government.

The government exercises executive power. The administration and the Assembly of the Republic have the authority to enact laws.

Politics

Alliance of Sahel States opposes ECOWAS disengagement schedule

Published

8 hours ago

December 26, 2024

Ifeoluwa Dada

The Economic Community of West African States (ECOWAS) withdrawal timeline has been rejected by the Alliance of Sahel States (AES), which is made up of Mali, Burkina Faso, and Niger.

The AES claims that the ECOWAS is attempting to destabilise their newly formed organisation.

During a meeting last week in Abuja, Nigeria, the regional organisation announced a six-month withdrawal period to give the three nations time to change their minds after their official departure date at the end of January 2025.

However, this decision is “nothing more than yet another attempt by the French and its auxiliaries to continue planning and carrying out destabilising actions against the AES,” according to the heads of state of the AES.

“This unilateral decision is not binding on the ESA countries,” the statement continues. Before the conference, they stated that their choice to leave the organisation was “irreversible.”

According to the president of the Ecowas Commission, this will be a “transition period” that ends on “July 29, 2025” to “keep the doors of Ecowas open.”

The three nations accused the bloc of neglecting to assist them in resolving their domestic security challenges and of imposing “inhumane and irresponsible” sanctions related to the coup.

The three nations that were involved in the coup have mostly rejected ECOWAS’ attempts to undo their withdrawal. They are creating their alliance and have begun thinking about how to issue travel passports independently of ECOWAS.

It is anticipated that they will finish giving their one-year notice of departure in January.

Visa-free travel to other ECOWAS members is a significant perk of membership, and it is unclear how this would alter after the three nations exit the group.