Our Investment and Fiscal policies are misguided; the Poor are getting Poorer and the Rich Richer, writes Hassan Yusuf.
Somaliland has put the chart before the horse as far as economic planning is concerned. Our business planning and government fiscal policies are not geared towards eradication of poverty, economic growth and job creation which are the top priorities for any developing economy. Luxury Car Showrooms, Furniture Galleries and Soft Drink Bottling Factories could be considered significant contribution in terms of the trust in Somaliland as a place for viable investment. We hope these unnecessary lavish spending ventures will, otherwise, open the doors for much larger and more grass-root oriented investment opportunities.
Besides, we expect these local ventures will also encourage much larger Direct Foreign Interments (DFI) into the country. These DFI will provide the needed hard currency and technical know-how into our economy.
However, it is obvious that our business community as well as government planners, need to redirect their compasses. Emphasis should be placed on areas that benefit the low-income communities and long-term economic wellbeing of the poor. The real targets should be: Selective Economic Growth with emphasis on Reduction of Poverty, Job Creation and Improving the Livelihood of the Masses.
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