The government framework for banking in Somalia was largely destroyed during the conflict of the last 20 years. The civil war also forced hundreds of thousands of Somalis to leave and start new lives abroad. As they became settled, many sought to send money home, and a growing group of Somali entrepreneurs worked to facilitate these transactions. With no banks in Somalia to receive outside wire transfers, these business people established their own systems for getting money into the country.
Shuraako works with small and medium enterprises, the predominant contributors to Somalia’s economy.
According to data from the Food and Agriculture Organization of the United Nations (FAO), while annual worldwide production of honey, propolis, and beeswax continues to increase, demand remains substantially in excess of supply. Furthermore, Sub-Saharan Africa produces only 9.8% of the world’s honey and 23.5%of the world’s beeswax. Exports from Sub-Saharan Africa are considerably less than imports. Somalia has an even more glaring shortfall. Modern commercial production of honey in Somalia/Somaliland is non-existent.
Affordable access to electricity is a critical issue for economic growth and stability in Somalia. This report describes the evolving landscape of energy in the country and outlines the burden of limited electricity services and extremely high tariffs on households, businesses, and the environment.
Business associations are an often incorrectly understood concept, even by individuals close to the institutions. It is documented that few, if any, business associations exist in present-day Somalia. Read a discussion about the challenges to business associations in post-conflict scenarios and the experience of regional African countries in the formation of these institutions.
The Somali renewable energy market has some of the largest potential in Africa, but often stakeholders have been working in isolation from each other and from global markets.
BROOMFIELD, Colo.—Shuraako, a program of the One Earth Future Foundation (OEF), a U.S.-based NGO focused on creating a more peaceful world, signed a five-year partnership agreement with Growth, Enterprise, Employment and Livelihoods (GEEL) project, to introduce at least 40 efficient technologies and create 5,000 new jobs which provide at least a year’s worth of income for Somali communities.
In September 2016, Shuraako and the Somaliland Ministry of Trade and Investment co-hosted the Somaliland Investment Forum held in Hargeisa, Somaliland. 315 people attending the Forum were able to choose between 20 different sessions to attend. This report features all topics and resources presented at the Forum, with event and photo highlights.
Royal Lounge Café and Restaurant ("Royal Lounge") was launched in Hargeisa in 2014. It is located in the Jig Jigayar area of Hargeisa.
Las Durre Farm has been operating for the past 20 years, producing fruits and vegetables in the Las Durre valley in Somaliland.