EU Grants €5.3m to London-based Consultancy for Somali Financial Reforms

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Monday August 28, 2023

LONDON — In a move reflecting growing international interest in Somali governance, Adam Smith International, the London-based consultancy with a robust history in Somalia, recently clinched a consultancy contract in the East African nation.

The European Union, in its continued support towards good governance in developing nations, is funding this initiative with a budget of just over €5.3 million. Spanning 36 months, this collaboration aims to assist the Office of the Auditor General of Somalia (OAGS) in overhauling its operations. The OAGS, under the leadership of Ahmed Isse Gutale, is embarking on a journey to sync its functions with the visionary commitments of its 2023-2027 strategy.

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This isn't the only support Adam Smith International is offering. An additional facet of their contract is to bolster the efforts of the Financial Governance Committee (FGC). Initiated in 2014, the FGC serves as a pivotal platform fostering dialogue between global financiers and the Somali federal government, centralizing discussions around Somalia's financial governance.

However, it's essential to set this against the broader backdrop of Somalia's international reputation. As of last year, the nation was still grappling with its image — Transparency International's rankings pegged Somalia at the nadir, marking it as the most perceived corrupt country in the world.

The implications of such contracts are vast and will play a crucial role in reshaping Somalia's governance narrative, especially in the eyes of global stakeholders. Only time will determine the efficacy of these reforms and whether Somalia can climb up from the base of such international rankings.

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