Transforming Businesses: Hormuud Telecom’s Somalia Success Story Summit

By Ahmed Yusuf, CEO of Hormuud Telecom

In the face of a myriad of challenges, Somalia’s economy has displayed remarkable resilience, driven by the dynamism of its private sector including transport, telecommunications, and agriculture.

So much so that the World Bank’s Somalia Economic Update paints an optimistic picture, projecting GDP growth to reach pre-pandemic levels this year, primarily due to enhanced remittances and aid inflows.

It also predicts that the Somali economy will continue its modest recovery thanks to improving agriculture conditions and easing inflation, with GDP growth projected at an impressive 3.1 per cent in 2023.

At Hormuud Telecom, we are proud to be at the forefront of driving economic growth in Somalia, delivering innovative services that meet the changing digital and consumer needs of our people.

We are driven everyday by the desire to reach and enrich our rural communities as well as the diaspora, increase financial inclusion, and drive long-term economic stability and prosperity.

But we cannot do this alone.

Collaboration with other players that drive the Somali economy is vital. From the small farmer whose products are consumed in the local market to the big livestock exporter whose products are consumed far and wide, every individual and business in this diverse economic landscape plays a crucial role in shaping the nation’s prosperity.

We are proud to have hosted the second edition of the Somalia’s Success Story Event, known to locals as Bandhigga Guulaystayaasha Soomaaliyeed (BGS).

Launched last year by Hormuud Telecom, this unique event honours and awards institutions and companies that have stood up to restore as many basic services as possible after the collapse of Somalia’s central government.

The event was attended by well-known academicians and professionals who participated as panellists and keynote speakers. It also featured an exhibition of local products, including seafood, agricultural goods, and livestock products, showcasing Somalia’s production capabilities.

The summit signifies more than just a conference. It’s a platform for dialogue, collaboration, and transformation. By addressing the challenges in local production and integrating technology into Somalia’s economic fabric, the summit aims to empower businesses, create jobs, and drive economic growth.

The high-level forum tackled Somalia’s domestic economic production landscape and provided delegates with an understanding of the sector’s overall key opportunities — and existing and emerging challenges — with a focus on the use of technologies in the production process.

The forum further aimed to promote sustainable local production and reduce dependence on imports by boosting Somali exports of quality agriculture and fish, increasing dairy production, and increasing jobs in these key areas.

However, the event’s importance extended beyond discussions. The BGS Awards, a part of the summit, celebrates entities and individuals contributing significantly to Somalia’s economic sectors.

By honouring these stalwarts, Hormuud Telecom encourages others to innovate, fostering a culture of growth and progress.

We are proud to be able to bring together Somalia’s businesses together to discuss the future of this nation as it takes steps towards self-sufficiency.

We believe the impact of this summit is not just economic; it’s a promise of a brighter, self-sustaining future for the Somali people.