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Published On: Sat, Jan 23rd, 2016

Somaliland:Let us support state on Currency Matter

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SarifleyaashaThe sudden nose dive taken by the US dollars may be good for the SL Shs but the panic resultant has had tremendous effect on the life of the populace, lessening their purchasing power even more.

All Somalilanders would naturally be happy when their own local currency competes with the hard ones favourably. For the SL/Shs to be forever strong is a dream every Somalilander would cherish.

However, what has all along happened has been forces which both consciously and unconsciously opted to stunt the local currency for a multiple of reasons.

Yes, consciously because of unscrupulousness, manipulation, unpatriotism, plunder or amassing of wealth.

And Yes, unconsciously because of lack of knowledge of the laws of economic and market forces.

However a third lot has abetted the blow to the local currency by simply resigning to omen, assuming that all would be well.

Anyhow, the meeting the President had over the week was excellent as a starter to address the local economy and clip the feathers of inflation by going for the bud and plucking it all out.

The opportunity cost is what we have just experienced.

All of a sudden all we wanted is the same thing that is hurting the people.

Although one might argue that gradual management was needed to address the issue in a piece-meal manner hence, slowly but surely, steer the ship to shore.

Another school of thought may righteously float the idea that strong arms of unscrupulous dealers have sabotaged the economy to cause chaos such that the local currency may be snuffed out!

Well, chaos, yes. It has set it; and we saw most construction building companies fighting it out with their labourers who are paid on casual basis. Some were ordering ongoing and upcoming construction works to be put on hold.

The money-changers decided to duck away.

If we had a bourse in the country, the stock exchange would have caused ripples of extraordinary magnitude. Other trading areas from simple food kiosks to larger shopping saw the same instant blow sap their breaths.

All these, whatever their cause, are the hazards of the risks in the choice of a cost of the opportunity aimed to set things right.

The President once more steeped in swiftly and summoned the gigantic traders who have some impact on the economy to sober up the situation by reminding them of patriotism and our aspirations which is (AND MUST ALWAYS BE) of utmost priority to the one of the individuality.

Hoping that reason and good omen will see things through, we remind our readers in this column to understand, to bolster and to further the causes of our aspirations whose essence is clear-cut nationhood with its independence in producing, processing and managing their own destiny.

In other words we support the President to the hilt in his endeavours of furthering our causes and at the same time we understand the jolts to be experienced in the course of the progress.

On the other hand we note the worthy words of wisdom which admitted the guiltiness of being in this situation.

The VP said that both sides (the state and the entrepreneurs) and by extension the members of the public failed by not advancing their cause hence promote the use the USD instead of the local currency.

Very well said. And Yes, better late than never! SL should always come first.

 

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