Somalia’s Finance Minister Bihi Egeh has been recognized as Africa’s Best Finance Minister for 2025.
The award is a recognition of Egeh’s role in Somalia’s ongoing economic reform and debt relief efforts that has seen the country so far shed billions of dollars in unsustainable debt to lenders.
His tenure has been defined by efforts to increase transparency, improve fiscal management and re-integrate Somalia into the global financial system.
Egeh was honoured during the 10th ALM Africa Leadership Summit held on Wednesday in London. The event acknowledges public leadership and reform across the continent. He was also presented with the Medal of the Federal Government of Somalia.
In his acceptance speech, he credited the Somali public, particularly the business sector, for their resilience and contribution to the country’s recovery.
“I am indeed humbled. The real success and recognition belong to the Somali people who are the main drivers of our economic reforms,” he said in a post on X social media platform.
He termed the award a notable moment for Somalia that highlights progress made in financial governance, debt management and state-building as it recovers from decades of conflict.
Debt relief and reform milestones
Minister Egeh’s two-year term oversaw the completion of Somalia’s debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative, reducing the national debt-to-GDP ratio from 64% in 2018 to below 6% in 2023.
The period saw the Horn of Africa country satisfy all nine reviews under the IMF’s Extended Credit Facility (ECF) without delay - an unusual feat for a post-conflict country.
Revenue growth and Institutional modernization
Domestically, Egeh led efforts to modernize Somalia’s revenue system, resulting in an 87.77% increase in domestic revenue during the current administration.
As a result, Somalia now finances over 80% of its government operations through internal sources. Reforms included new tax policies, customs system modernisation, and improved compliance mechanisms.
Legislatively, over 20 economic-related laws and 10 regulatory frameworks have been passed under his leadership. These include reforms in insurance, income tax, banking regulation, and anti-money laundering legislation.
International reintegration and financial infrastructure
Somalia’s re-engagement with the global financial system has accelerated under Egeh’s leadership. The rollout of the National Payment System and Somalia Instant Payment System has improved domestic financial transactions and oversight capacity.
Somalia has also begun restoring international correspondent banking relations, establishing transitional arrangements with institutions such as Banque Misr (Egypt) and Ziraat Bank (Türkiye)—a step viewed as a signal of growing international confidence in Somalia’s financial governance.
