Somaliland’s Finance Ministry has launched fixed-asset management training to improve government asset records, valuation, accountability and public financial management
HARGEISA, Somaliland — Somaliland’s Ministry of Finance and Economic Development has launched a specialized training program aimed at improving how government institutions record, value, monitor and safeguard public assets, as the government seeks to strengthen transparency and accountability in its financial management system.
The program was officially opened Aug. 4 at the ministry’s conference hall by Director General Mohamed Hassan Sulleiman, accompanied by Government Accountant General Hassan Muse Khalif.
The training is part of the ministry’s continuing implementation of the National Fixed Asset Management Policy, approved in June 2020, which established a framework for creating standardized systems to manage government-owned property.
Officials said the policy has produced significant progress but acknowledged that implementation gaps remain across government institutions.
Among the challenges are inconsistencies in fixed-asset record-keeping and the absence of monetary valuations for many government assets reflected in public financial statements.
Government seeks unified asset records
Under the national policy, ministries, departments and government agencies are required to establish and maintain comprehensive fixed-asset registers.
They are also expected to apply standardized procedures for determining the value of public assets, calculating depreciation and establishing their useful economic life in accordance with the International Public Sector Accounting Standards (IPSAS) and internationally recognized practices.
The reforms are intended to give the government a clearer and more reliable picture of its public assets — including what it owns, where those assets are located, how much they are worth and how their value changes over time.
A unified system would also help reduce discrepancies between institutional records and the government’s consolidated financial statements.
Training targets finance, procurement and logistics officers
The program brings together officers working in Fixed Asset Management Units, as well as procurement and logistics personnel from ministries, departments and government agencies.
Participants are receiving practical instruction on recording, tracking, safeguarding and managing government property through national systems and policy frameworks.
According to the Ministry of Finance, the training has three principal objectives.
First, it seeks to help government institutions establish and maintain complete and standardized Fixed Asset Registers.
Second, it aims to improve officials’ ability to value assets, calculate depreciation and determine their useful economic life in accordance with IPSAS.
Third, it is designed to strengthen institutional systems for verifying existing assets, monitoring their movement and reducing the risks of loss, misuse or misappropriation.
The emphasis reflects a broader shift in public-sector financial management: government assets are not simply physical property but resources that must be accurately recorded and reflected in the state’s financial accounts.
Asset management at the center of financial accountability
Ministry officials described effective management of government property as a fundamental component of sound public financial management.
Accurate asset records can strengthen transparency and accountability while improving the reliability of government financial statements.
The system is also intended to ensure that newly acquired, donated or transferred government property is promptly incorporated into the National Fixed Asset Register.
Institutional asset reports are expected to be submitted to the Office of the Accountant General, allowing the government to build what officials described as a comprehensive and unified national inventory of public assets.
Such a system could provide government decision-makers with better information for budgeting, procurement, maintenance and long-term planning.
Ministry calls for permanent institutional capacity
The opening session also highlighted the importance of making asset management a permanent institutional function rather than a periodic administrative exercise.
Officials called on all government institutions to establish dedicated Fixed Asset Management Units and institutionalize continuous training, particularly for newly recruited personnel.
They also stressed the importance of sustained leadership support from senior government officials.
The ministry said these measures are necessary to strengthen financial governance, protect public resources and improve confidence in Somaliland’s public financial management system.
The training therefore represents more than a technical exercise in inventory management. It is part of Somaliland’s broader effort to build standardized financial systems capable of tracking public resources across government and improving the quality of the state’s financial reporting.
As the government continues implementing its 2020 fixed-asset policy, the effectiveness of the reforms will ultimately depend on whether individual institutions consistently maintain accurate records, apply standardized valuation procedures and ensure that public property remains properly accounted for throughout its life cycle.
