Bermudian takes up post at Somaliland’s central bank

Ywione Darrell, centre, with colleagues at the Overseas Development Institute (Photograph supplied)

A 23-year-old Bermudian economist and co-chief editor of the Bermuda Journal of Academic Research starts work at the Bank of Somaliland this weekend, and is set to participate in the African region’s dramatic economic growth.

Oxford-educated Ywione Darrell “has taken up a place on one of the most competitive early-career programmes in international development”, the newly established journal said.

Somaliland is expanding its Berbera Port as part of an integrated commercial corridor connecting maritime trade, industrial activity, logistics and inland markets.

Observers say the ecosystem is crucial for the economic growth of Somaliland and the region, as it provides an alternative route for landlocked Ethiopia and other regional markets.

In a video interview, Mr Darrell told The Royal Gazette from his new home in Hargeisa, the capital of the East African country: “I start on Saturday. From my experience so far — I just got here on Monday — I really much enjoy it.

“It’s very different from being in Bermuda, in London or Oxford, or any other place that I have lived. But I have realised that the people here are very kind — very welcoming.

“I think for most people, when you hear Somalia or Somaliland, because of the geopolitics, they have this negative portrayal of what the people are going to be like — what the country is going to be like.

“I can take that. This is a lower income country, for sure. You can tell that. But the people are friendly.

“The people I am working alongside, including the guy who has already been working here for a year — very helpful, helping me to get involved with everything that is going on around me. And yeah, I have petty much enjoyed it so far.”

The story of his posting is making news on the ground there, as Somaliland Today reports the republic “is defying its ambiguous legal status to chart a high-stakes economic transformation”.

The publication has said the de facto independent nation has just passed a milestone record 4.58 trillion Somaliland shilling budget (about $424.5 million).

The report added: “Driven by aggressive public financial reforms and digital modernisation, Somaliland is transitioning from an isolated, unrecognised territory into a pivotal Red Sea maritime gateway.”

Ywione Darrell, the 23 -year-old Bermudian economist begins work on Saturday at the Bank of Somaliland (Photograph supplied)

Hargeisa is the largest city, located in the northwestern part of the region in the Horn of Africa.

Somaliland is a self‑declared independent republic that has operated autonomously since 1991, occupying the northwestern portion of Somalia, but lacking broad international recognition.

Somalia, the shortened name of the Federal Republic of Somalia, is the easternmost country of Africa, formed in 1960.

Mr Darrell has been awarded a place on the Overseas Development Institute Fellowship Scheme for 2026 to 2028 and has joined the monetary policy and research team at the Bank of Somaliland, where he will spend the next two years.

He will be observing a number of developments, including the Berbera Commercial Ecosystem, a strategic development that aims to transform the Berbera Port into a comprehensive maritime, logistics and industrial hub.

It includes serviced land, warehouses, offices, manufacturing, and logistics services, all connected to Berbera Port, and having supported 2,490 jobs and generated $45 million in economic value in 2024.

The BJAR said: “The ODI Fellowship Scheme, run by the London-based global affairs think tank ODI, was established in 1963. It places early-career economists and statisticians directly into government institutions in low- and middle-income countries, where they work as local civil servants for two years.

“More than 1,300 fellows have taken part over six decades, with postings ranging from the Caribbean to sub-Saharan Africa, Asia and the Pacific. Places are awarded after a multi-stage selection process that includes a written application, a panel interview and a group assessment.”

Mr Darrell said: “I am honoured to have been selected, and grateful to everyone who has supported me. I am humbled by the opportunity to work within a central bank in this unique development context, alongside local experts.”

His role is to support the bank’s monetary policy and research functions. ODI fellows are typically expected to support capacity development within their host institutions.

“Small open economies with limited buffers are often where good economic analysis matters most,” Mr Darrell said. “My interest in small open economies arises from my lived experience in Bermuda and observing how we struggled through the global financial crisis and its aftermath.

“I understand that good economic policymaking requires both fiscal and institutional capacity, and I think Bermudians have more to offer the wider development conversation than we may assume.

“I hope to contribute by leaning on my Somalilander colleagues’ expertise and learning how best to apply myself within their unique context.”

Over the past year he has worked as a consultant in macroeconomics, carrying out projects in economic forecasting and research on income inequality.

Mr Darrell has a Master of Science in Economics for Development from the University of Oxford, awarded with merit and with a distinction for the dissertation.

The dissertation examined whether Bermuda shows signs of “Dutch disease”, where a dominant exporting sector outpaces other parts of the economy.

Specifically, Mr Darrell focused on the implications of Bermuda’s expanding international business sector and how the benefits of its growth may be concentrated among university-educated workers.

Somaliland growth: The Port of Berbera, where a massive global investment partnership with DP World is completely transforming regional logistics (File photograph) Source Royalgazette