South Sudan's English Daily Newspaper
"We Dare where others fear"
By Awan Achiek
The Bank of South Sudan on Friday revealed that the economy is set to grow at 3 percent in 2024.
Dr.James Alic Garang , the Governor of the Bank of South Sudan while speaking during the opening of the one-day conference on the role of the central bank in promoting economic growth in Juba, said that their projection contrasts with the projection of 4.4 percent by experts.
Grang said that the economy is slowly recovering from multiple external shocks following sustained peace in the country.
“We see that peace dividend has born fruition as the economy is slowly beginning to recover from multiple shocks that we have faced both as a country and as a region,” Garang said.
South Sudan’s economy that heavily depends on oil revenue is reeling amid high inflation caused by years of disruption to oil production due to conflict, COVID-19 and also the ongoing wars in Ukraine and the Middle East.
“While inflation is moderating, it remains high and volatile and remains sticky to where the target we have set as the bank and a country,” Garang said.
He said that they are working closely with the Ministry of Finance and Economic Planning to mop up excess liquidity in the market.
“Growth rate of broad money remains consistent with the target set on it early this year, and the central bank is working closely with Ministry of Finance and Planning in mopping up excess liquidity,” Garang said.
