South Sudan's English Daily Newspaper
"We Dare where others fear"
By Awan Achiek
The Vice President for Economic Cluster Dr. James Wani Igga on Friday called on the Bank of South Sudan (BoSS) to put in place measures to curb inflation amid high cost of living in the country.
Igga told the Governor of BoSS James Alic Garang to foster liquidity solvency and proper functioning of a stable market to strengthen the economy.
“So let us contribute to rescue our market from being overwhelmed by inflation and to rescue our market from drowning, so it is not a one-person work,” Igga said during the opening of a one-day conference on the role of the Central Bank in promoting economic growth in Juba.
He advised the central bank to exercise its oversight role of regulating commercial banks and forex bureaus to prevent further deterioration of the economy.
“We should step up this oversight role on our commercial banks including the forex bureaus because there are some individuals who want to do what they like and are unguided by the central bank, thereby creating economic crisis including hyperinflation,” Igga said.
Dr. Bak Barnaba Chol, the National Minister of Finance and Economic Planning called on commercial banks to adhere to the rules and regulations of the central bank to realize economic stability.
“I therefore, think it is important for commercial banks to also adhere to the rules and regulations of the central bank so that we have a strong banking system that will foster economic growth,” Chol said.
Dr. James Alic Garang, Governor of the Bank of South Sudan said that the growth of domestic production is projected at 3 per cent in 2024 compared to the global average of 4.4 percent
“Experts project the global economy to grow to 4.4 per cent while our projection in South Sudan of our real growth domestic product is estimated at 3 per cent in 2024,” Garang said.
“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,” he added.
