Africa-Press – South-Sudan. The Bank of South Sudan has injected $697.95 million into the market since 2020 but gained less in return due to prevailing economic challenges, said the governor, Johnny Ohisa.
“The Bank of South Sudan has injected $697.95 million into the markets since October 2020, while it has gained about SSP 400.33 billion from the market since December 2020,” Ohisa said.
He said unstable macroeconomic environment poses a significant threat to the bank in its quest to fulfil its mandate.
He said this is attributable to the global financial conditions that keep changing over time.
“To cope with the ever-changing financial environment, the BoSS had to adopt appropriate policy measures. These reforms are also in line with reform strategies undertaken by the government of South Sudan,” he said.
Governor Ohisa noted monetary policy reform strategies, monetary policy instruments, and exchange rate reforms are some of the reforms being undertaken by the Central Bank.
Speaking at the same event, the minister of higher education, Gabriel Changson, urged the leaders to look outside the box and be practical to achieve price stability and exchange rates.
“Let us also know that the Bank of South Sudan is still as young as the Republic of South Sudan and has a lot of things that need to be done and to be done successfully,” he said.
“We have about 31 commercial banks with 90 branches, which is a huge source of resources. We want the central bank to utilize the resources of the commercial banks, which is part of its mandate. The resources will help in stabilising the prices,” Changson said.
However, the Vice President for Infrastructure Development, Taban Deng Gai, said technology is needed for the improvement of the Bank of South Sudan.
“I was told that the bank has computers, but they are not using them. The bank needs to train staff that will handle the technology because we can’t get people from the cattle camp to work and operate the machines,” Taban said.
He cited the changes in government institutions such as the Ministry of Finance and the Bank of South Sudan as the reason why there is little progress when it comes to economic reforms.
“The minister of finance needs to be given time to stay in power to implement the strategy and deliver services to the people, but if we keep on changing the ministers, we will never achieve our goals,” Taban said.
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