Jenifer James
Africa-Press – South-Sudan. The newly sworn-in Non-Executive Board Member of the Bank of South Sudan, Acuil Banggol, vowed a robust microfinance policy that would improve local businesses.
Speaking during his swearing-in on Wednesday, which was presided over by President Salva Kiir, Acuil said such a policy would liberate citizens across all various sociopolitical backgrounds.
“This is to liberate them from all forms of vulnerability and maximize their potential in pursuit of safety, food security, and happiness,” he said.
“I am going to work with the parliament to make sure that the parliament legislates, and the law is enacted. I encourage the youth and women to translate the policy of Chapter 4 of the peace agreement into socioeconomic empowerment, that is how I see South Sudan,” Acuil added.
According to him, the role of socioeconomic empowerment is key to this endeavor.
He said Section 323 of the South Sudan Companies Act 2012, enacted in 2012, explicitly mandates that small scale businesses shall be dominated by the South Sudanese who shall own not less than 31 per cent shares in medium- and large scale enterprises in South Sudan.
“There are many enthusiastic South Sudanese entrepreneurs who only need financial inclusion policies to be effectively enabled by the Bank of South Sudan monetary policies, this requires enabling and inclusive bank financing,” he said.
He added that bank financing should be made available to South Sudanese entrepreneurs who can immediately supply local, regional, and international markets with organic food from South Sudan.
“It is essential to enable South Sudanese nationals as individuals and their respective companies to join the import and export market economy but not as by-standing entities,” Acuil stated.
He appealed to the Bank of South Sudan to add its pragmatic efforts to strengthen the purchasing power of the pound to translate President Kiir’s vision of a 400 per cent salary increase into an improved livelihood and pursuit of happiness.
Acuil promised to cooperate with the Bank of South Sudan governor, Johnny Ohisa, to improve the country’s microeconomy.
Acuil was appointed last month by a Presidential Decree as the Non-Executive Board Member of the Bank of South Sudan with the role of enacting the Bank of South Sudan.
Source: The City Review South Sudan
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