Jenifer James
Africa-Press – South-Sudan. The minister of trade and industry, William Anyuon addresses the media after meeting with the chamber of commerce on February 21, 2024. [Jenifer James, The City Review]
The Minister of Trade and Industry, William Anyuon, called on the traders to reduce the price of commodities in the markets to relieve the suffering citizens.
The minister made the plea after meeting with the members of the National Chamber of Commerce to discuss ways of reducing prices in the market.
Speaking to the media after the meeting, Mr Anyuon stated that the South Sudan Pound had been depreciating against the US dollar and causing hyperinflation.
‘We have witnessed the [depreciation] of the South Sudan Pounds against the United States Dollars in recent days at the black market. There are reports that it is being bought at SSP 1400 per $1, although the dollar is being bought at the central bank at SSP1295.9387 and sold at SSP1257.6351 as of today.”
According to Anyuon, these uncertainties are affecting the welfare of the citizens in various ways, “but our concern is the rise of commodities, especially food commodities.”
“I take this opportunity to warn traders who exploit such situations and advise them to reduce abnormal price increases in the markets while the government of South Sudan, especially concerned institutions, work on the issue.”
Anyuon stated that although the exchange rate affects prices, the ministry would not tolerate abnormal price increases.
“Why would there be such sharp increases in prices? Traders are burdened by high taxes, which can increase the cost of goods and lead to higher prices for consumers. This can also reduce the competitiveness of local traders in the market.”
According to Anyuon, local traders may face challenges such as limited access to finance, inadequate infrastructure, and insufficient government support. This hinders their ability to compete effectively in the market.
Anyuon stated that the committee would monitor the price of the markets, adding that any trader increasing the price would face the law.
The minister averred the formation of a Price Control Committee, in collaboration with the Ministry of Finance and other stakeholders, could help monitor and regulate prices in various markets, ensuring fair pricing practices and consumer protection.
The chairperson of the National Chamber of Commerce, Lado Lukak, acknowledged that the prices in the market were increasing at alarming levels.
“The increasing prices in the markets are too much; we are trying to see ways of reducing the prices in the markets,” he said.
“For the market prices to be stable, there is a need for the minister of trade, minister of finance, national revenue authority, and central bank of South Sudan to see what is leading to the increase in prices.”
The two institutions agreed on issuing import and export licenses to traders to help streamline the process of importing goods at competitive prices, reduce costs, and ensure a steady supply of essential goods in the market.
Source: The City Review South Sudan
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