Elvince Joshua
Africa-Press – South-Sudan. South Sudan’s economy is gradually recovering from several shocks, with an estimated 3 percent growth rate in 2024, said the governor of the Bank of South Sudan, Dr James Alic Garang.
Speaking at the Central Bank’s public awareness conference in Juba yesterday, Dr Alic said their projection is moderate inflation, saying the experts predicted a growth rate of 4 per cent.
“South Sudan’s economy is slowly recovering from multiple shocks, including the impact of the COVID-19 pandemic and the war in Ukraine. Experts project the economy to grow by 4 per cent in 2024, while our projection is estimated at 3 per cent in 2024,” he stated. According to him, inflation is decreasing, with the upper bound remaining sticky compared to the target rate.
“Inflation is moderating but remains sticky at the upper bound compared to our target. The growth rate in broad money remains consistent with targets set early this year and the central bank is working closely with the Ministry of Finance and planning to sterilize excess liquidity,” he said.
The Central Bank Governor further said the country has 31 commercial banks.
“There are about 86 insurance companies, 74 forex bureaus, a few microfinance institutions, and a saving and cooperative society which the central bank will supervise and regulate as per the amended Bank of South Sudan Act, 2023,” Dr. Alic stated.
He highlighted the role of the Bank of South Sudan, adding that its mandate includes maintaining monetary and domestic price stability and among other duties.
“The other subordinate objectives include fostering liquidity, solvency, and effective functioning of a stable market-based financial system, promoting safe, sound, and efficient national payment systems and support the general policies of the government and promote sustainable economic growth,” he explained.
Also, he said the bank has introduced a four-year strategy plan based on the Balanced Score Card methodology to achieve its key objectives in four areas.
He said the BSCs focus on four areas of measurement including financial measures, customer relationships, internal business processes, and learning and growth.
“Underscoring that the bank has established two departments; risk and compliance and the national payment system—to enhance the regulatory mandate in a globally digitalized financial landscape,” Dr. Alic said.
source:cityreviewss
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