By Charles K Mark/Bida Elly
President Salva Kiir Mayardit has again directed the newly sworn-in national minister of finance, Eng. Awow Daniel Chuang, and the governor of the Central Bank, James Alic Garang, to address the runaway hyperinflation.
The directive comes as South Sudan grapples with a deteriorating economic situation, marked by hyperinflation and a weakened local currency.
The hyperinflation has been triggered by the appreciation of the US dollar against the local pound, leading to soaring prices and economic instability.
Despite previous efforts by financial institutions to implement monetary and fiscal policies to mitigate the crisis, the situation has continued to worsen.
President Kiir expressed confidence in Minister Awow’s capabilities and urged him to implement policies that would alleviate the economic burden on the people.
The president also emphasized the need for collaboration between the finance minister and the governor of the Central Bank to achieve quick and positive economic results.
Minister Awow, who previously served in the Ministry of Petroleum, has taken an oath to do everything possible to address the ailing economy.
He is now the 15th finance minister since the signing 2005.
The new finance minister faces significant challenges, including the need for comprehensive economic reforms, efficient tax revenue collection, and the integration of various sectors into the national economy.
The agriculture industry requires strategic financing and the oil, gas, and mining sectors need reforms.
Additionally, ensuring timely payment of salaries and wages for public workers and organized forces is a crucial task.
The appointment of Minister Awow comes after a series of reshuffles in the Ministry of Finance, with several ministers having held the position since the Comprehensive Peace Agreement (CPA) era.
Each minister has faced unique economic challenges during their tenure.
As Minister Awow takes on his new role, the expectations are high for him to tackle the hyperinflation crisis and stabilize the economy.
The success of his tenure will depend on his ability to implement effective policies, foster collaboration with key stakeholders, and navigate the intricate economic challenges facing the country.
Speaking after his swearing-in, Awow acknowledged the severity of the economic crisis and vowed to take decisive action to curd the hyperinflation and stabilized consumer market prices across the country.