Daily boring talks on inflation won’t revive the economy
Edmund Yakani once reported that mismanagement of resources by the leadership to serve individual interest instead of fighting for food security has impacted the country’s economy and stated that “corruption does not mean walking away with public money but manipulating decision making and taking no responsibility in designing a decision and that by itself can mount to corruption”.
“If we need to improve the education sector, there is need to boost production and promote learning as key tools for development rather than focusing in self-interest and egoism,” he said.
Following a comment on inflation and the terrible economy in May, Professor John Akec blamed the continued market inflation on poor price control mechanism by the government. But yesterday, Akech gave a recommendation that auctioning hard currency into the market is not a good medicine to stabilize the country’s economy but emphasizes having a competent team of economists to drive the country’s economic sector. According to Professor John Akec, the country deserves to have a new economic team, capable of tackling the existing economic problem. He says if the suggested reform is exercised with competent personnel in the Ministry of Finance and the Central Bank, South Sudan’s economy will gain weight. Earlier this month, the Central Equatoria State Chamber of Commerce made a plea to form business cooperative units to mitigate the on-going economic recession which had already been bad for six months prior to today but with no positive changes despite several trials made by many fiscal and financial entities. Last month, the Central Bank Governor Moses Makur Deng disclosed plans to continuously auction the hard currency in the market in order to contain inflation. However, last week ended with the Central Bank auctioning at least $13 million to Forex Bureaus and commercial banks in one week, as the local currency continues to depreciate against the US dollar.