THE US DOLLAR IS A GIANT MONSTER IN THE MARKET
By Loro Louis Yugu [Guest Writer]
I have never come across a country where even a mad person knows about the value and the influence of the US dollar in the local market over the local currency. The case of South Sudan is really unique.
There is no need for a consumer these days to complain of a price hike of a particular good because the definite answer is; “the dollar rate is high.” So, the buyers live under the mercy of the traders who are daily complaining of multiple taxes amid skyrocketing prices and insecurity. Yesterday, one of the traders gave me a thrilling testimony about the market situation.
She really sympathized with the consumers who have become the victims of the volatile market. She said “we have not decided to increase prices of goods intentionally but the business situation through heavy tariffs forced us to exercise imposition of additional prices to meet our gains at an accurate time. We really pity our citizens especially those under low income and wages”. This is the naked truth.
I personally don’t know where the money looted from the public or market in form of taxes is going. Those without food have resorted to drinking the liquor to die quickly because they don’t have food in the house and school fee for their children.
Look at the Juba Bridge-Sherikat tarmac road that is almost becoming naked yet the city fathers are using it daily. To travel via this segment of the road, especially if you are using rickshaw, you will look like a drunkard at a disco hall. The cattle keepers can keep their cattle on this road because it looks like Juba-KajoKeji road that is not tarmac. So, the city council should repair this road and create a flyover before they chase the cattle.
The citizens have cried and cried but the situation continues to remain frustrating. Finance ministers have been appointed and dismissed, Bank Governors as well have been appointed and dismissed but nothing changed.
The situation had even made the President to recycle some of the officials who had served in the same finance docket yet there is no impact.
Do you know how many ministers of finance have been appointed in this country? And how many bank governors have been appointed in this country? I think this time the President should appoint me Loro Louis Yugu to be the minister of finance. Because if I am appointed as a young man, I will kill the US dollar by buying 50 Kg of maize flour, 25 Kg of beans, 5 litres of cooking oil and 10 Kg of sugar for every soldier and any government employ then the US dollar will stay in America. This is the simplest logic although I am not a finance expert. You cannot increase a salary of an employee which is 2,000 SSP by 100% to become 4,000 SSP then you begin to call it an achievement. What kind of achievement is that? Such business mathematics must be integrated with the current economic situation to come up with a food buying salary for every citizens otherwise we may be singing like weaver birds without impact.
However, where there is human security then there is food security. Oh good bless South Sudan.
The Author is Senior Editor with No.1 Citizen Daily Newspaper. He can be reached via email: lorolojokudu@gmail.com