By Bida Elly David
The governor of Central Bank has called for immediate improvement of the national fiscal and monetary policies to rescue the Country from the continuous economic downfall driven by internal and external deliverables.
He said this during a stake holders’ meeting meant to review the South Sudan Banking act 2011-2012 meant to introduce additional policies to create mechanisms of financial management of the Country.
The financial institutions in South Sudan which comprise of the Ministry of Finance, the National Revenue Authority and the Central Bank have faced numerous challenges over restoring the Country’s economy and market instability through financial auctioning of the hard currency to fight inflation.
Despite the efforts invested by these national financial institutions, the foreign currency has been overpowering South Sudanese pounds through devaluation.
The South Sudanese pounds have been suffering total devaluation dictating the theory of demand and supply which would have been succeeded by market equilibrium.
Speaking during the two day workshop, Johny Ohisa, the governor of Central Bank said that the laws pertaining the institution were in total format but additional mechanisms to boost and aid the economy from total jeopardy would be fundamental.
He said that the policies of South Sudan bank in conjunction with the banking act 2012 were in correlation but would require adjustments to give rise to additional instruments that the national bank would newly introduce to fight inflation and restore the Country from balance of payment problems.
Furthermore, he echoed that a positive financial policy was a significant landscape to strengthen the Country’s economy to enable consistent monetary and economic growth.
“The Country’s financial and fiscal laws are very good but there is serious need to amend them to serve the purpose and interest of the public. It is fundamental to give rise to things which are not found within the law,” he said.
Ohisa further said that the Country’s inflation problems, law production and devaluation of the local currency deserved additional policies that would permit new financial instruments to be used in order to restore the market position.
He said that it is simple to reform and restore back the broken economy if government and the citizens work in harmony in every initiative.
Additionally, the Central Bank governor said that peace is the only pillar that contributes into the Country’s economic growth thus once dictated through passive factors such as the insecurity, poor climate, poor agriculture, passive government policy then it would be hard for it to be restored.